Lower-income households across the United States are currently at a position that they need to plan out their finances in a manner that they are able to afford an average lifestyle in the country. These households, according to market veteran and economist Mohamed El-Erian, are facing major financial issues, even though the richer income groups are thriving in the US.
Is there a wider economic disparity in the US as of 2024?
Terming this phenomenon as the ‘K economy’, El-Erian posted a comment and shared a story from the front page of the Financial Times regarding the increasing economic disparity in the country, and the problems associated with it.
The issues regarding the increasing number of credit card defaulters comprise of El-Erian’s primary concern about the US economy. US credit card defaults have reached its peak as of now, and is matching the levels seen during the epic 2008…
