A surprising trend has been showing up in Bank of America accounts over the past few months: The gap between America’s wealthy and poor appears to be narrowing.
That’s counter to the narrative we’ve been hearing for years: that America’s rich are getting richer, leaving the less-well-off among us behind and the American Dream out of reach.
That wealth gap, often called the “K-shaped economy,” has been blamed for many of the economy’s ills, and a chief source of Americans’ angst about their financial situations. On the other hand, it has also been credited for keeping the US economy humming, as wealthier Americans keep spending and businesses keep hiring.
But what if that K-shaped narrative isn’t true anymore?
The ‘K’ appears to be narrowing
