Despite elevated living costs and a tight job market, the U.S. economy is still strong. Moody's Chief Economist Mark Zandi says it's wealthy people who are keeping the economy afloat.
"The U.S. economy is being largely powered by the well-to-do," Zandi said in an X post. "As long as they keep spending, the economy should avoid recession, but if they turn more cautious, for whatever reason, the economy has a big problem."
