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The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living
(www.businessinsider.com)
lower-income
90% of the population
this post was submitted on 23 May 2024
135 points (100.0% liked)
news
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Pandemic savings? Pandemic savings??? What the fuck savings are you talking about? Pandemic spendings more like because tons of people lost their jobs but still had to pay fucking rent!
Three years later they're still furious that we got scraps that one time
It’s ludicrous. They’re still blaming the scraps for inflation whenever they can.
Wait, you didn't get thousands of dollars worth of PPP loans which were converted into grants? What are you, some kind of peasant?
This line has been a thing for years now and I'm still bewildered where it came from. For a couple years after the pandemic ended (hell, I guess it's still going on) articles focussing on the economy would always mention how people were doing better than average or are more insulated from downturns due to the tons of money they saved/earned from the pandemic, and how they still possess that money, and I never understood if they were just lying or if there really is some large mythical group of people who still somehow possessed the money that was given out. I'm not an American but no American I've ever talked to has even mentioned having that money in reserve, ever.
Rich people were able to take out bullshit fake loans for fake businesses that immediately got forgiven. Everyone else got enough money for rent once.
That's literally just a recession. The rich are always fine.
Stocks haven’t crashed ergo not a recession
lol yeah
WHAT PANDEMIC SAVINGS? EVERYONE HAD TO GO BACK TO WORK SIX MONTHS INTO 2020! Oh, I'm sure we can scrimp and get by on $2k (ASTERISK!) and a little extra unemployment for checks notes 4 full years!
Who the fuck had pandemic savings?!?
The people who got $500,000 in PPP loans for their boat dealership and never had to pay anything back
It’s such bullshit. Someone on here linked a site that you could look up who received PPP loans and who had the debt absolved. So many small businesses tyrants in my area got like almost a million.
Meanwhile I will have to start paying student loans again in a few months. Trying to get ready but I can't believe that Biden turned that switch. Total dogshit.
Trying to get ready but I can't believe that Biden turned that switch. Total dogshit.
It's actually worse than that. His administration increased future student loan interest rates.
I can't keep track of all the euphemisms capitalism creates to avoid saying the truth
This is what all recessions are like lmao, I don't think upper income consumers were particularly affected during dot com or 08 either. In the case of 08 probably good cause they had enough savings to buy the dip on housing
totally. I worked for this 1% idle rich psycho at the time, and the impact he had from '08 meant that his accountant recommended a minor decrease in his monthly trust fund draw for a quarter, so when his wife blew $40,000 in a weekend at some 5 star hotel / shopping spree, he was grumpy for a week, especially on payday.
Women be shopping
We've hit the official recession stats several times but the high priests of capital didn't like it so they just said, "nuh-uh".
Holy fuck.. what will the economic shamans think up next?
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.
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
The entire economy has been hollowed out for decades with various financial shenanigans. We are Wiley Coyote but we haven't looked down yet
Yes. There isn’t another analogy that fits as well as this, imo.
Don't do shamans like this they're legitimate religious figures (unironically though only from the region where there are actually shamans in siberia it's not a universal concept)
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translation: FOOD AND RENT PRICES BE GOIN CRAZY AND THE GOVERNMENT DON'T GIVE A SHIT
bidenomics is working
I was promised bugs to eat and a pod to live in, yet I have neither. This sucks. Promises not kept!
They'll offer a means-tested discount for a certain selection of bugs and pods, subject to clawbacks if the recipient is receiving other benefits or has savings more than $500.
That’s my American Rescue Plan, mack, I did that
wanna know what else is in a selective recession deez nutz
jpmorgan more like jay pee garglin
J PeePee PooPoo-rgan
K-shaped recovery
WHY ARE YOU DELIBERATELY KEEPING RATES HIGH IF THAT IS MAKING PEOPLE AFRAID OF A RECESSION?!
"Selective recession" is a new one. Anyway, what sauce do you think goes well with roast PMC bootlicker?
huh
Concerning.
aka literally just everyday capitalism
That's just late stage capitalism. We aren't in a recession yet, that'll come when Tesla or Boeing collapse and then take out the AI tech bubble.
I do expect that the AI bubble bursting could be a catalyst for a serious market crash. Tech companies are basically carrying the whole market, and a lot of investor confidence comes from AI wet dreams. This tech has been hyped to the moon at this point, and while there are useful things language models can do, they're far more limited than lay people realize. Once they start trying to replace workers with them, it's going to be a similar shit show to the whole outsourcing craze in early 2000s. In fact, there are a lot of parallels here as there was a big Y2K crash, and then a ton of excitement with shipping tech jobs to places like India. It went on for a few years, and then it became clear that it wasn't a workable model.
It's not just the US. It's everywhere. Riches always were disconnected. Politics are disconnected. Economy is disconnected.
All of this is just a Religion was with the Market™ as God. It's time for atheism.
"The utility monster is feeling great, average happiness is at an all-time high, but if you talk to anyone on the street, they seem so glum!"
"You don't have to outrun the bear you just have to not be the slowest person" but that's the new deffinition of middle class in this country.
High inflation and high unemployment welcome to the cool zone my friends
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