If you tune into the US TV news or social media, you're likely to see plenty of stories about people struggling. At the same time, the US economy keeps on chugging along and retail sales numbers constantly surprise to the upside and stocks make new highs.
The media isn't lying to you. People really are struggling but -- for better or worse -- the bottom 40% just doesn't really matter.
There is a massive boom among the top 40% and particularly the high end, which is having an unprecedented windfall and just got a big tax cut.
Here are two charts from National Bank that tell you everything you need to know.
There is a big schism that's developed in the past 5 years and I fear that those on the wrong side of it don't have a path back as AI crushes the knowledge economy with robotics coming for labor.
I think an unheralded traded on this theme is airlines, which are killing it on premium offerings.
