The writer is a fixed-income portfolio manager at Wellington Management
Perhaps there is no better example of the K-shaped nature of the US economy than the fact that employee compensation has fallen to 50 per cent of GDP, its lowest level since 1947, while household net worth is close to an all-time high of 546 per cent relative to GDP.
This dichotomy helps explain the resurgence of socialism among younger Americans. Gen Z depends disproportionately on wages, whose purchasing power has been eroded by inflation, while baby boomers hold much of the country’s accumulated wealth.
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