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Its even worse than that 10% number suggest. Widen the picture a bit more.
"And that gap is widening to a historic extent, Moody’s Analytics data shows. As of June 30, the top 20% of earners accounted for more than 63% of all spending, and the top 10% accounted for more than 49% — both the highest on record, according to data that goes back to 1989. In 2019, during the comparable period, those shares were 59.2% and 44.6%, respectively."
source
If the bottom 80% of earners stopped spending entirely, only ~~47%~~ 37% of spending would disappear.
I learned this statistic last week and it explained something that had been bother me for a long time. Don't the mega-wealthy understand that if the bottom earners have no money they won't be able to buy anything the mega-wealthy are selling? This statistic tells the tale. They don't really need that bottom 80% of earners to spend. They aren't really customers anymore. The mega-wealthy will sell to each other as it looks like they are doing so much of already.
Edit:fixed typo
Only 37%*
We're all so fucked if nothing changes. We're currently fucked but will be in the future too.
Yep I fat fingered that. Thanks for the catch. Corrected.
THIRTY-SEVEN??!?!
In a row?
I suppose this is the reason Republicans are no longer peddling freedom for the masses, but has switched to fascism.
Fascism is better to control the masses for a while longer, while the rich continue to bleed the country.