Dion Rabouin

speaker

287 appearances 5 recordings 1 series first heard Sep 2022 last heard Dec 2023

Dion Rabouin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Why the Upper Middle Class Is Feeling the Economic Squeeze · 1 Sep 2022 podcast

This group of Americans really made a lot of money in the stock market.

They were able to pad their savings quite a bit.

And what we're seeing this year is that they have had to start dipping into their savings

Sure.

The Federal Reserve defines that group as individuals making between $75,301 and

and $127,300 a year.

So they make more money than at least 60% of other households, but less money than the top 20% of earners.

For this group especially, 2022 has been a reversal of fortunes.

This group of Americans really made a lot of money in the stock market.

They were able to pad their savings quite a bit.

And what we're seeing this year, at least through the first quarter, and that's the latest data that we have, is that they have had to start dipping into their savings.

Their stock gains have been eroded more significantly than any other group.

and overall they've been able to put away less in savings than any other group except for the poorest Americans, defined as folks making up to $28,400 a year.

I spoke with one gentleman who had actually come out of retirement essentially and was back to working three days a week because his retirement portfolio had suffered such significant losses that he didn't want to make withdrawals from it and he just figured,

The better solution there is to go back to work and live off my working income rather than to dig into this money where I've lost and seen significant losses in my portfolio.

I talked to another gentleman who was from Texas who said that he's now working seven days a week, most week.

sometimes working 14 hours a day, has really just ratcheted his work schedule up.

It's a bit of a strange quirk of a number of different things, but they feel inflation most strongly because the things that have risen the most strongly in price are the things that they spend the largest percentage of their income on.

Things like automobile costs, gas,

You know, things like that are things that this group spends more of their money on than other groups, since a lot of them tend to live in suburbs or more rural areas and then commute into cities for work and also for, you know, pleasure, whether it's.

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