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America Isn’t Living in One Economy

The headlines say the economy is strong. Millions of household budgets say otherwise. Both can be telling the truth, and the reason is sitting in the data.

Recorded October 5, 2026 · 2 min 55 sec

Recorded October 5, 2026. Figures and market conditions reflect information available on that date and may have changed since. Independent research by Todd Hanley; not the views of United Direct Lending.

Research sources

751 sources were consulted in Todd Hanley’s independent research for this video. The 186 below were cited by two or more separate research passes; every link was checked when this page was built.

Government & primary data (121)
Research & institutions (18)
News & analysis (47)
Also consulted (565)

Full script

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If the economy is supposedly strong, why does it feel so brutal for so many people?

Because America is no longer living in one economy. Picture two households in the same city.

The first bought a home years ago, refinanced near the bottom, and may own it outright. It collects Social Security, has Medicare, retirement assets, and decades of home equity.

The second is working, renting, paying for child care, carrying debt, and trying to buy its first home at today’s prices and interest rates.

Both households are counted in the same national statistics. But they are not living in the same economy.

Start with health care. It now represents roughly one out of every six dollars in consumer spending, and much of it is paid by employers or government programs—not just by a consumer swiping a card.

From 2023 through 2025, health care produced roughly one-third of the growth in real consumer spending. And in September 2026, health care added 17,000 of the economy’s 29,000 net new jobs.

That spending is real. Those jobs are real. But it does not necessarily mean the typical household suddenly has more money to enjoy life. It means an aging population creates a powerful, recurring floor under the economy—even when discretionary consumers are exhausted.

Now look at wealth. For households age 65 to 74, median net worth was about $410,000 in the Federal Reserve’s latest full survey. But the average was nearly $1.8 million.

That enormous gap matters. It does not mean every older American is wealthy. It means a concentrated group owns enough homes, stocks, and retirement assets to keep spending without depending entirely on the next paycheck—or borrowing at today’s rates.

Then there is family capital. In the latest national buyer survey, more than one in five first-time buyers used a gift or loan from relatives or friends for the down payment.

Family money is not carrying the entire economy. But it is increasingly deciding who gets through the door—and who remains locked outside it.

That is the real story. One economy is supported by health-care demand, accumulated assets, low legacy housing costs, and family wealth. The other is supported by wages that are being stretched by rent, debt, insurance, food, and high borrowing costs.

So when the headlines say the economy is strong and millions of people say it feels terrible, both can be telling the truth.

America is not experiencing one economy. It is experiencing two—and the averages are hiding the divide.

I'm Todd Hanley, Senior Loan Officer with United Direct Lending and Mortgage Broker. If you'd like a transparent, data-driven process that removes the guesswork, I'd love to speak with you today. Thanks for watching.

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Independent research and commentary. The research, data analysis, and opinions in this video and on this page are Todd Hanley's own and do not represent the views of United Direct Lending. They are not lending advice and are not tied to any loan program, product, or lending decision.

Educational content only. Not a commitment to lend, a rate quote, or an offer of credit. Programs, rates, fees, and guidelines are subject to change without notice; not all borrowers will qualify. Todd Hanley, RICP® | NMLS #1013665 | United Direct Lending NMLS #1749719 | Equal Housing Opportunity.

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Date & Time
Duration30 minutes
WithTodd Hanley, RICP®