Americans with six-figure incomes are in 'survival mode'
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One in three six-figure earners described themselves in the poll as financially distressed.
I know two different six-figure earning households that are also supporting their unemployed/underemployed adult children. I'm not calling the kids lazy either. Unemployment/underemployment is hitting GenZ really hard and that means many are not able finance their own households so they live with parents.
One of those two was also supporting an aging parent until she passed recently. So, sure, they earn six-figures, but they support 3 generations on that income.
Two in three said six-figure pay is not a sign of wealth.
Not a sign of wealth, but is still a sign of privilege. Lots of folks are suffering worse with far less than $100k annual household income.
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The top 10% of earners drive more than 49% of all consumer spending
This is insane, this is like apartheid South Africa, an upper class minority owns and gets and decides everything, while the rest are slaves to a system that only supports the upper class while oppressing the poor and working class, to maintain the status quo.
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The top 10% of earners drive more than 49% of all consumer spending
This is insane, this is like apartheid South Africa, an upper class minority owns and gets and decides everything, while the rest are slaves to a system that only supports the upper class while oppressing the poor and working class, to maintain the status quo.
Its even worse than that 10% number suggest. Widen the picture a bit more.
"And that gap is widening to a historic extent, Moody’s Analytics data shows. As of June 30, the top 20% of earners accounted for more than 63% of all spending, and the top 10% accounted for more than 49% — both the highest on record, according to data that goes back to 1989. In 2019, during the comparable period, those shares were 59.2% and 44.6%, respectively."
If the bottom 80% of earners stopped spending entirely, only
47%37% of spending would disappear.I learned this statistic last week and it explained something that had been bother me for a long time. Don't the mega-wealthy understand that if the bottom earners have no money they won't be able to buy anything the mega-wealthy are selling? This statistic tells the tale. They don't really need that bottom 80% of earners to spend. They aren't really customers anymore. The mega-wealthy will sell to each other as it looks like they are doing so much of already.
Edit:fixed typo
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Its even worse than that 10% number suggest. Widen the picture a bit more.
"And that gap is widening to a historic extent, Moody’s Analytics data shows. As of June 30, the top 20% of earners accounted for more than 63% of all spending, and the top 10% accounted for more than 49% — both the highest on record, according to data that goes back to 1989. In 2019, during the comparable period, those shares were 59.2% and 44.6%, respectively."
If the bottom 80% of earners stopped spending entirely, only
47%37% of spending would disappear.I learned this statistic last week and it explained something that had been bother me for a long time. Don't the mega-wealthy understand that if the bottom earners have no money they won't be able to buy anything the mega-wealthy are selling? This statistic tells the tale. They don't really need that bottom 80% of earners to spend. They aren't really customers anymore. The mega-wealthy will sell to each other as it looks like they are doing so much of already.
Edit:fixed typo
Only 37%*
We're all so fucked if nothing changes. We're currently fucked but will be in the future too.
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Only 37%*
We're all so fucked if nothing changes. We're currently fucked but will be in the future too.
Yep I fat fingered that. Thanks for the catch. Corrected.
