Discussion
"Half of all consumer spending is coming from the top 10 percent, and these price-insensitive customers are absorbing higher inflation. Low-income consumers, by contrast, are taking on more credit card debt, the Boston Federal Reserve reports, because they cannot keep up with rising prices"
-What the Economy Really Looks Like, David Dayen
https://prospect.org/economy/2025-08-19-what-us-economy-really-looks-like/
But too many people in my socio-economic strata have never experienced being broke, let alone actually poor, and are unable to understand how much closer we are from being financially shattered than being as rich as our bosses.
“Thos is a good thing. The wealthy are spending a lot of money, and it’s being passed down through our economy. This is a great time for our economy, everyone is benefitting”
It’s vacuous BS of course. The only thing that trickles down from the wealthy in a trickle-down economy is the bullshit they spout to make it seem like everything is fine.
From your article:
> The only area where this investment retrenchment and uncertainty is not in evidence comes from the insane capital expenditures for AI computing power, which is propping up the economy almost by itself.
@brianmerchant had a great appearance on KQED's Forum.
They discussed, among other things, that aspect of things, the potential bubble in which the US economy is being propped up by all of that capital flowing into data centers.
Meanwhile, the good people over at It Could Happen Here dive into successful efforts by #noDesertDataCenter to block an Amazon data center in #Tuscon AZ of all places.
If half of the customers failed to buy, the 10% will not be sufficient to sustain the economy.
And 90% is a big majority, if allowed to vote.
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