The economy are not the top 10% or the artificial fantasy value of stocks – its the people and especially the Middle Class. And apart from the top 10% everyone is doing much worse.
In fact, 96% of Americans are concerned about the current state of the economy and more than a quarter are doom spending to deal with the stress. The fully packed restaurants are packed because people said "fuck it" Im gonna enjoy life even if I have almost no money.
At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. Meanwhile, the average credit card interest rate was 21.5% in May, six percentage points higher than the rates before the pandemic, according to Fed data.
https://edition.cnn.com/2024/09/24/business/trump-credit-card-cap/index.html
Number of Young Adults Living at Home Reaches Great Depression Levels
https://themortgagepoint.com/2024/09/10/young-adults-living-at-home-reaches-great-depression-levels/
U.S. Suicide Rates Reached an All-Time High in 2022
https://time.com/6340732/u-s-suicide-rates-2022/
Homes "unaffordable" in 99% of nation for average American
https://www.cbsnews.com/news/homes-for-sale-affordable-housing-prices/
US debt doubled from 17.75 Trillion in August 2014 to 35.25 Trillion in August 2024.
https://www.statista.com/statistics/273294/public-debt-of-the-united-states-by-month/
Sahm rule and many other indicators flashing red that a recession has already started or is imminent
https://en.wikipedia.org/wiki/Sahm_rule
So young people cannot afford to move out or buy a house or start a family – its worse than during the great depression.
Suicides and depression and doom spending are at an all time high because people are desperate because the economy is so horribly bad.
Americans just surviving through credit card abuse.
Savings are at an all time low. Most homeless ever.
Inflation between 2021-2023 was rampant.
The US debt DOUBLED in just a decade.
Never mind the unfunded liabilities (another 50-100 Trillion) – never mind student loans or car loans. Never mind that most Americans dont even have 600 Dollars in case of an emergency. For everyone apart from the top 10% its hell – hell on the level of the Great Depression.
But then we are gaslit by fanatics that point to official government data (CPI is a manipulated joke – if we use the original formula from the 80s inflation stood at 20% in 2022 alone) and claim that the economy is "strong and great" and that people are just too stupid to realize that they are richer than ever before.
Despite most Americans having far less left in their wallet at the end of the month than 5 years ago – despite downsizing. Economic data Trumps manipulated feelings and fake data. The truth is this is a horrible economy – the worst it has been in decades. Everone claiming otherwise is either part of the 10% – insanely lucky – or delusional
The economy is only good and strong for the top 10%. For the remaining 90% its the worst economy in decades.
byu/Tiredworker27 ineconomy
by Tiredworker27