> Most rich people these days come from upper middle class, cognitive elite families or small business owners, not generational wealth.
That group is called "born wealthy". They are not smarter or more intelligent, they are born with advantages.
> The most important number is that 50% of consumer spending is attributable to the top 10%. That's Google engineers driving up the price of everything from housing, to cars, to Disney World tickets.
No, that is K shaped economy whose rules were designed to favor the richest for multiple decades.
> That group is called "born wealthy". They are not smarter or more intelligent, they are born with advantages
They’re much smarter, more intelligent, more conscientious, have more impulse control, etc.
> No, that is K shaped economy
The “K-shaped economy” is just a label for what happens in a market with scarcity when the 90th percentile income rises twice as fast as the median income over 50 years: https://www.census.gov/content/dam/Census/library/stories/20.... There’s no “rules” that cause it. It’s just supply and demand.
> They’re much smarter, more intelligent, more conscientious, have more impulse control, etc.
You made that up.
And yes, K-shaped economy is the label for what I described. And then I described what caused it last few decades. And no, it was not caused by "supply and demand". It was caused by policy changes.
That group is called "born wealthy". They are not smarter or more intelligent, they are born with advantages.
> The most important number is that 50% of consumer spending is attributable to the top 10%. That's Google engineers driving up the price of everything from housing, to cars, to Disney World tickets.
No, that is K shaped economy whose rules were designed to favor the richest for multiple decades.