Just how K-shaped is the U.S. economy? The top 10% spend nearly as much, excluding essentials, as bottom 70% combined

Bank of America economists analyzed household spending patterns and found that the top 10% of earners spend nearly as much on non-essential goods and services as the bottom 70% combined, excluding spending on essentials like food and housing. The analysis compared discretionary spending across income groups. Bank of America did not release a public statement with additional details about the methodology or timeframe of the analysis.

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