Moody's Chief Economist Mark Zandi Warns Stock Market Downturn Could 'Knock the Wind Out of' the Wealthy and Trigger Recession

Benzinga_recent_news11-29

An increasing number of company executives and economists have recently pointed to a widening gap in the economy, where the wealthy drive most economic activity and low-income Americans continue to ...

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Before the pandemic, the bottom 80% made up nearly 42% of spending, but that share has fallen to 37%.The U.S. economy could face a \"big problem\" if wealthy Americans become cautious in spending, Zandi said in a September post on X.\"It's hard to overstate the significance of the soaring stock prices of artificial intelligence companies to the economy,\" Zandi said in a post on X earlier this month. \"Spending by well-off Americans, driven by their surging stock po","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4112":"金融交易所和数据","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","BK4559":"巴菲特持仓","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","SG9999001077.SGD":"United International Growth Fund SGD","BK4588":"碎股","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","MCO":"穆迪","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","BK4585":"ETF&股票定投概念","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2"},"translate_title":"穆迪首席经济学家马克·赞迪警告称，股市低迷可能会让富人“失去信心”并引发经济衰退","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MCO":1.5},"content_text":"An increasing number of company executives and economists have recently pointed to a widening gap in the economy, where the wealthy drive most economic activity and low-income Americans continue to struggle financially.\nA potential stock market downturn could affect wealthier households and trigger a broader economic slowdown, Mark Zandi, chief economist at Moody’s Analytics, recently told Bloomberg.\nDon't Miss:\nZandi said high-income households are the \"last pillars\" of strength in the economy, and a stock market downturn would \"knock the wind out of\" them, raising the risk of a recession, according to Bloomberg.\nThe top 20% of earners in the U.S account for almost two-thirds of all spending, a record, Bloomberg said, citing data from Moody's. Before the pandemic, the bottom 80% made up nearly 42% of spending, but that share has fallen to 37%.\nThe U.S. economy could face a \"big problem\" if wealthy Americans become cautious in spending, Zandi said in a September post on X.\n\"The 20% of households that make more have done much better, and those in the top 3.3% of the distribution have done much, much, much better,\" Zandi wrote. \"The U.S. economy is being largely powered by the well-to-do. As long as they keep spending, the economy should avoid recession.\"\nTrending: An EA Co-Founder Shapes This VC Backed Marketplace—Now You Can Invest in Gaming's Next Big Platform\nGrowing worries about an AI bubble and high tech stock valuations are raising concerns about a potential stock market downturn, which could affect wealthy households in the U.S., who hold the bulk of market investments.\nThe richest 20% of U.S. households own nearly 93% of all stocks, CNBC reported, citing data from New York University economics professor Edward Wolff.\n\"It's hard to overstate the significance of the soaring stock prices of artificial intelligence companies to the economy,\" Zandi said in a post on X earlier this month. \"Spending by well-off Americans, driven by their surging stock portfolios, is the single most significant driver of growth.\"\nRead Next: \nImage: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2587730644","isCrawlerRequest":true}