Bold prediction - let's check back in a year or two!
Consumers in the top 10% don’t buy the same kinds of thing the bottom 90% do.
That does not make a compelling argument that the stock market rally will continue.
Consumer spending is 70% of the U.S. economy. And we have an unemployment rate of over 15% on its way to 20%, the worst in 80+ years. We are seeing many areas of consumer spending rapidly decline if not stop altogether. Delinquencies in mortgages, car loans and credit are expected to skyrocket.
Also, the wealthy have a lower marginal propensity to consume. Giving $1200 to a worked making $40,000/year almost guarantees every dollar will be recycled into the economy. Give the same stimulus to a millionaire and you have savings or asset inflation.
I know family members who are making more at home now than they do when they are working.
in Nevada, the department of employment has dropped business hours to just three days a week. there are no queues when you call in. there is no "your call will be served in the order this call was relieved". there is only the busy signal. day after day - the busy signal.
people's ability to actually work with the employment office differs dramatically state by state.
please don't generalize. Platitudes about how the unemployed are "doing just fine" aren't universally true. Many of us are watching personal savings vanish week by week while with no resolution in sight.
And that assertion is false. The $600 per week is only until July 31.