Wages Are Falling. Wealth Is Surging. No Wonder Americans Are Unhappy.

Two events from the past week help crystallize this strange, contradictory moment for the U.S. economy.

On Wednesday, the Bureau of Labor Statistics reported that the surge in energy prices had wiped out a year and a half of wage gains for the average American worker. On Friday, the public-markets debut of SpaceX made Elon Musk the world’s first trillionaire.

That stark juxtaposition helps explain why many Americans, in survey after survey, say they no longer believe the U.S. economy is working for them. A few people are getting fabulously, unimaginably wealthy at the same time that entire generations of families worry they will never be able to afford to buy a house, raise children or enjoy a comfortable retirement.

“I don’t think the stock market is necessarily causing” Americans’ pessimism about the economy, said Stefanie Stantcheva, a Harvard professor who studies public sentiment. “But I don’t think people are looking at it and are thinking, ‘Great, this means I’m going to do very well, too.’ It’s potentially reinforcing this feeling of ‘I’m falling behind.’”

Article source: https://www.nytimes.com/2026/06/13/business/economy-trillionaire-wealth-wages.html