Economy

The richest 10% of households - whom I've described as the investor class - now account for nearly half of total U.S. spending, thanks to the stock market surge.

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(Thirty years ago, they were responsible for about a third.)

Meanwhile, middleand lower-income families are pulling back. They're facing tightening budgets, higher living costs, declining real wages, and a raft of corporate layoffs.

The consequent divergence in spending - with a smaller group of people keeping the economy going - is fueling concerns that the U.S. economy is becoming more fragile.

With the economy so dependent on the richest 10% - who in turn are highly dependent on the stock market - a stock market downturn would raise the risk of a serious recession.

What the Democrats must pledge to America

The Trump economy is truly bad for most Americans. Every time Trump or his lapdogs in Congress tell Americans that the economy is terrific, they seem more out of touch with reality.