40% of the American public owns no assets (no home, no portfolio) and depends solely on paychecks; they face negative real wage growth and are buying less each month/year than previously, lacking any financial cushion (house price gains, portfolio gains) that higher-income households have.
factualpending
Speaker
James BiancoEvidence Quote
“40% of the American public, 4 0, they don't have any assets. They don't own a home. They don't own a portfolio. They only get a paycheck. And we've got negative real wages.”
Source
DoubleLine Round Table Prime, 2023 - Part 1: Macroeconomic State of Play 1-4-23— DoubleLine CapitalCreated: 8/11/2026, 1:33:48 AM
My Notes
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