Money

The Kobeissi Letter -  The top 10% of US earners now reflect a record 49% of all consumer spending.

This percentage has risen +13 points over the last 30 years, marking a dramatic shift in spending power. At the same time, the bottom 80% of earners represent just ~37% of total consumer expenditures, down -11 percentage points since 1995. This means the top 10% account for a record 33% of US GDP, as personal consumer expenditures account for 68% of total economic output. Meanwhile, the bottom 80% account for just 25% of the US economy.