We're living in the 'G-shaped economy'—where boomers control $90 trillion, and everyone else waits

Two mature couples smiling and toasting one another (Credit: Getty Images)

The continued resilience of consumer spending despite multiple shocks in recent years has puzzled economists, many of whom have attributed it to the wealthiest households driving most of the growth.

The wealth effect from soaring stocks fuels consumption, while Americans without big investment portfolios have been forced to retreat amid elevated inflation and a stagnant job market.