A new report shows the wealthiest 10% of Americans are keeping the U.S. economy going right now, accounting for nearly half of all consumer spending. Meanwhile, working- and middle-class Americans have had to cut down on spending.

The wealthiest 10% make $250,000 or more each year.

Federal Reserve data shows credit card delinquency among non-wealthy Americans is the highest it’s been since 2011.

Donald Trump signed an executive order on Monday ordering the US treasury and commerce departments to create a sovereign wealth fund and said it may also be used to purchase the social media platform TikTok.

A sovereign wealth fund would act as an investment fund for the country, operating outside of the Federal Reserve and the treasury department. Few details were offered about the creation of the fund, which would require congressional approval, including where the cash for a potential fund would come from.

 The sight of celebrity mansions and movie landmarks reduced to ashes can make it seem like the wildfires roaring through the Los Angeles area affected a constellation of movie stars.

But a drive through the charred neighborhoods around Altadena shows that the fires also burned through a remarkable haven for generations of Black families avoiding discriminatory housing practices elsewhere. They have been communities of racial and economic diversity, where many people own their own homes.

CLAIM: Joseph Gordon-Levitt claimed former President Donald Trump is not a “self-made” or honest businessman, but a “conman.”

VERDICT: Partly False.

While Trump did inherit some money and received loans from his father as he was starting out, he built his business into what it is today.

Trump’s father, Fred Trump owned a real estate business, Trump Management, which is now known as The Trump Organization.

The IRS estimates it will raise more than $50 billion over the next decade by closing a loophole often exploited by wealthy filers seeking to avoid paying taxes.

The loophole allows such taxpayers, as well as businesses, to move assets between entities in a way that authorities say has no economic purpose. Deputy Treasury Secretary Wally Adeyemo called the practice “really just a shell game" in a statement.

Adam Smith’s legacy of economic freedom

Adam Smith turned 300 this year. Born in Kirkcaldy, Scotland, in 1723, he too lived in a time of great upheaval. The seedlings of the industrial revolution were taking root in the U.K. Scotland had only been part of the U.K. since the Act of Union came into effect in 1707. A stable polity provided the foundation upon which great advancements in learning and industry would take place during the Scottish Enlightenment.

The Supreme Court will hear oral arguments on Tuesday in a case that could both save the rich billions of dollars and hamper President Joe Biden and Democrat from imposing certain types of wealth taxes in the future.

The case, Moore vs the United States, could have sweeping ramifications for the existing tax code, potentially overturning multiple provisions that largely hit well-off Americans and costing the federal government hundreds of billions of dollars in revenue.

Americans are increasingly unlikely to believe that those who work hard will get ahead and that their children will be better off than they are, according to two recent polls.

Why it matters: The polls reflect concerns that the American dream is dimming — or already extinguished.

Driving the news: The WSJ asked respondents whether they believe "the American Dream — that if you work hard you'll get ahead — still holds true."

Former President Donald Trump has seen his wealth soar by a half billion dollars thanks to some shrewd moves including moving to low-tax Florida, selling off assets, and paying down personal debts, according to a report.

Trump’s fortune has been valued by Bloomberg Billionaires Index at $3.1 billion, up from $2.6 billion in 2021.

A sizeable chunk of Trump’s wealth can be attributed to the rising property values of his Mar-a-Lago estate in Palm Beach as well as his Doral golf resort in Miami, according to Bloomberg.