Most Americans think the economy is in recession. That's according to research from The Harris Poll, a pollster. A full 56% of Yanks surveyed reckon the economy is shrinking, and they blame Joe Biden, the president. But they're wrong. Overall, the economy is growingโgross domestic product rose 3% year-on-year in the first quarter. There's no recession in sight. So, what's going on? There is a disconnect here because it's a two-speed economy: the rich live it up while the poor struggle. It feels like a recession to many, even though it isn't. And the companies that serve the rich will continue to do better than analysts expect.
Rate hikes have pushed America into this two-speed economy. Wealthy households have more savings and investments than poor ones. Since it's the opposite for credit card debt, higher rates have taken from the poor and given to the rich. The rich have stocked up on risk-free Treasury bonds at higher yields and are raking in the money. Individual investors have incrโฆ