摘要：In the U.S., the highest earners are increasingly responsible for spending, "while lower-earning cohorts" are cutting back. Wage g

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It's long been said on Wall Street that "the stock market is not the economy," said Conor Sen. But lately the line has blurred.

华尔街一直有句老话："股市不等于经济"，康纳·森表示。但最近这种界限逐渐模糊。

In the U.S., the highest earners are increasingly responsible for spending, "while lower-earning cohorts" are cutting back. Wage growth has decelerated for everyone. But in recent years, the wealthy have had more to spend, thanks to their stock portfolios. "

About 87 percent of stock and mutual fund shares are in the hands of the richest 10 percent of households" that are simultaneously fueling America's consumption-based economy. "

在美国，高收入群体日益成为消费主力，而"低收入群体"正在缩减开支。所有人的工资增长都在放缓。但近年来，由于股票投资组合的增值，富人的可支配资金反而增加。"约87%的股票和共同基金份额掌握在最富有的10%家庭手中，而这些家庭同时推动着美国以消费为基础的经济。"

Perhaps the last time the economy was so dependent on rising asset prices was the housing boom in the mid-2000s." This raises the question of what happens if the stock market begins to struggle.

"A sell-off doesn't pose as much of a risk to the financial system as the implosion of the housing market," but it could certainly "erode the spending power of wealthy Americans."

"上一次经济如此依赖资产价格上涨，可能要追溯到2000年代中期的房地产繁荣。"这引发了一个问题：如果股市开始下跌会发生什么？"抛售股票对金融体系的威胁虽不及房地产泡沫破裂"，但必然会"削弱美国富人的消费能力"。

With middle-class incomes stagnating, companies have become more and more reliant on that spending, and a drop could cause a recession. The one silver lining may be that it could finally bring down interest rates, eventually helping Americans who've been left behind in "the narrow stock market-led consumption boom."

由于中产阶级收入停滞，企业越来越依赖富人的消费，而一旦消费下滑可能导致经济衰退。唯一的转机或许是股市下跌最终会促使利率下降，从而帮助那些在这场"由股市主导的狭隘消费繁荣"中被抛下的美国人。

Theweek

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来源：峻熙教育