Tim — Fair enough. This post was limited by the Federal Reserve data set I started with, which, frustratingly, divides the population into only these four groups. I’ll revisit if I find more detailed data.

That being said, I find it astonishing that the bottom half as a whole has so little wealth and such large debts. I think my point stands that because their share of wealth is even smaller than their share of spending, the disproportionate impact of the pandemic on their fragile financial situation is going to be a major brake on the recovery.