Economists say the rising stock market is giving an added boost to consumer spending through what is known as the "wealth effect."

Key Points

  • The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
  • All of the gains came from stock holdings thanks to an end-of-year rally.
  • Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”

The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.

The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.

While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.

  • @force
    3•9 months ago

    What in the god damn fuck? Did you just call Wellbutrin, a mostly non-addictive, non-stimulant antidepressant, an addictive stimulant? And did you just equate Wellbutrin, again a non-stimulant antidepressant with no connection to cocaine, to cocaine? Holy shit there’s no way. It’s literally impossible to get addicted to clinical doses of it, you’d have to be taking an ABSURDLY high, probably illegal, amount over a long period of time to even be able to develop a psychological addiction to Wellbutrin, it’s not even close to dangerous unless you have epilepsy or sometimes heart disease. It’s actually extremely common to use it in addiction recovery / drug abuse clinics to help patients deal with the neurological affects of withdrawal from other drugs because of how safe it is.

    It’s also insane that you think “MDMA is an abused drug, so it’s the same as meth, also Adderall is meth too”. MDMA is a drug with PSYCHEDELIC PROPERTIES. It is figuratively in no way, shape, or form comparable to either meth nor (dextro)amphetamines. You are genuinely delusional making this comparison.

    You quite obviously have not read almost all of what I posted. Saying “people with X drug addiction and people with Y drug addiction go to the same clinics, they must be basically the same drug” is possibly the stupidest thing you can say in the context of drug abuse treatment.

    The next stupidest thing you could say is that “they increase adrenaline/dopamine/norepinephrine production so they must be the same”. Do you know how little that narrows it down? You are now including many antidepressants, anxiety meds, in fact a LOT of non-stimulants and hallucinogens.

    I also never stated that ADHD meds aren’t stimulants. Where did you pull that out of? In fact I explicitly stated that they are.

    You can cry “emotional response” all you want but that does not change the absurdity of calling Wellbutrin an addictive stimulant like cocaine, literally saying that Adderall is meth, and saying drinking 2 panera lemonades on a visit to the restaurant constitutes an addiction and establishing a lethal dosage of caffeine.

    I can’t even begin to express the absurdity of the take “medicines for mental disorders aren’t cures for those disorders so we should get rid of them”. That’s not even the conversation.

    Sorry but you’re genuinely crazy. There is absolutely no way you aren’t trolling at this point. I could believe you weren’t at the “everyone brags about microdosing meth, oh btw meth means all stimulant ADHD medications” because that is a common, and stupid, take by people who don’t know anything about drugs. But you’ve headed in a direction which is just unbelievable.

    I can’t even bring myself to respond to any more of your garbage anti-science.

    Lots of chemicals have relationships like this.

    A glass of 10% ethanol - 2 carbons and a hydroxide (OH) - will at best make you slightly intoxicated, that’s a strong beer or weak wine. Cut off one of those carbons and you have methanol, now that glass will render you hospitalized and permanently blind at best, more likely dead.

    The reality is that for most illicit drugs, there is a medication with a similar structure.

      • @force
        3•9 months ago

        Sorry but linking a study of abuse by a population mostly consisted of people who already have SUDs says absolutely nothing about how addictive Wellbutrin is other than it has some possibility of addiction for people who already have drug addiction issues.

        You can literally abuse anything, even mostly or even entirely non-addictive drugs. People with SUDs have even been shown to develop addictions to placebos with no psychoactive properties. You are very poorly educated if you think that this makes Wellbutrin an “addictive stimulant like cocaine”.

        The fact of the matter is that Wellbutrin abuse is extremely rare and there is no evidence of it being present in populations without prior history of SUDs. Therefore it is almost always labelled by pharmacologists as “non-addictive”.

        It’s even crazier to imply that, because Wellbutrin can be abused, that somehow makes Adderall = meth??? Clearly you thought it was relevant considering you thought it was relevant that I mentioned specifically MDMA (being an addictive drug) and Wellbutrin (being one that could be abused).

        Also the original comments literally said “people are bragging about microdosing meth” and when I said I’ve never experienced that you responded “Adderall”. That is just saying that Adderall is meth. There is no logical jumps there, you literally stated it. How do you twist that as not stating that Adderall is meth?

        • @[email protected]
          -2•9 months ago

          I’m sorry I stated that Wellbutrin (street name poor man’s cocaine) was addictive in a way that your pedantry took as singularly chemical dependant instead of just addictive in the sense that people will addictively abuse it as seen by multiple studies but I get it. You are sure no one is abusing it cause your brain tells you, you are right. And why would other people do something wrong. Now get off it.

          And Adderall is literally amphetamine and dextroamphetamine which is very similar to the chemical response and dependency that occurs when taking meth. Again with people I know literally taking small amounts of meth when they run out of Adderall because it gives them the exact same feeling. Things I stated before and you ignored to argue against other things I said focusing heavily on addiction to lemonade that I never stated.

          I have also never once advocated in this argument that people stop taking anything. People take their drug of choice to get through this world. I’m just pointing out that right now the world has the leaning towards an amphetamine addiction under the guise that prescription makes it better when we know from the opioid wave to not be true. Adderall is highly addictive as it’s literally Amphetamine. And I hold to it despite the emotional response of those taking it stating it helps because it’s just the actual reality.

          Edit: also my original argument was just that people are using hard stimulant drugs even if prescribed it to work harder. Something society started advocating for during WW2.

          • @force
            3•9 months ago

            I have literally never said in this entire conversation that Wellbutrin isn’t being abused (even though it is very clearly a non-stimulant and mostly non-addictive drug). I stated multiple times that people with SUDs can abuse it. I just pointed out how absurd it is that you think the ability to abuse MDMA and Wellbutrin at all relates to your claim that Adderall is meth.

            An apology that would actually mean something is apologizing for your implication that Adderall is meth. This was never about your views on the effects of medications on society. Prescribed stimulant ADHD drugs, despite having some similarities to meth, are completely different to meth, are not even close to as addictive nor do they have nearly as severe side effects as meth. This, plus the fact that prescription ADHD meds are extremely impure, and even compared to pure amphetamines the effects are significantly neutered.

            The drugs that the people you speak of are taking are not comparable to meth, and saying “meth” when you mean “Adderall” or “Ritalin” is literally just an insult to psychiatrists and people who use those medications. People use calling it “meth” as a way to push to mostly ban it like meth.

            I know this as someone who has used ADHD medications and has immediate family who have had extremely bad meth abuse problems in the past (I live in Georgia, meth is extremely common here and probably the most abused drug other than opiates) and have used ADHD meds before they developed SUDs (ADHD runs in the family). The effects aren’t even close to similar, other than things most stimulants have in common like increased heart rate and kind of similar-ish effects on certain chemicals like dopamine and norepinephrine.

            Adderall mostly decreases dopamine reabsorption rates, while meth PUMPS you full of dopamine and also decreases dopamine reabsorption rates, for example. When taking clinical dosages of Adderall as a neurotypical, you’ll at most feel more confident in your decisions and like you just drank a bunch of caffeine. Take the same amount of street meth and it’s not the same story.

            You can complain about Adderall abuse, but substituting the word “meth” in its place is extremely misleading at best and downright disinformation at worst.

            • @[email protected]
              -2•9 months ago

              And did you just equate Wellbutrin, again a non-stimulant antidepressant with no connection to cocaine, to cocaine? Holy shit there’s no way.

              And you only refer to the possibility of abuse after I show reports of it. Your multiple times is in a single response. But apparently speaking afterwards and gently agreeing without agreeing is the same as being correct the whole time.

              You are coming into this assuming you are correct about the entire argument and swinging the goalposts to match whatever part of the argument you have the most interest in at any given moment in your response. Yes I have been incorrect about parts but you fail to see anything other than you vs me with the only outcome being your total victory.

              People love to abuse drugs and potentially harmful ones being simplified into nicer things when they have direct relations to their harder siblings say like a drug that is literally an amphetamine that can spiral into addiction of other amphetamines is not ridiculous despite your insisting incorrectly that Adderall (a prescribed ADHD medication) is absolutely addictive, and has similar affects to meth when taken in comparable doses. People I know swap between them.

              I get that you have an emotional attachment to these types of drugs because you take them. I could tell at the very beginning of you arguing with me because it’s a pretty common thing to assume incorrect things about stuff you have good feelings towards and you want to feel good about this. But it doesn’t make it true.

              Is my substitution of Adderall as “Meth” overboard. Sure, of course it is. I use to illicit an emotional response to try and raise awareness of negative qualities so as to shame society into using other drugs with less direct pathways to abuse. I don’t care that people get angry about this topic because I expect and want them to because it’s open use I wish for people to question taking especially if “neurotypical” so as to dissuade recreational use.

              It’s a drug literally designed to make you feel good and more alert. It’s directly made with amphetamines which are historically not great and it’s closest drug you can take available on the market is meth. I continue to disagree with its marketing as safe.