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Moody's: Top 20% Fuel US Growth
The article points out that the wealthiest 20% of American consumers now contribute 60% of personal spending, compared to 50% before the dot-com bubble. This shift is attributed to the rising value of their assets, especially in the stock market. Moody's Chief Economist explained that this economic distribution heavily depends on the wealth of the wealthy, with their spending growing by 6.5% annually, while the spending of the rest remains steady. This reflects an "K-shaped" economy phenomenon. Analyses warn that the current rise in the stock market, concentrated among the wealthy, may not be sustainable. A downturn could lead to decreased spending and trigger an economic recession.
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