The new reality of a post-stimulus world:
Rich people have gotten richer and continue to spend more than everyone else.
Currently, the top 20% of incomes account for almost 40% of consumer spending.
Meanwhile, the second lowest and lowest income quintiles account for just 21% of consumer spending.
This is exactly why many consumers feel like the economy is bad. But yet the stock market is ripping. Wall Street is not equal to Main Street!
All while we have the most unaffordable housing market in history with inflation still above 3%.
Affordability is horrible for most people.