alt Hacker NewsCould be more specific, but I agree with the sentiment. Highest US earners (top 10%) drive almost half of US consumption, so yeah, the wealthy are consuming as long as they are and continue to feel wealthy from the stock market. Energy inflation is immaterial to them, it is a rounding error.
Citations:
https://www.rbc.com/en/economics/us-analysis/us-featured-ana...
https://www.cnbc.com/make-it/2026/03/06/e-shaped-economy-rep...
https://www.axios.com/2026/01/22/jobs-stock-market-rich-amer...
https://finance.yahoo.com/news/top-10-earners-drive-nearly-1...
https://www.federalreserve.gov/econres/notes/feds-notes/weal...
"...average MPCs decline gradually with both income and wealth—from around 25 percent to 20 percent—before dropping off in the upper segments. Average MPCs among households in the top percent of the income and wealth distributions are about 14 percent and 15 percent, respectively" (FEDS Note).
I didn't know this. I wonder if the concavity is symmetric between an increase and decrease in wealth...