Mark Zandi, the chief economist at Moody’s Analytics, highlighted the role of the wealthy in driving the U.S. economy.
Top 20% US Households’ Spending Outpaces Inflation
Zandi took to X to point out that the spending of the top 20% of U.S. households has significantly outpaced inflation since the pandemic.
He also highlighted the disproportionate spending of the top 3.3% of the income distribution. According to the economist, the U.S. economy is heavily reliant on the spending of these well-to-do individuals. He warned that any reduction in their spending could spell trouble for the economy.