America's economic anxiety

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There’s so much data in this article that I’m posting a gift link. But I will post snips as usual.

wsj.com - Americas economic anxiety is rising up the income ladder

America’s Economic Anxiety Is Rising Up the Income Ladder A Wall Street Journal poll finds that even the wealthiest worry about financial security for themselves and their children By Aaron Zitner, The Wall Street Journal, June 19, 2026 … More than 40% of Americans who call themselves upper class or upper-middle class say they haven’t saved enough money to retire comfortably. Only about 40% say their financial security is where they thought it would be at this point in their lives. Nearly three in five say they are strained by high gasoline prices. Those in the wealthiest classes have lost faith that an economy that has benefited them can lift future generations… see discussion.fool.com - Americas economic anxiety While middle- and working-class Americans signaled the most economic strain, the pessimism felt by the upper classes stood out for having worsened, despite the ways the economy has favored them. Nearly two-thirds of people who consider themselves upper class or upper-middle class have $150,000 or more in annual household income, including 25% with incomes above $250,000… Rising gasoline prices have erased more than a year of Americans’ wage gains, and anxiety is rising among white-collar workers that artificial intelligence will displace them. Inflation has tamed from the pandemic years, but remains stubbornly above the Federal Reserve’s target of 2%. And consumers are now showing strain, with the share of credit-card balances delinquent for at least 90 days hitting a 15-year high, according to the Federal Reserve Bank of New York… Across all classes, about one-quarter of respondents said the nation was on the right track, with close to 70% saying it was headed in the wrong direction…[end quote]

Economic growth is being supported by spending by the upper middle and upper class, whose growing stock portfolios produce a wealth effect. Despite growing asset values, even the upper middle class is anxious. Should the stock market decline the economy will collapse like a house of cards since the spenders will clamp down.

Wendy

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