If I find a link, I'll put it here. McDonald's is finding that their low-income customers aren't coming in as often.
McDonald’s continues to lose low-income customers - The …
Place for a link to this story. Airlines are expanding business and other higher-class areas because coach flyers aren't flying as frequently.
Airlines bet big on luxury cabins as economy passengers feel the pinch
And maybe a link will go here. Las Vegas isn't providing so much free stuff because the traffic from the poors who consume such stuff isn't big enough. [Okay. That link blames Trump's fascist border insanity for a drop in international visitors <especially Canadian> but I don't think foreigners are the main demographic in Las Vegas. Something I read somewhere said that Las Vegas was trying to make their city a much more exclusive destination. Therefore, start charging the hoi polloi more for stuff. And to fuck with the employees hired to deal with the former high volume. Las Vegas consumes too much water anyway. So all those fired casino workers and the local jobs they supported can all migrate to the next big job-creating center.
3 comments:
Apparently in the US like half of consumer spending is now done by the top 10% incomes.
Which already sounds bad, but it's bad in another way from the obvious: It sounds like OK, crappy for all of us, but at least someone is spending and that will sort of keep the economy going . . . except not really. Because sure, spending by the rich is going up, but only enough to start matching the spending by everyone else after everybody else's spending has gone DOWN; that strikes me as an overall decline.
Another problem with that is when so much activity depends on such a small group, if they change their minds, or, say, suffer a financial market loss, then spending will really dry up.
Good point. And we all know they are going to be suffering such a loss. The AI bubble doesn't have long to run, and when it goes it will presumably drag the other bubbles (crypto, property, stock market and so on) with it. But it had not occurred to me that the greater dependence on upper class twit spending meant those bubbles popping would have an even more outsized impact on the real economy.
Well, we're screwed.
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