What do you think about the “wall of wealth” we’ve been hearing about for two decades and who the real benefactors of it will be? Do you think it will be tangible for the middle class, or were things set in motion a long time ago to ensure it continues to accrue up the scale? I’ve been thinking about this a lot as I witness the spending habits and total lack of investing savvy among some high net worth boomers in my life.
Discussion
I suspect that whatever is left after as many cruises and business class flights as they can afford, won’t meaningfully reach the middle class. Will instead stay amongst the rich and be absorbed by the state via healthcare costs and taxes etc. Asset prices higher, persistent inflation, house prices in expensive areas unch’d etc..