According to the Aruba Tourism Authority, 69.0% of Aruba’s stay-over visitors came from the United States during January through September 2026. With such a strong dependence on the American market, understanding developments in the U.S. economy is essential. Aruba increasingly attracts higher-income American visitors, but how might America’s K-shaped economy affect their travel decisions and spending habits? In this courtesy blog by Rene Paalman examines America’s widening economic divide and why these potential developments could be relevant to Aruba.

ECONOMIC COMMENTARY   |   NOVEMBER 2026

From the Gilded Age to a K-Shaped Economy

The Gilded Age, the Golden Age, and the divide in today’s prosperity

By Rene Paalman

Whenever we are told that the American economy is growing, my first question is simple: Growing for whom? A rising Gross Domestic Product (GDP), record stock market gains, and increasing corporate profits may paint a picture of national prosperity. But do these numbers reflect the financial reality of ordinary Americans struggling with rising living costs, strained purchasing power, and inadequate savings? Economic growth matters, but how broadly its benefits are shared matters just as much. American history offers two contrasting lessons: the Gilded Age and the Golden Age. Today, our increasingly K-shaped economy raises the troubling question of where America is headed.

THE GILDED AGE  |  APPROXIMATELY 1870–1900

In the decades following the Civil War, railroads, steel, oil, and banking transformed the United States into an industrial powerhouse. Men such as Rockefeller, Carnegie, and Morgan accumulated extraordinary fortunes. Yet behind this glittering prosperity, many workers endured low wages, long hours, and few protections. The term “gilded” was deliberate: a thin covering of gold could conceal profound inequality. America was growing richer, but the rewards were far from evenly shared.

THE GOLDEN AGE  |  APPROXIMATELY 1945–1973

After World War II, the country experienced a different kind of prosperity. Manufacturing expanded, wages rose, and the middle class grew. Unions, public investment, education, and stronger worker protections helped more families buy homes and build financial security. Research by the Peterson Institute finds that typical family income grew roughly 3% a year between 1948 and 1973. This era was not equally golden for everyone, particularly those facing racial and gender discrimination. Still, its defining achievement was that ordinary families shared more widely in economic progress.

TODAY’S K-SHAPED ECONOMY  |  THE 2020s

Today, commentators describe a “K-shaped” economy: the upper arm represents affluent households with strong investments and spending power; the lower arm represents households struggling to keep up with housing, food, insurance, and other necessities. The evidence on precisely how sharply spending paths have diverged is mixed. But the unequal financial cushion is hard to ignore. A 2025 Federal Reserve survey found that 39% of adults could not cover a $1,000 emergency using savings alone.

Consider the percentages. According to estimates from Moody’s Analytics, the highest-income 10% of households account for about 46% of total consumer spending. The middle 30% of households account for about 31%, while the lowest-income 60% of households account for just 23%. But these estimates are disputed: Federal Reserve survey research puts the top 10%’s share closer to 28%. Why the gap? Moody’s infers personal outlays from financial and savings data, whereas the Federal Reserve surveys households. Both measures nevertheless show that affluent households account for a disproportionate share of spending. Wealth is even more concentrated. By mid-2026, the wealthiest 10% held 68.9% of household net worth, compared with just 2.3% for the bottom 50%; the top 1% alone held 32.5%. A nation can generate extraordinary prosperity while millions struggle to achieve financial security.

That is why a growing GDP or rising stock market cannot, by itself, tell us how the average family is doing. The uncomfortable resemblance to the Gilded Age is not that history is repeating exactly. Today’s labor laws and social protections are vastly different. The risk is that national prosperity becomes increasingly disconnected from household opportunity and security.

A bill is also coming due. By October 28, 2026, gross federal debt had reached about $40.55 trillion, while fiscal year 2026 brought a deficit of nearly $2 trillion. Net interest costs exceeded $1.05 trillion, or almost $2.9 billion every day. Borrowing can serve legitimate national purposes, but an ever-growing interest bill limits future choices. The Congressional Budget Office projects that debt held by the public could reach 120% of GDP by 2036 under current law. The question is whether America can meet its obligations while still investing in the people and skills its future prosperity demands.

A university degree is not the only path to financial security. The Bureau of Labor Statistics projects roughly 72,700 annual job openings for electricians and 62,800 for carpenters, on average, from 2025 to 2035, including openings to replace departing workers. Community colleges, trade schools, apprenticeships, and modern technical training can help more Americans build marketable skills, earn well-paid livelihoods, and strengthen the middle class.

This is not an argument against wealth, business success, or assistance to those genuinely in need. Both political parties must confront spending and revenue honestly, promote a fair and understandable tax system, and make education and workforce development national priorities. Fiscal responsibility and broader opportunity should be shared goals, not another source of political division.

The true measure of a successful economy is not how much the GDP grows, how high the stock market climbs, or how wealthy the wealthy become. It is whether ordinary Americans can afford a decent living, provide for their families, and build a financially secure future. Economic growth means little if those already prospering enjoy its benefits. America should strive for a new Golden Age of broadly shared prosperity, not return to a Gilded Age where the nation grows richer while millions struggle to get ahead.

Written by Rene Paalman

West Palm Beach,

Florida

Aruba is back in Miami

https://batibleki.wheninaruba.com/aruba-is-back-in-miami/

A prophetic report by Martijn Balkestein

https://batibleki.wheninaruba.com/a-prophetic-report-by-martijn-balkestein/

It might even get worse before it gets any better…says an energy expert

https://batibleki.wheninaruba.com/it-might-even-get-worse-before-it-gets-any-bettersays-an-energy-expert/

CUA hosts the annual Business Brew introducing The Alba Quarter

https://batibleki.wheninaruba.com/cua-hosts-the-annual-business-brew-introducing-the-alba-quarter/

Asia Bites on a Rooftop Terrace

https://batibleki.wheninaruba.com/asian-bites-on-a-rooftop-terrace/

Cruise Connect 2026

https://batibleki.wheninaruba.com/cruise-connect-2026/

Payments for services in the repair shop.

https://batibleki.wheninaruba.com/payments-for-services-in-the-repair-shop/

A partial payment from AZV has given Horacio Oduber Hospital (HOH) space to continue operating for a few more weeks, but the financial problem is still not resolved. After a meeting with Minister of Health, Mervin Wyatt-Ras, HOH CEO, Jacco Vroegop, stressed the need for financial support to ensure continuity of care in Aruba.

The meeting was attended by hospital management, director of AZV, Edwin Jacobs, and other representatives. The conversation focused on the financial pressure in the health sector, the increase in the number of patients and the costs of care that continue to rise.

According to Vroegop, the dialogue about these challenges has been going on for quite some time. The main concern is that financial difficulties should not force hospitals to reduce the care that the community needs.

Basically, the hospital needs money urgently.

But we are talking about the wrong 15 million

With the AZV advance of 15 million florins this week, HOH has received 31 million this year. The hospital says the cash injection buys a few weeks. In December we must do this again.

Everybody is asking who should pay. Nobody is asking why the bill keeps growing.

AZV spends about 1.3 million florins a day on care, almost all of it curative. That is not a health system. It is a repair shop.

The demand is not coming from tourists; they pay. It is not coming from the undocumented; that bill is about 5 million a year, one percent of the total. It is coming from us. We are getting older, leaving the workforce, heavier and more insulin resistant.

In 2024 HOH delivered more care than the year before: nearly 35,000 emergency visits, over 10,000 admissions. It earned 12 million more and still lost 2.2 million.

AZV stayed inside the budget it agreed with CAft. Good for the GOA’s books. But the growth did not disappear. It landed on the hospital.

There is a second question nobody asks. Those who put the undocumented to work do not register them. No wage tax, no social premiums, no AZV premium. The care cost we know: 5 million. What is the missed income? Nobody has published that number. Those who work and pay are carrying those who employ and do not.

Aging peaks between 2035 and 2040. Tourism, our only production income, has reached a plateau. More care, same income. No advance fixes that.

So two questions for GOA. What are you doing to make every employer on this island register and pay for the people they put to work? And what are you doing to keep Arubans out of the hospital in the first place? What about more preventive health care?

The 15 million is not the story. It is the receipt for services in the repair shop.

Sir Ewald Biemans Accepts International Luxury Hospitality Honor in London as Aruba’s Celebrated Romantic Retreat Enters a New Era of Luxury, Wellness and Culinary Excellence

EAGLE BEACH, ARUBA – November 3, 2026 – Bucuti & Tara Beach Resort, Aruba’s internationally acclaimed adults-only luxury resort, has won for the Best Service in North America (USA & The Caribbean) at the 2027 Condé Nast Johansens Awards for Excellence, adding another prestigious distinction to its longstanding reputation for exceptional hospitality, romantic getaways and personalized luxury.

Founder and Owner Sir Ewald Biemans personally accepted the award on behalf of the resort during the November 2 ceremony at Montcalm Mayfair in London, England, where distinguished hoteliers and hospitality leaders gathered to celebrate excellence in luxury travel.

The Condé Nast Johansens Awards for Excellence are among the luxury hospitality industry’s respected international distinctions, honoring exceptional hotels, resorts and spas within its carefully curated global collection. Winners are selected through a process incorporating guest feedback, online voting and assessments by experienced hospitality experts, recognizing properties that consistently deliver outstanding service, quality and memorable guest experiences.

For Bucuti & Tara, the recognition celebrates both an extraordinary legacy of romantic hospitality and an exciting new chapter of investment and innovation under the leadership of Managing Director Crescenzia Biemans, granddaughter of the resort’s visionary founder.

A Legacy of Award-Winning Romance and Luxury

Nestled along the pristine white sands of Aruba’s celebrated Eagle Beach, Bucuti & Tara has established itself as one of the world’s most acclaimed destinations for couples seeking romance, relaxation and meaningful time together.

Its impressive collection of international accolades includes Tripadvisor’s Travelers’ Choice awards with Bucuti & Tara currently #1 in the Caribbean and #8 in the world, nine consecutive

years of recognition in Condé Nast Traveler’s prestigious Readers’ Choice Awards, alongside honors from Travel + Leisure’s World’s Best Awards, and Forbes Travel Guide.

With its intimate, adults-only atmosphere, exceptional personalized service, tranquil beachfront setting and thoughtful attention to every detail, Bucuti & Tara has become a sought-after sanctuary for honeymoons, anniversaries, romantic escapes and couples simply wishing to reconnect.

“We are deeply honored to receive this recognition from Condé Nast Johansens,” said Sir Ewald Biemans, Founder and Owner of Bucuti & Tara Beach Resort. “This award is a tribute to our extraordinary team, whose genuine care and dedication make every guest experience special. Our vision has always been to create a peaceful, beautiful sanctuary where couples can reconnect, celebrate their relationships and enjoy the very best of Aruba. It is especially rewarding to see this vision carried forward by the next generation, as we continue to invest in exceptional experiences for our guests.”

A New Generation Elevates the Guest Experience

The resort’s remarkable success was built upon the vision and pioneering spirit of Sir Ewald Biemans, whose commitment to personalized hospitality, environmental responsibility and continuous innovation helped establish Bucuti & Tara as a leader in Caribbean luxury tourism.

Today, that legacy is being carried forward under the leadership of his granddaughter, Managing Director Crescenzia Biemans, who is spearheading significant investments to further elevate the resort’s acclaimed guest experience while preserving the intimate, romantic atmosphere that has become its hallmark.

Among the most notable enhancements is a comprehensive renovation and modernization of the resort’s accommodations, bringing refreshed contemporary design, elevated comfort and thoughtful new details to its luxurious rooms.

The resort has also expanded its culinary appeal with the introduction of Terra by Jeremy Ford, bringing an exciting new dimension to the Bucuti & Tara experience. The restaurant, associated with acclaimed chef Jeremy Ford, offers discerning food lovers an elevated dining experience that complements the resort’s reputation for exceptional hospitality and romantic beachfront escapes.

Wellness is another cornerstone of this evolution, with Bucuti & Tara aspiring to become the Caribbean’s premier destination for romantic wellness retreats. Its enriched program offers up to five daily activities, including yoga, meditation and fitness, complemented by personalized guidance from a dedicated Wellness Concierge. Guests can seamlessly combine rejuvenation, relaxation and meaningful time together within their luxury getaway.

Together, these investments represent a thoughtful evolution of the Bucuti & Tara experience, blending the timeless qualities that have earned decades of guest loyalty with a fresh vision for the future of romantic luxury.

A Visionary Legacy of Responsible Hospitality

Sir Ewald Biemans’s vision of luxury in harmony with environmental responsibility helped make Bucuti & Tara the Caribbean’s first Certified CarbonNeutral® resort in 2018 and earned international recognition, including the United Nations Global Climate Action Award.

In April 2026, Biemans was appointed Knight of the Order of Orange-Nassau, a royal honor conferred by His Majesty King Willem-Alexander of the Netherlands for his contributions to Aruba, sustainable tourism and society.

About Bucuti & Tara Beach Resort

Located on Aruba’s world-famous Eagle Beach, Bucuti & Tara Beach Resort is an internationally acclaimed, adults-only luxury retreat specializing in romance, wellness and personalized hospitality. Recognized among the world’s finest resorts through numerous prestigious international awards, Bucuti & Tara offers an intimate beachfront sanctuary where couples can reconnect, relax and rejuvenate. Its exceptional dining, comprehensive wellness program, dedicated service and peaceful atmosphere complement its longstanding leadership in responsible tourism. In 2018, Bucuti & Tara became the Caribbean’s first Certified CarbonNeutral® resort.

For more information, visit www.bucuti.com.

About Condé Nast Johansens

Condé Nast Johansens is an internationally respected collection of luxury hotels, resorts, spas and exclusive properties, with more than four decades of experience in identifying and recommending exceptional hospitality experiences. Properties are selected and regularly assessed by experienced hospitality professionals. Its annual Awards for Excellence recognize outstanding achievements in luxury hospitality, exceptional service and memorable guest experiences.

For more information, visit www.johansens.com.

APA hosts a morning of connection, collaboration, and valuable industry insights!

It was a self-congratulatory event at the Embassy Suites with a handful of people in attendance. I was not there. Not invited.

The government was absent too.

The minister of tourism? I do not think he made it.

So while people of common sense are asking APA to hold back, it is a government company and as such must make money.

Bottom line, they are forging full speed ahead.

The following is what they reported during the conference.

Do not get mad at me, I am just the messenger.

The Aruba Ports Authority reported on Cruise Performance and its outlook as it marked its 45th anniversary. It presented a strong picture of cruise tourism at the conference, with 2026 on track to be the first year above one million passengers.

Yes, the first year above one million passengers.

Welcome to tee shirts stands, broken sidewalk, and heavy traffic.

The conference presented an enhanced year-end projection of 1,070,186 passengers, about 28.7% above the 2019 pre-pandemic high of 831,399. You should know the pandemic low in 2021 was 135,953 passengers.

The following figures are copied off APA’s presentation: October brought 86,329 passengers across 28 ship calls, up 48.03% on October 2025 and 19.3% above budget. Year to date, 779,567 passengers have arrived (+9.58% versus 2025, +13.7% versus budget) across 288 calls (+8.7% versus 2025, +9.9% versus budget).

Volume, cheers to volume. I naively thought we are going to measure results differently.

I continue to quote: APA forecasts 1,071,530 passengers and 375 calls, in 2027, flat on 2026 (+0.1% in passengers) but 10.4% above 2025 actuals, with calls level (-0.3% versus 2025).

Among the companies visiting our shores, Royal Caribbean’s share rose sharply from 24% in 2025 to 33% in 2026 year to date, overtaking Carnival (28%, down from 27%, stable). Princess (9%), Celebrity (7%), Norwegian (6%, down from 10%) and others (17%, down from 21%) all lost share, indicating increasing concentration among a few lines.

Pay attention to that, Royal Caribbean is growing pushing other operators away. It is a premium mainstream line, which offers value for money rather than luxury, third tier level. And that is where the growth lies, the line with the largest share, does not have the highest per passenger spend.

The conference revealed on island spend and dazzled conference goers with average spend that is $190 per person across all lines. With Carnival passengers spend the most ($252), followed by the “all others” group ($201) and Royal Caribbean ($191), while Norwegian passengers spend the least ($158). Spending is led by onboard-prepaid tours ($43), local crafts ($25), food and beverage ($24) and on-island tours ($24), with casinos and jewelry at $13 each. Public transportation ($1) and electronics ($2) are at the bottom.

To wrap up the conference APA highlighted community and downtown initiatives, including fund raising for worthy causes.

It is business as usual at APA. How much is too much.