Name: Navigating ‘Two Different U.S. Economies’
Uploaded: 2026-03-24T18:13:00Z
Duration: 2 min 6 s
Description: VantageScore CEO Silvio Tavares explains why CFOs must now build two entirely distinct value propositions for the thriving top of the economy as well as the increasingly strained lower tier.

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VantageScore CEO Silvio Tavares explains why CFOs must now build two entirely distinct value propositions for the thriving top of the economy as well as the increasingly strained lower tier. Photo: WSJ Leadership Institute

https://m.wsj.net/video/20260324/2660d473-0160-4a98-9ebb-1e6ee527e127/2/hls/manifest-hd-wifi.m3u8

VantageScore CEO Silvio Tavares explains why CFOs must now build two entirely distinct value propositions for the thriving top of the economy as well as the increasingly strained lower tier.

Navigating ‘Two Different U.S. Economies’

This came up at dinner last night too, obviously, this idea that consumers are not a monolith. There's a lot of different behavior out there. Silvio, I wonder when you think about sort of where you're seeing those signs of stress in sort of the lower half of the K, what does that look like geographically, income-wise? Like where might you see pockets where consumers are behaving differently and seem unrestrained?

Well, I think it's important to note, particularly for the CFOs in the audience, the reality is that that gap between the top and the bottom is accelerating. So that's a really big deal. There's always, to a certain extent, a K-shape in the economy, but what's happening is the top are doing really well and increasingly well, and the bottom are increasingly challenged. And to answer your question about what's in the bottom of that K, it's clear those folks tend to be younger. They tend to also not be homeowners. And as a result, they are struggling because they are not protected from the biggest inflationary pressure, which is the biggest expense for each household, which is housing costs. It's a really key policy challenge, and it's one of the reasons why. One of the factors that I think is overlooked is this home ownership issue. You know, we're sitting here at the bottom of the San Francisco Peninsula, and the reality is the average home on the Peninsula is around 1.8, $1.7 million. If you're young, you can't get into that, and you're exposed to it. So I think this is gonna be one of the biggest issues of the next 10 years, is how do we get more consumers into homes so they can protect themselves against the inflationary shock of rental prices. But at the top of the K, it's really clear that that is a very vibrant and healthy group. We're seeing more economic activity, and it's, quite frankly, overwhelming what's happening on the bottom, which is why when you look at the big numbers, the economy is actually doing very well. What that translates into for CFOs, for your businesses, you have to have a value proposition for both the top of the K and the bottom of the K, and that's often challenging because they're experiencing two different U.S. economies.