Like I said in my earlier post, the richest group of Americans is not the 1%. It's middle/upper middle/upper class suburbia.
replyThis is even more pronounced because these are the people with cash who spend it. Billionaires aren't bingeing Amazon, shien and temu. That 60-90% class of Americans are the backbone of the economy. And they buy tons, tons, and more tons of Made in China.
You're point would make a lot more sense if you didn't say the richest people are not the richest people.
replyYou're right, I'm sorry, it's the 60-95%* that are the richest.
replyThe one percentage have a staggering amount of wealth, but it's mostly in assets.
The "upper/upper middle class" have just as much, but it's much more heavily in cash. Those people and their spending is what keeps the economy moving. ~70% of GDP comes from them.
You should check the actual wealth distribution rather than just reading incessant "The 1%..." headlines.