BREAKINGVIEWS-‘K-shaped economy’ blunts pear-shaped inequality

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Jeffrey Goldfarb

NEW YORK, June 26 (Reuters Breakingviews) - The forked-spending buzzword helps justify targeting richer travelers, concertgoers and shoppers. It also whitewashes a $98 trln wealth chasm, with the uber-affluent outpacing even mere workaday millionaires. Euphemizing the trend trivializes its harmful underlying effects.

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CONTEXT NEWS

U.S. consumer sentiment rebounded from a record low measure in May, but still indicates worries about the cost of living, according to the University of Michigan's Consumer Sentiment Index released on June 26.

The final June reading was 49.5, up from 44.8 in May. Economists polled by Reuters expected a final reading of 50.

"For the third straight month, over half of consumers spontaneously mentioned that high prices are weighing down their personal finances," Joanne Hsu, the director of the consumer surveys said.


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