A new Deloitte report reveals that Americans’ financial well-being hit a four-year high this month, but lower-income Americans might feel differently. Although the economy remains strong, spending is recovering, and worker pay has been outpacing inflation, a large number of Americans still aren’t experiencing the benefits of the recovery.

Signs of strain: Publicly traded dollar store chains like Dollar GeneralDG

and Dollar TreeDLTR

are among the two worst-performing stocks of the year — down 45% and 50%, respectively. Those are the kinds of performances that put them in the same category as other languishing businesses like BoeingBA

, WalgreensWBA

, and IntelINTC

. Unfortunately, these conditions aren’t improving as inflation stays above its target rate, prompting warnings (again) from these firms about weak spending by lower-income customers — even as overall consumer spending appears to be recovering. Other retailers are seeing similar trends:

• WalmartWMT
  and Casey’sCASY
  have reported weaker spending among lower-income shoppers.
• CostcoCOST
  has observed divergent spending among higher- and lower-income buyers.
• Restaurant chains like McDonald’sMCD
  and major food and beverage companies are also observing weaker demand from lower-income consumers.

Rounding out the mayhem, consumers are even cutting back or putting off spending on important purchases — things like auto repairs and housing costs.

Lots to Prove

Voters called for political change to bring inflation to keel, a key promise from President-elect Trump. However, as he faces his match with 19-month highs in global food prices and stubbornly elevated housing prices, his assurances have grown less frequent.

• Trump claims that grocery prices will be coming down “very soon” but acknowledges that it won’t be easy. Since he was last in office in Jan. 2021, grocery prices have risen by 22%.
• He has also vowed to address housing and healthcare costs but has limited plans for how — aside from deporting millions of immigrants, whom he says are contributing to resource shortages.

Then there’s the tariff thing… Trump says he “can’t guarantee” that his proposed tariffs won’t cost Americans more money but believes the long-term effects of the policy will make the country “rich.” That assumes that companies will reshore supply chains, bring back “high-paying jobs,” and be willing to make less money by producing goods here — a big X factor for the country as we sprint towards the new year.