Hartnett: The Economy Has Never Been More Polarized

While the conclusion of last week's Goldman retail conference left both participants and onlookers with a bitter aftertaste, as the historic implosions of Dollar General and Dollar Tree crushed any attempts to support a narrative that the US consumer is still hanging in, something we know is not the case with the US savings rate at record lows and credit card debt at all time highs...

Savings rate record low; Credit card debt record high pic.twitter.com/ggmRlCvGcW

— zerohedge (@zerohedge) August 30, 2024

... the reality is that while the lower and middle classes are both facing their Wile E Coyote moment, the ultra rich have never had it better, as the following snapshot of the latest global wealthy pyramid from UBS shows: less than 30 people now account for $3 trillion in wealth, more than the $2.4 trillion in wealth divided by the bottom 1.5 billion adults.