Moody's Chief Economist Mark Zandi stated that the top 10% of consumers accounted for 49.2% of total consumer spending in the second quarter, up from 48.5% in the first quarter, marking the highest level since 1989. "The economic outlook has become tied to the wealth and spending of the affluent," Zandi said, "If they become more cautious about spending for any reason, the economy will fall into recession." One potential trigger is a downturn in the stock market. With the current stock market near record levels and housing prices remaining high, many wealthy Americans are seeing their net worth rise, encouraging them to continue spending
