There is a lot of business strategy that is counting on unlimited demand from the very high end and the very wealthy in society.
As the wealth gap has widened, it appears that the economy is morphing to serve the wealthy elite to a greater degree and leaving the majority of the populous behind to fend for themselves.. this is echoed in the lament and truly poetic work of Oliver Anthony's viral song "Rich Men North Of Richmond".
The bubble that is under appreciated is the one that is tied to the very top.
Is it possible we have not given too much thought to how dependent the US economy is today on this small subset of individuals?
This dependence and profitability of the few is pushing prices to the limits and for many, just becoming down right unaffordable.
How could we resolve this divide without revolt? And how can we address the prolonged feelings of under confidence?
Today's expert, behavioral economist Peter Atwater, adjunct professor at William & Mary College, has long affirmed that changes in confidence consistently and predictably impact investor preferences, decisions and actions.
We'll also ask him what his key confidence indicators are telling him about the prospects for the rest of 2023.
For more free interviews like these with top Money & Markets experts, visit Wealthion's YouTube channel at https://www.youtube.com/wealthion
