Wealth Growth and Distribution - Top 10% of Americans added over $5 trillion in wealth in Q2, mainly driven by stocks [2] - Bottom half of Americans added about $150 billion to their wealth in the same quarter [2] - Top 0.1% (those with $46 million or more in total assets) have seen their wealth nearly double since 2020 to over $23 trillion [2][3] Wealth Concentration - Top 1% own half of all individually held corporate equities and mutual fund shares [3] - Top 10% own 80% of individually held corporate equities and mutual fund shares, a fairly consistent share [3] Consumer Spending and Economic Impact - Top earning 10% accounted for a record 49% of total consumer spending in Q2 [4] - A deep or prolonged decline in stocks could have a large reverse wealth effect on those big spenders and pose a threat to the economy [4] - The consumer economy is highly dependent on a top group of consumers who are dependent on the stock market [7] Taxation and Revenue - Capital gains revenue collections are up [11] - There is a question about the distinction between wealth increase and tax revenue increase [13] Economic Fragility - The current economic situation is built on narrow pillars, making it fragile [7][8]