Commerce Minister: A 4.3% economic growth in the United States means that all Americans' income has increased by 4.3%... more money in their pockets, so we call this period "the golden age of America," so this is a "golden Christmas."
The Commerce Minister's words about a "golden Christmas" are truly beautiful.
However, not all Americans are enjoying a "golden Christmas," but rather a portion of middle- and high-income families.
Indeed, the U.S. economic growth in the third quarter of 2025 reached 4.3%, the highest in two years, mainly driven by consumer spending, but the growth shows a clear "K-shaped" divergence. Low-income groups face significant pressure, affected by high inflation, rising living costs, and high interest rates, their actual purchasing power has been severely squeezed. The proportion of essential expenditures has significantly increased, with housing and food expenses accounting for a large part of their consumption and post-tax income, while discretionary consumption has been suppressed. This large group has not benefited from the policy dividends of the Trump administration, but instead faced multiple factors, making their lives even more difficult.
Although overall consumer confidence is low, the University of Michigan Consumer Sentiment Index is at a low point in recent years, but high-income families have supported consumption through asset appreciation and investment gains, forming a sharp contrast with middle- and low-income families. The demand overdrawn by policy stimulus and weak corporate investment further exacerbate structural imbalances in economic growth, casting doubt on its sustainability.
Original article: toutiao.com/article/1852398499817728/
Statement: This article represents the views of the author alone.