Our Foundations Have Rotted Away While the Bubble Benefited the Top 10%

I narrate key points in my post “While We Focused on Fripperies, the Foundations Have Rotted Away”

That's an incredible concentration of the gains in two overlapping cohorts: the top 10% of households and those 55 and older.

Actually, for the bottom 90% of American households, overseas travel is at best optional.

The obvious answer is a society whose foundations have completely rotted away while we focused on fripperies funded by asset bubbles. If you want to argue, argue with the data. Sorry, the data won.

While We Focused on Fripperies, the Foundations Have Rotted Away

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Aug 12

For your consideration, four charts that tell a single story: while those Americans who have benefited so immensely from the Everything Bubble in stocks, housing, crypto, bat guano, etc.--every asset under the sun--have spent lavishly on fripperies, the foundations of everyday life for the bottom 90% have rotted away.