In the current US economy more people appear to be moving into the category of the super wealthy. On Wall Street, the Dow hit record levels in mid-December in anticipation of interest-rate cuts next year, while unemployment remains at historically low levels. But at the same time polls suggest that a significant majority of Americans are unhappy with the economy.
The hangover from the spike in inflation that took place in late 2021 and into 2022 has certainly not abated and could have very serious political implications for US President Joe Biden as he seeks a second term in the White House next November.
Biden has spent weeks travelling the country announcing and promoting projects funded under the massive post-Covid spending initiatives. In early December he was in Las Vegas to announce plans for a multi-billion-dollar, high-speed rail line connecting the city with Los Angeles.
The…
