4 ms·

Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg. If anything, in my opinion, this strengthens the k-sha

Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg. If anything, in my opinion, this strengthens the k-shaped economic growth stat that the article mentions.

master_crab 11mo ago
Yup, only the rich are powering this economy now. That bodes poorly for the country’s stability long term.
- almosthere 11mo ago
  can also look at it as an opportunity to gather friends and start a small drywall company. Those are in demand, for example. The rich are building more buildings than ever. If you live in the bay area, you can very well see 300k / year if you keep yourself busy.
  - estearum 11mo ago
    Then if you're successful, you can sell it to a PE firm where it will further buoy the rich! Can't see how this positive feedback loop gets us to a bad place at all!
- refurb 11mo ago
  Top 10% is a household making more than $191k so a couple making $95k each. Rich indeed!
  - JumpCrisscross 11mo ago
    Generally speaking, the rich is anyone who makes slightly more than you.
    - refurb 11mo ago
      It's like the saying about alcoholics - "an alcoholic is anyone who drinks 1 more drink than you".
gruez 11mo ago
>Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg. What was the historical trend? Otherwise you can't draw much from just "49.2%" alone, aside from a vague sense that stuff should be fairer.
- johnnyanmac 11mo ago
  > What was the historical trend? No, it is not normal for 10% of the coountry to power half the spending. Just think about that statistic for a second. Spending includes groceries, services, and other continual needs. A few private jets can't outspend millions of people buying food. But here's your chart: https://preview.redd.it/2pcvmm0u3jpf1.png?width=798&auto=webp&s=d34c476500ba3ab02e5711167e67fe320dae84f6 https://preview.redd.it/2pcvmm0u3jpf1.png?width=798&auto=web...
  - gruez 11mo ago
    >No, it is not normal for 10% of the coountry to power half the spending. Yet, if you look at your chart, it was 40% in 1989s and have been slowly edging up. While 40% is a smaller number than 50%, you can make the same argument about 40% not being "normal", yet society has been chugging along just fine.

master_crab 11mo ago

Yup, only the rich are powering this economy now. That bodes poorly for the country’s stability long term.

almosthere 11mo ago
can also look at it as an opportunity to gather friends and start a small drywall company. Those are in demand, for example. The rich are building more buildings than ever. If you live in the bay area, you can very well see 300k / year if you keep yourself busy.
- estearum 11mo ago
  Then if you're successful, you can sell it to a PE firm where it will further buoy the rich! Can't see how this positive feedback loop gets us to a bad place at all!
refurb 11mo ago
Top 10% is a household making more than $191k so a couple making $95k each. Rich indeed!
- JumpCrisscross 11mo ago
  Generally speaking, the rich is anyone who makes slightly more than you.
  - refurb 11mo ago
    It's like the saying about alcoholics - "an alcoholic is anyone who drinks 1 more drink than you".

gruez 11mo ago

>Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg. What was the historical trend? Otherwise you can't draw much from just "49.2%" alone, aside from a vague sense that stuff should be fairer.

johnnyanmac 11mo ago
> What was the historical trend? No, it is not normal for 10% of the coountry to power half the spending. Just think about that statistic for a second. Spending includes groceries, services, and other continual needs. A few private jets can't outspend millions of people buying food. But here's your chart: https://preview.redd.it/2pcvmm0u3jpf1.png?width=798&auto=webp&s=d34c476500ba3ab02e5711167e67fe320dae84f6 https://preview.redd.it/2pcvmm0u3jpf1.png?width=798&auto=web...
- gruez 11mo ago
  >No, it is not normal for 10% of the coountry to power half the spending. Yet, if you look at your chart, it was 40% in 1989s and have been slowly edging up. While 40% is a smaller number than 50%, you can make the same argument about 40% not being "normal", yet society has been chugging along just fine.