'Biggest Wealth Divide in Modern History': Graphic Shows Shocking Reality of US Economy

[sop]

"Multiple polls and surveys released in recent days have shown US consumer sentiment cratering—and all the while, the US stock market keeps hitting record highs."

"The Kobeissi Letter, a financial newsletter, posted a graphic Saturday that matched consumer sentiment as measured by the University of Michigan’s Surveys of Consumers with the performance of the S&P 500 stock index over a 30-year span."

"The graphic shows that, up until around 2020, consumer sentiment matched stock market performance closely, although there was a large divergence between the two leading up to the 2008 financial crisis, where stocks briefly outperformed consumer sentiment before crashing downward as the housing bubble burst."

"But throughout the last six years, the graphic shows, the S&P 500 has produced an almost continuous upward surge even as consumer sentiment spirals downward."

Continued at link:

https://www.commondreams.org/news/us-k-shaped-economy-graphic

[dedl67]

1. "There is a moral of all human tales;

'Tis but the same rehearsal of the past.
First freedom and then Glory - when that fails.
Wealth, vice, corruption, - barbarism at last."

- Lord Byron "Childe Harold's Pilgrimage"

[bucolic_frolic]

2. The Gilded Age yielded to the Progressive Moment

Main St. wealth founded a range of philanthropic organizations, city-manager government, even the beginnings of benevolent corporate support for workers.

We've sure not seen much of that nowadays, especially considering the pyramid has a skyscraper on top.