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A comment on U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected. Parent comment

Re:U.S. GDP grew at a 4.9% annual pace in the third quarter,... by triceratops on Thursday October 26, 2023 @10:36AM (#38026174)
> That just means the rich get richer, leaving everyone else even further behind

Why does it necessarily mean that?

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Re:U.S. GDP grew at a 4.9% annual pace in the third quarter,... by solardev on Thursday October 26, 2023 @10:41AM (#38026221)
Because US wealth usually grows at the top and doesn't really trickle down.

Data from 2020, but it's probably not changed much: https://www.pewresearch.org/social-trends/2020/01/09/trends-...

2023 graph: https://www.gspublishing.com/content/research/en/reports/202... (from https://www.gspublishing.com/content/research/en/reports/202...)

With the massive increases in inflation and housing costs, the middle class and below can't really keep up. A 5% increase in earning power for them is like a few thousand dollars a year (that they have to immediately spend on housing and services), vs millions or billions for capitalists that can then reinvest in growth sectors (AI and whatnot).

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Re:U.S. GDP grew at a 4.9% annual pace in the third quarter,... by triceratops on Thursday October 26, 2023 @11:29AM (#38026892)
Wealth is different from GDP.
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