RT Luke Gromen (@LukeGromen)If you maximize immigration, you…1) Minimize wage growth for native-born workers, thereby minimizing bond yields, which…2) Maximizes income inequality, corporate profit margins, Wash DC deficits, & Wall St bonus poolsThe K-shaped economy works til the pitchforks come out. ...

Core Insights - The American consumer is experiencing financial strain as holiday shopping approaches, with rising prices on consumer goods impacting spending behavior [1][2] - A significant portion of consumers expect to feel financial pressure during the holiday season, with many attributing rising costs to tariffs [2][5] - There is a noticeable disparity in holiday spending experiences between high-income and lower-income households, with higher earners showing stronger spending growth [3][4][8] Consumer Sentiment - 62% of respondents in Bank of America's holiday survey anticipate financial strain related to holiday expenses, and 58% feel that gifts are more expensive this year [2] - Over half of the respondents believe tariffs are contributing to price increases, particularly in electronics and jewelry [2][5] Spending Trends - Holiday spending per household has increased by approximately 6%, but retail transaction volumes have slightly declined, indicating consumers are spending more but purchasing fewer items [3] - Electronics spending per transaction rose nearly 8% after spring tariffs, while jewelry spending increased by about four percentage points following an August tariff announcement [5] Income Disparity - Higher-income households are experiencing spending and wage growth that surpasses lower-income households, with a 3% increase in spending for high earners compared to less than 1% for lower-income groups [4][8] - After-tax pay for higher earners rose about 4%, while it only increased by about 1% for those at the lower end of the income spectrum [8] Consumer Behavior Adjustments - Many consumers are becoming more selective in their gift-giving, with 38% planning to buy gifts only for immediate family and close friends, and 23% agreeing to scale back gift-giving with relatives [6] - Among those feeling financial strain, 87% intend to shop at discount stores, and 51% are considering gifting cheaper imitations of luxury items [7]

As the UK budget looms, expect a lot of talk of the "broadest shoulders" and "fairness". Yet the proportion of top-rate taxpayers has exploded and income inequality is already near decade-long lows - higher taxes won't just hit "the rich". https://t.co/WyHnLzHIOv ...

It is time now for money power politics. Despite uncertainty in the economy, higher prices, and consumer sentiment reaching near record lows, this month about 187 million people are expected to shop from Thanksgiving through Cyber Monday this year, according to the National Retail Federation. That is a recordbreaking number.And last month, home sales rose to their highest level since February. But the biggest surprise came with today's jobs report. The delayed number showed that the US added 119,000 jobs in ...

are the voters who are speaking out on high prices in this economy and that's just what they're going through. Then there's the wealth gap, tech boom, Wall Street bull market raging on and this gap is not just about political messaging. In fact, if there were no elections on Tuesday and none of this had taken flight in sort of the public debate, income inequality would still be surging, driven both by the stock market gains and choices in US law and regulation, which currently reward the wealthy far more th ...

Economic Discontent and Wage Growth - The election of Democratic socialist Zoran Mambdan Mamani in New York City reflects significant voter discontent with the current economic climate, highlighted by a high voter turnout [1] - Bank of America reported that wages for higher-income Americans increased by 3.7% in October, while middle-income wages rose by 2%, and lower-income wages only increased by 1%, marking the largest recorded gap [2][3] - The New York Fed's report indicated rising serious delinquency rates among younger demographics, further emphasizing economic strain [3] Consumer Sentiment and Spending Patterns - Lower-income Americans are experiencing a more rapid increase in prices compared to wealthier individuals, leading to greater pessimism about wage growth in the coming year [4] - Individuals earning $30,000 or less have become significantly more pessimistic about the economic outlook compared to those earning over $100,000, as evidenced by decreased visits to McDonald's from lower-income customers [5] Monetary Policy and Its Impact - The Federal Reserve's monetary policy, while a blunt instrument, may provide some relief to lower-income individuals, particularly those with credit card debt or first-time home buyers, although it may inadvertently raise housing prices [6][7] - Tariffs disproportionately affect lower-income Americans, who spend a larger share of their income on consumable goods, resulting in a higher percentage of their income being spent on tariffs compared to wealthier Americans [8]

Immigration & Economic Impact - Mass immigration depresses wages and job opportunities [1] - Low immigration in the mid-20th century correlated with falling income inequality [1] - The mid-20th century, characterized by low immigration, saw a thriving American middle class [1]

South Africa’s township businesses, predominately owned by the Black majority in a nation with one of the world’s widest levels of income inequality, are struggling to survive https://t.co/j99IqihkBS ...

Core Viewpoint - The discussion around billionaire taxes centers on the potential impact of taxing the ultra-wealthy at the same effective rate as average citizens, with various interpretations of what "tax rate" means [1][2]. Tax Rate Definitions - The term "tax rate" can be interpreted in three main ways, each leading to different revenue outcomes [3]. - The first interpretation focuses on effective federal income tax rates, where average U.S. filers pay approximately 14% to 15% of their income in federal taxes, representing a conservative estimate [3]. - The second interpretation considers the total tax burden, which includes federal, state, payroll, local, property, and sales taxes, with typical households paying around 27% of their income in combined taxes [4]. - The third interpretation treats the tax as a wealth tax, where billionaires would pay the same percentage of their total wealth annually as average individuals pay of their income [4]. Revenue Scenarios - ChatGPT analyzed three scenarios to estimate potential revenue from taxing billionaires [5]. Scenario 1: Matching Federal Income Tax Rates - If billionaires paid the same effective federal income tax rate as average Americans (around 14% to 15%), it could generate tens of billions annually, but this approach has limitations due to much of billionaire wealth growth being from unrealized capital gains [6][7]. Scenario 2: Matching Total Tax Burden - This scenario would require billionaires to pay about 27% of their economic income in combined taxes, similar to typical households, potentially raising hundreds of billions annually and significantly reducing income inequality [8]. - Implementing this would necessitate major changes in capital income taxation, including closing avoidance strategies and possibly introducing new tax mechanisms [8].

Income Inequality Measurement - Singapore has updated its methodology for calculating the Gini coefficient [1] - The update aims to measure income inequality more accurately [1]