The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says
www.businessinsider.com
Lower-income Americans are can't keep up with the rising cost of living and have blown through their savings, a JPMorgan analyst said.

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.

  • 201dberg@lemmygrad.ml
    ·
    6 months ago

    "Selective recession" is a neat way to frame a "passive genocide" against the lower class. Liberals just locking their doors and hoarding their canned goods. Hoping they stay afloat long enough for enough poors to die off so the job market will improve.