Here. Excerpt:
"A Wall Street Journal–NORC poll released yesterday found that only 25% of Americans believe they have a good chance of improving their standard of living. Nearly 70% said it was no longer possible to work hard and get ahead. A majority of those polled said the generation before them had an easier time starting a business, buying a home, or staying at home to parent a child.
"A different piece in the Wall Street Journal explained that there were 927 American billionaires in 2020 and 1,135 in 2024. Together, they are worth about $5.7 trillion. The 100 richest of the set control more than half of the total at about $3.86 trillion. As the number of billionaires grew, “supply side” economic policies in the U.S., designed to concentrate wealth at the top of the economy among investors rather than on the “demand side” made up of consumers, hollowed out the middle class. From 1975 to 2018, at least $50 trillion moved from the bottom 90% to the top 1%.
"Yet another piece in the Wall Street Journal, this one by Katherine Hamilton and Alison Sider, noted that consumer confidence is sliding. While wealthier Americans seem to be doing fine, they write, rising distress about the economy is obvious among the middle class: those making about $53,000 to $161,000 a year. Chief economist at Morning Consult John Leer told the reporters: 'There was a period of time, briefly, where the middle-income consumer looked like they were being dragged up by all that was going well in the world. Then things fell off a cliff.'"
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