“Higher-income Americans are getting nervous about the economy”
March 23, 2022
“Even though they’re still flush with cash from the booming market, wealthier people are increasingly worried about the economy, especially inflation.
What’s happening: In March, consumer confidence dropped 7.2% for those earning more than $100,000 — a much larger dip than for those earning less than $50,000, according to a measure of consumer sentiment released today as part of the Morning Consult/Axios Inequality Index.
Why it matters: High earners still feel better about the economy on average, but have more to lose from declining financial markets. So the mix of volatile asset prices, Federal Reserve rate hikes and a surge in inflation is walloping their confidence…”
First off we are not in a booming market. That’s a lie. this article goes on to take about 401k’s. How many times have I told my audience not to invest in such things? Let me tell you a secret. The pensions and 401k’s in Europe are insolvent. All of them are. You’re better off setting your money on fire than putting it in a pension or 401k. At least the fire will keep you warm.