The top 10% of earners—households making about $250,000 a year or more—are splurging on everything from vacations to designer handbags, buoyed by big gains in stocks, real estate and other assets.
Those consumers now account for 49.7% of all spending, a record in data going back to 1989, according to an analysis by Moody’s Analytics. Three decades ago, they accounted for about 36%.
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Its not the workers who are to blame. Its the folks who aspires to live on “passive income” who used housing as a vehicle to steal wealth from the younger generations. I finished high school during the GFC and everything about the housing market has been fucked since then.
No, workers absolutely bear some of the blame. They choose to go along with consumerism and attack anyone who goes against it.