In an economy that by all conventional measures is thriving, with surging GDP, booming stock markets, and low unemployment, many Americans are scratching their heads and asking: "Why do I feel so left behind?" The answer lies in a phenomenon known as the "'boomcession' - a portmanteau of "boom" and "recession" that perfectly encapsulates the disconnect between the rosy economic data and the grim realities faced by ordinary households.

What this really means is that the benefits of the current economic expansion are being hoarded by the wealthy elite, while the middle and working classes struggle with stagnant wages, job insecurity, and the relentless squeeze of inflation. As CNBC reports, spending growth for higher-income Americans has remained stable, while it has slowed significantly for lower- and middle-income households.

The Uneven Burden of Inflation

At the heart of this disconnect is the fact that inflation is not a one-size-fits-all phenomenon. While the headline inflation rate may appear manageable, the reality is that the costs of essential goods and services - from groceries to housing - have skyrocketed for those at the lower end of the income spectrum. As the CNBC article points out, these categories make up a disproportionately high share of lower-income consumer budgets, meaning they are bearing the brunt of the price hikes.

The bigger picture here is that the "jobless boom" we're experiencing, where economic growth is not translating into meaningful job creation, is exacerbating this divide. With the labor market still struggling despite the overall strength of the economy, many Americans feel trapped, unable to keep up with the rising cost of living.

A Widening 'K-Shaped' Recovery

This dynamic has given rise to the "K-shaped" recovery, where the fortunes of the wealthy and the struggling diverge sharply. While the top income earners continue to see their wealth and spending power grow, the middle class is being squeezed, with fewer and fewer able to maintain their standard of living.

The implications of this "boomcession" are far-reaching, not just for individual households but for the broader social and political fabric of the country. As CNBC notes, the disconnect between economic data and personal financial realities can breed a deep sense of frustration and disillusionment, potentially fueling populist movements and eroding trust in institutions.

In the end, the "boomcession" is a stark reminder that economic growth alone is not enough to ensure broad-based prosperity. Policymakers and business leaders will need to grapple with the uneven distribution of the fruits of the current expansion if they hope to restore a sense of shared progress and opportunity for all Americans.