Allowing wealth to distort the economic picture also just makes the state of things more difficult to understand, both for economists and for regular people. The usual economic indicators don’t add up to a coherent picture: Prices go up, consumer-debt delinquencies spike or hiring stagnates, but consumer spending doesn’t pull back and the stock market remains buoyant. Does that mean Americans are actually doing fine?

Mirror: https://archive.is/20250228110307/https://www.bloomberg.com/news/articles/2025-02-28/wealthy-americans-fuel-half-of-us-economy-consumer-spending