BlackRock recently offered an economic presentation to a group of institutional investors. The presenter highlighted a growing economic divergence: while aggregate data shows resilient household spending and balance sheets, this strength is increasingly concentrated in higher-income cohorts. The accompanying chart underscores this divide—lower-income households account for a disproportionately small share of consumer spending while facing the highest pressures from inflation, debt costs, and slowing wage growth. Meanwhile, wealthier households, insulated by asset gains and low-rate liabilities, continue to spend, invest,…