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135

The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living (www.businessinsider.com)

submitted 5 months ago by yogthos@lemmy.ml to c/news@hexbear.net

51 comments fedilink hide all child comments

The US economy is experiencing a "selective recession" where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.

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[–] yogthos@lemmy.ml 45 points 5 months ago (1 children)

Amusingly, this is probably the most honest article I've seen in a while that actually acknowledges that people are struggling as opposed to just doing gaslighting saying how great the economy is.

[–] peeonyou@hexbear.net 32 points 5 months ago (1 children)

That can only mean it's REALLY bad and there's just no way they can keep saying otherwise without losing credibility with even the most clueless of readers

[–] CommunistBear@hexbear.net 31 points 5 months ago (1 children)

The entire economy has been hollowed out for decades with various financial shenanigans. We are Wiley Coyote but we haven't looked down yet

[–] Pentacat@hexbear.net 16 points 5 months ago

Yes. There isn’t another analogy that fits as well as this, imo.