Economic Overview - The Federal Reserve's Beige Book indicates a "K-shaped" economy where high-income Americans are faring better while low- and middle-income Americans are struggling [3][9] - Overall economic activity showed improvement in December compared to November, despite slow hiring and persistent inflation [4] Consumer Behavior - Low- and middle-income consumers are increasingly switching to generic products, reducing protein intake, cutting back on travel, and facing difficulties in paying bills [2][9] - Higher-income consumers are spending more on luxury goods, travel, and experiences, contrasting with the spending pullback among lower-income households [6][10] Regional Insights - In the Philadelphia region, concerns were raised about household incomes not being sufficient for maintaining spending or managing debt, with affordability issues growing for low- and middle-income households [8] - Reports from various districts indicate that lower-income families are budgeting more tightly and seeking bargains, particularly during the holiday season [10] Spending Trends - Retailers catering to middle- and lower-income consumers are experiencing significant challenges, while those targeting higher-income customers report increased sales [7][6] - Demand for quick service restaurants remains solid overall, but low-income households are shifting towards eating at home and purchasing fewer protein-rich options due to tight budgets [10]

Core Insights - The article discusses the growing desire among Americans to save more money, with a particular focus on high-income households who are increasingly prioritizing savings over spending [5][11][12] Group 1: Personal Savings Trends - The personal savings rate in the U.S. was reported at a low 4.7% in September, indicating that many Americans lack cash reserves for emergencies [1] - A YouGov poll revealed that 72% of U.S. adults would feel happier if they saved or invested more money, compared to only 21% who would prefer to spend more [2] - High-income individuals, particularly those earning $250,000 or more, are saving significantly more than the average household, with 69% expressing a desire to save or invest more [2][5] Group 2: Financial Happiness and Spending Behavior - Research indicates that individuals who spend less than they earn report significantly higher levels of happiness compared to those who spend all or more than their earnings [7] - Arthur Brooks, a Harvard professor, suggests that saving money contributes to happiness, as it represents progress and security [8] - The article highlights that many Americans are now more focused on their financial situations, with rising costs and debt being major concerns [6] Group 3: Income Disparities and Savings Rates - The article notes a widening income gap, with the bottom 90% of earners saving less and increasing their borrowing since the 1980s [16] - Data from the Economic Policy Institute shows that the share of wages held by the bottom 90% fell by 9.1 percentage points from 1979 to 2023, contributing to lower savings rates among this group [16] - The top 10% of households had a median net worth of over $2.6 million in 2022, while middle-income households had a median wealth of about $169,400, illustrating the stark wealth disparity [17] Group 4: Financial Goals and Consumer Confidence - Many Americans are prioritizing basic financial security, with a Vanguard survey indicating that building an emergency fund is a top financial goal for 2026 [18] - Despite aspirations to save more, many individuals are struggling to meet their savings goals due to economic uncertainties [18][19]

Canada’s largest stock exchanges are atrophying, with the number of publicly traded companies shrinking for a fourth straight year even as the country’s stock benchmark soared past the S&P 500. Delistings and companies taken private continue to outpace IPOs on the Toronto Stock Exchange and the junior TSX Venture Exchange, a stark contrast to the benchmark S&P/TSX Composite Index’s 27% increase. The number of corporate issuers on the TSX has fallen 45% since 2008 to 678 as of the end of the third quarter, ...

Sen. Bernie Sanders (I-VT) called for immediate billionaire taxation on Saturday after criticizing Elon Musk‘s shareholder-approved $1 trillion compensation package at Tesla Inc. (NASDAQ:TSLA) , comparing it to the combined salaries of millions of American workers.Pay Package ComparisonSanders stated on X that Musk’s 10-year compensation exceeds the combined pay of every elementary school teacher, cashier, restaurant cook, farmworker, and bartender in America. The senator concluded his post with “Insanity. ...

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]