The numbers look good for the U.S. economy. The economy grew at a rate of 4.4% in the last quarter and the unemployment rate remains fairly low at 4.4%. In normal times that would be good news. But these are not normal times and the economy is not as good as those numbers would have us believe.
First, most of the job growth has been in one industry - healthcare. A healthy economy would show significant job growth in all sectors. And that healthcare growth may slow or stop - thanks to the GOP's "big beautiful bill" that resulted in skyrocketing insurance rates for millions and Medicaid cuts for millions of others.
Second, the top 10% accounts for 45% of all spending in the U.S. economy. That means 90% of the population accounts for only 55% of all spending. In a healthy economy, that 90% would account for a much larger percentage of all spending. Too many in that 90% are having trouble making ends meet in this economy.
Third, only seven tech companies make up the bulk of all stock market gains. In a healthy economy, that growth would be spread across many more companies. Some economists say those seven tech companies have created a stock market bubble - and if that bubble burst it could cause the entire market to take a nose dive.
Forth, most new business construction is by those tech companies building data centers. A healthy economy would see business construction across a much wider swath of industries.
Add to this the fact that prices keep rising on goods most people need (from groceries to nearly everything else), and it paints a picture of an economy in a rather precarious position - a position not nearly as good as the unemployment and GDP numbers show.
