Why a 1:13 expansion feels like a 1:20 recession

In this episode of "Notes on the Week Ahead," David Kelly discusses the divergence between economic reality and public perception in late 2025. Despite overall economic growth and rising consumer spending, many Americans feel financially worse off, influenced by factors like social media, political polarization, and the unequal distribution of wealth. Kelly suggests that while modest consumer spending will continue, fueled by both basic needs and luxury goods, the economy's dependence on the wealthy makes it vulnerable to market corrections. He also anticipates potential fiscal stimulus due to negative consumer sentiment, which could impact economic growth, inflation, and election outcomes, advising investors to diversify their portfolios to mitigate these risks.