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'Biggest Wealth Divide in Modern History': Graphic Shows Shocking Reality of US Economy
Data released by the University of Michigan and Gallup this week showed US consumer sentiment cratering even as stock markets hit record highs.
May 23, 2026
Multiple polls and surveys released in recent days have shown US consumer sentiment cratering—and all the while, the US stock market keeps hitting record highs.
The Kobeissi Letter, a financial newsletter, posted a graphic Saturday that matched consumer sentiment as measured by the University of Michigan's Surveys of Consumers with the performance of the S&P 500 stock index over a 30-year span.
The graphic shows that, up until around 2020, consumer sentiment matched stock market performance closely, although there was a large divergence between the two leading up to the 2008 financial crisis, where stocks briefly outperformed consumer sentiment before crashing downward as the housing bubble burst.
But throughout the last six years, the graphic shows, the S&P 500 has produced an almost continuous upward surge even as consumer sentiment spirals downward.
Absolutely incredible:
Over the last 6 years, the S&P 500 has risen +130% while US Consumer Sentiment has collapsed by -55%, to its lowest since data began in 1952.
We are witnessing the formation of the biggest wealth divide in modern history. https://t.co/XGMR6DfuNc pic.twitter.com/2w7cRvn7ok
— The Kobeissi Letter (@KobeissiLetter) May 23, 2026
"Absolutely incredible," commented Kobeissi Letter. "Over the last six years, the S&P 500 has risen +130% while US Consumer Sentiment has collapsed by -55%, to its lowest since data began in 1952. We are witnessing the formation of the biggest wealth divide in modern history."
Kobeissi Letter produced the graphic one day after the University of Michigan's latest survey found consumer sentiment hitting the lowest level on record.
Joanne Hsu, director of the survey, observed that "the cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month."
On the same day, Gallup published new data showing that Americans' economic confidence has fallen to its lowest level since October 2022, with just 16% of Americans rating the economy as excellent or good, and nearly half describing it as poor.
Axios reported on Saturday that even Republicans have been growing sour on the US economy, citing a recent poll from The Associated Press showing GOP approval of President Donald Trump on the economy to be at around 60%, down from 80% just three months ago.
"The growing GOP gloom could hardly come at a worse time for Trump and the party," Axios noted, "less than six months out from a midterm election that's likely to turn on the economy."
The gap between overall consumer sentiment and stock market performance also lines up with recent consumer spending trends. Data published by The Financial Times earlier this year showed that the top 10% of earners in the US now account for nearly half of all consumer spending, while the bottom 80% of earners now account for less than 40% of all consumer spending.
A February report from TD Economics economist Ksenia Bushmeneva noted that “the economic divide between America’s households at the top of the income spectrum and everyone else continued to widen last year,” as “upper-income households benefited from the still-robust wage growth, strong gains in equity markets, and better access to consumer credit.”
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Platner Says His Anti-Private Equity Ad Targeting Red Sox Owners Was 'Taken Down' During Game Broadcast
"Private equity is destroying our favorite baseball team, stripping them for parts," Democratic US Senate candidate Platner said in an ad that aired on the New England Sports Network.
May 23, 2026
Maine Democratic US Senate candidate Graham Platner on Saturday said that a campaign ad that aired during a Boston Red Sox game was "taken down" after it took aim at the team's ownership.
The ad in question features Platner discussing the role that private equity firms play in the US economy, including sports teams.
"Private equity is destroying our favorite baseball team, stripping them for parts," Platner says at the start of the ad. "Private equity is buying up our homes, our sports, and our lives. I will reverse the private equity curse."
Private equity is taking our homes. It's taking our hospitals. It's taking beloved local businesses and stripping them for parts.
And now private equity is running the Red Sox into the ground.
Our new ad ⬇️ pic.twitter.com/w7LapElpdA
— Graham Platner for Senate (@grahamformaine) May 22, 2026
Platner concludes the ad by saying that he approves this message "because I miss Mookie Betts," the star player whom the Red Sox traded to the Los Angeles Dodgers in 2020 in a deal that was widely decried by local fans as a salary dump.
According to Platner, his campaign began airing the ad Friday on the New England Sports Network (NESN), the cable TV station owned partially by Fenway Sports Group, the conglomerate that owns the Red Sox.
However, he said that "midway through the game the ad was taken down" by NESN, after which the Red Sox proceeded to blow a 4-0 lead, losing to the Minnesota Twins by a final score of 8-6.
Platner, an oyster farmer and upstart candidate who has never before held political office, became the Democratic Party's presumptive nominee for the 2026 US Senate race in Maine last month after his top rival, Democratic Maine Gov. Janet Mills, dropped out of the race.
In recent weeks, Platner has pivoted to challenging incumbent Sen. Susan Collins (R-Maine), who has held the seat since 1996 and is now running for her sixth term in office.
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'Absurd and Cruel': Critics Decry Trump Rule Change for Green Card Applicants
The policy change means "we could have families separated for months or years," said one expert.
May 23, 2026
Critics are slamming the Trump administration for implementing a new rule that foreigners who apply for green cards must do so from abroad.
US Citizenship and Immigration Services (USCIS) on Friday announced that foreigners currently in the US who want to establish permanent legal residency must first return to their countries of origin to apply for a green card.
This announcement broke with decades of US immigration policy, which made it possible for immigrants in the US to obtain green cards without having to leave the country.
Doug Rand, a former senior advisor at USCIS under President Joe Biden, said in an interview with The Associated Press that "the goal of this policy is very explicit," which is to block a path to citizenship "for as many people as possible."
Sarah Pierce, a former USCIS policy analyst, told The New York Times that the rule change could have particularly dire consequences to foreigners who are married to US citizens and will now have to apply for permanent residency from overseas.
"Our consular processing system through which they would have to apply is already overburdened," Pierce explained. "So that means we could have families separated for months or years."
Aaron Reichlin-Melnick, senior fellow at the American Immigration Council, similarly noted that the new policy "could force people to leave their jobs, homes, and families for weeks or months, all at their own expense" just to stay in a country where they have already established roots.
Reichlin-Melnick said that the full scope of the policy isn't yet clear because there are several unknown details about how broadly it will be applied, but added that "in the meantime, hundreds of thousands of immigrants now have to worry about upending their lives to get a legal status that they are entitled to under our laws."
Drop Site News reporter Ryan Grim argued that the new policy rips the mask off Trump administration claims that they aren't opposed to all immigration, they simply want to reduce undocumented immigration.
"The talking point that we do want legal immigration, we just want people to get in line and follow the rules, is BS," Grim commented. "This is an attempt to blow up the line, blow up the rules, and make it insanely difficult to immigrate legally."
Rep. Chuy García (D-Ill.) echoed Grim's comments by pointing out that the new policy shows the Trump administration's disdain for immigration overall.
"This new policy will force thousands of LEGAL immigrants, including spouses of US citizens, to leave their homes, families, and jobs for weeks or even months to get their green card outside the US," said García. "This is an absurd and cruel policy."
Rep. Adriano Espaillat (D-NY), chairman of the Congressional Hispanic Caucus, condemned the new policy for targeting "students, scientists, entrepreneurs, spouses of US citizens, and other individuals following legal immigration processes."
"Aspiring lawful permanent residents are valued members of our communities, workforce, and economy," Espaillat emphasized. "I will continue fighting to protect the rights of aspiring green card holders and immigrant families."
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Trump and Musk Rob the Poorest Children to Pay for War Crimes
These are the human costs of the American people electing politicians whose military death cult keeps getting more Pentagon funding from Congress, displacing programs sustaining life.
May 23, 2026
A skeptical friend reading The New York Times asked me why columnist Nicholas Kristof keeps writing columns about recurring poverty in less developed countries. My answer is simple. Because he keeps going to these remote areas populated by brutalized human beings living in dire impoverishment and sickness.
At no small risk to himself (Kristof caught malaria in the Congo), he goes to where the most deprived people on Earth live for his stories. He does what few columnists are willing or able to do by exposing how children, the elderly, and entire families are dying under the most unimaginable cruelty.
I suspect that what keeps Kristof going is that he sees how inexpensively many of these mortalities and morbidities can and have been prevented. For example, a $4 vaccine can prevent cervical cancer, which kills over 900 women worldwide every day!
Knowing all this has led to his sharp denunciation of Tyrant Donald Trump and DOGE Director Felon Elon Musk’s immediate and illegal closure of the Agency for International Development (USAID). Soon after the failed gambling czar re-disgraced the White House on January 20, 2025, the world heard Musk’s sadistic boast, “We spent the weekend feeding USAID into the woodchipper.”
Nicholas Kristof, it is time to break the unspoken reluctance of The New York Times editorial page—replete with specific editorial and op-ed denunciations of bully Trump’s many crimes—and raise the cry of IMPEACHMENT.
Why on Earth would these callous corporatists criminally destroy an agency with an average budget of $23 billion a year (about 10 days of the Trump-bloated Pentagon war budget) to save the lives of millions of babies, children, women, and men? Especially when much of this spending goes right back to US contractors who ship the food, medicines, drinking water, wheelchairs, medical devices, and other materials to poverty-stricken nations.
The Trump-Musk cabal sadistically exuded glee, declaring they were saving taxpayer money. The money spent by USAID is a small price to pay for preventing the atrocities they visited on those most in need of humanitarian assistance on the planet. Given the reputation of the US’ invasive military empire all over Asia, Africa, and South America, war criminal Trump failed to understand the benefit that such aid—often called “soft power”—does to improve Uncle Sam’s tarnished reputation.
In his latest column, dated May 10, 2026, and titled “The Children America Abandoned,” Kristof makes the following points:
“A year after some of the world’s richest men cut aid for the world’s poorest children, …” Trump and Musk retained “some lifesaving programs, particularly for HIV/AIDS…” However, Trump’s “71% cut in humanitarian aid from 2024 to 2025…” led to the loss of “750,000 lives worldwide” in Trump’s first year, citing a study by a Boston University researcher. The prestigious British medical journal The Lancet projected that at present official development assistance (ODA) defunding rates, 9.4 million lives will be lost worldwide, including 2.5 million among children 5 years and younger, by 2030.
While these enormous preventable death numbers may shock most Americans, it is because USAID over decades has not been encouraged by its cautious superiors in the White House to toot its own horn for fear of enraging right-wing ideologues in Congress who have long wanted foreign aid abolished.
“A few doses of a $3 malaria vaccine can now save a Congolese child’s life,” Kristof writes. Tuberculosis is a major contagious killer in Africa, mostly among children and pregnant women. A series of regular TB drugs, consistently administered by clinics, can sharply reduce this epidemic. Again, very cost-effective.
What these clenched-jawed Trumpty Muskites ignore is that catching precursors of pandemics in African or Asian countries can prevent deadly viruses and bacteria from migrating to the United States. Without funds and diligent monitoring, the current Ebola emergency in the Congo is spreading.
These are the human costs of the American people electing politicians whose military death cult keeps getting more Pentagon funding from Congress, displacing programs sustaining life. Trump’s war crimes are used to seek an increase of a staggering 50% budget increase or $500 billion for the Pentagon. Trump wants to use deficit financing to further bloat the Pentagon budget so he can keep cutting taxes for the super rich, himself, and giant corporations for the next fiscal year.
In one of his previous columns, Kristof shows how the swollen, corrupt military spending on contractors can be better used in our domestic economy, repairing public services and building infrastructure. The last president to make this comparison was former five-star general President Dwight Eisenhower in 1953 in an address before the American Society of Newspaper Editors (See the address.) Two recent books: Prophets of War: Lockheed Martin and the Making of the Military-Industrial Complex by William D. Hartung and The Spoils of War: Power, Profit, and the American War Machine by Andrew Cockburn unmask the devastating impact of wasteful military spending on human needs.
The Democratic Party refuses to make the runaway military budget, now overconsuming half of the entire federal operating budget, a political campaign issue. Worse, they eagerly join the congressional Republicans in the yearly hoopla for ever more megadollars for the Pentagon. Serious appropriations hearings in the House and Senate are a long-ago memory for this untouchable depravity of blank checks, stealing from the many unmet necessities of the American people and their children here at home, which also cost many American lives.
So, Kristof, who has written devastating critiques of Trump, ends his column with “The truth is ugly: The world’s richest men are crushing the world’s poorest children.”
Nicholas Kristof, it is time to break the unspoken reluctance of The New York Times editorial page—replete with specific editorial and op-ed denunciations of bully Trump’s many crimes—and raise the cry of IMPEACHMENT or, in the vernacular that Tyrant Trump very often uses, say “YOU’RE FIRED!” (See, the Impeachment Symposium of April 8, 2026).
As I have said many times, with Trump, IT IS ONLY GOING TO GET WORSE, MUCH WORSE. In addition to manipulating districts, he is openly intending worse takeovers of the November elections, having said in January, “We shouldn’t even have an election” in November. What are our politicians and the mainstream media waiting for? It is time for them to summon the courage of their declared convictions!
P.S. Kristof’s most recent feature exposes the sexual violence by Israeli soldiers against kidnapped Palestinian men, women, and children, including training dogs to rape shackled prisoners (See The New York Times, May 17, 2026, “The Silence That Meets The Rape of Palestinians”).
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