The US economy is heavily reliant on wealthy individuals: Since Q4 2019, personal spending has risen +50% in the top 20% of US households. Meanwhile, the middle class and bottom 40%'s consumer expenditures have increased by just +25%, or half the pace. By comparison, prices have increased +24% on average during the same period. In other words, the bottom 80% of households are barely keeping up with inflation in their spending growth. Overall, the top 10% of earners now drive ~50% of consumer spending, up from 36% three decades ago, according to Moody’s. The wealth gap is widening.