The more markets rise, the greater is the gap to consumer sentiment
We are used to explaining this in terms of a K-shaped economy
But together with record profit share and margins and the narrowness of the equity rally, it is also consistent with monopolization, regulatory capture and enshittification
This helps explain why not only labour but also consumers are suffering, implies a critical role for politics – and ultimately paints a more fragile picture of society collapsing towards technofeudalism
