Headline seems like a “no shit” thing. Of course people who have money are going to continue spending money, while people who have less have to make more (and sometimes difficult) decisions about what to spend it on.

Wage growth, spending behavior, sentiment surveys…

It’s all a pretty half-hearted way to address the obvious:

We printed something like 7 trillion dollars, which is about 28k per adult.

If you and everyone you know are not 28k richer than you were before COVID, then someone has your money.

It’s probably someone rich. And you know what the rich do with more money? They don’t spend it on goods and services. They buy assets, to make them even more money — money that comes from you.

Don’t worry, it will trickle down! Just as soon as my Members Only jacket, feathered hair, and huge shoulder pads come back into mainstream fashion.