Comment & Analysis
The economy is reliant on the ‘fortunes of the well-to-do’ says Moody’s—if the ultra-rich get nervy that means recession
A Moody’s analysis shows U.S. spending growth since the pandemic has come almost entirely from the wealthiest households, with the bottom 80% merely keeping pace with inflation. Chief economist Mark Zandi warned that the economy is increasingly “tethered” to the top earners, whose wealth continues to surge, while retail sales…
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