Ok, Boomer: How US generational wealth distribution could upend the economy and markets

“There is a mysterious cycle in human events. To some generations much is given. Of other generations much is expected.”
— Franklin D. Roosevelt

While it may seem strange to discuss the economic implications of an equity market sell-off amid the ebullience of the current moment, the uneven US generational wealth distribution is an underappreciated risk worth exploring. By 20 June, the S&P 500 had touched 31 all-time highs this year alone, making 2024 the best start to any election year on record. As robust as the market has been, however, I believe if asset prices were to fall substantially, the ramifications for the US economy would be broader than many believe.