alt Hacker NewsI don't know about that. Consumer spending is being held up by stock market gains. And most of those gains are tech.
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etiennebausson • yesterday at 4:09 PM
Most of those gain are tech because of the bubble.
The rest of the economy is being asphyxiated due to lack of investment, and wouldn't be so anemic without the AI bubble.
Propping up the stock market to fuel consumer spending is extremely regressive. The top 10-20% make up ~50% of consumer spending. [1] Effectively you're giving the wealthy a risk-free bet with huge payoff if it succeeds. If that bet succeeds it consequentially means a ton of job displacement which will mostly affect the other 90%.
1. https://www.wsj.com/economy/consumers/us-economy-strength-ri...