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.
Listen Jack, if your household doesn't earn $200k you deserve to be poor
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.
To be fair, this is not a recession yet.
When consumption has dropped to a point when mass layoffs start happening, which spirals into even less consumption and even more workers getting laid off, that’s a recession - a downward spiral that becomes exponentially difficult to get out of.
And when that happens in the US, it will send shockwaves across the world, just like the diminished consumption in the US post-2009 crash led to millions of unemployment across the world.
But for now, America is still importing consumer goods like crazy post-pandemic and keeping the manufacturing capacity of the world exporters occupied.
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!
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.
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".
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
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)
I know, I actually thought about that after the fact, but I couldn't think of something else that fits and is understandable
translation: FOOD AND RENT PRICES BE GOIN CRAZY AND THE GOVERNMENT DON'T GIVE A SHIT
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
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?
