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.

  • came_apart_at_Kmart [he/him, comrade/them]
    ·
    6 months ago

    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.