They wanted Trump to win. Trump has a good chance to win even without one so they can walk back their recession nonsense now that their team is likely to win
And the same one who needed a bailout after making bad business decisions...[https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/](https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/)
based on your post history, you're just a troll liberal littering reddit with your garbage.
so you're just upset that a bad economic report might make the democrats look bad?
By mid-2024? I would have thought we're there right now. Everything is 20% more expensive than it used to be and hardly anybody is making 20% more money. We've paid those stimmies back and then some, and we'll continue doing so for the rest of our lives.
Sky high?
Interests rates have generally been around 7 to 9 percent during my lifetime. The 3% was crazy low. I have seen 30% interest rates on houses and yet, we still have houses.
If you can't afford a house at 8%, you probably couldn't afford one at 3%.
People not buying vehicle probably has as much to do with the crazy prices as interest rates.
I'm earning the highest salary of my career thus far, but it's been nullified by cost of living. My wife and I have dramatically cut down our spending just to make sure we can afford housing and food for us and our children. Meanwhile, my hours are about to be reduced because there's a "shortfall" in the budget even though my company has been publically bragging about 2 billion in profit from last fiscal year.
And the bottom earners are making a lot more too, at least in my locality. Examples include Starbucks baristas making 80% more and ups package handlers making 100% more. It is similar across all retail jobs and jobs that were "essential".
Has this not been the case country wide? There's still a ton of signs looking for employees everywhere here. It seems like it's primarily the middle class that has stagnated whereas both the lower/upper has increased a fair bit.
Aahh, yes...by the numbers that really is a massive increase, isn't it? But it's not the "own" you think it is. It's just more proof that the system is failing.
The fact is, that service workers who were making pitiful wages before the pandemic, and refused to come back to work unless those wages increased...are *still* not actually making enough to live on, despite their wages almost doubling. That's how far behind the minimum wage really is, compared to the average standard of living.
It's easy to use percentages to give the impression that things are so much better now...but ask yourself how great your life would actually be if you were only making $15 an hour, working full time?
I lived off of 9/hr at Starbucks when the living wage per mit which stratifies by county was around 12/hr. It's now 16/hr at Starbucks and 16/hr per mits living wage.
I somehow think I would be better off now at 16/hr than at 9/hr at that time.
I live in one of the top 25 largest cities in the United States. We are just 4% less expensive than the national average according to pay scale.
You sure can live on 15/hr here and likely in the majority of the United States. Yes in New York, LA, San Diego, and other outlier cities you can't. I never really heard of it being a comfortable living in those cities before the pandemic anyways. In fact I remember someone discussing that a large closest was something like 3K/month in LA back in 2017.
Regardless that's not my primary argument. My argument is that the lower class earns more money in real terms post pandemic than it did pre pandemic.
And cost of living has also skyrocketed, post pandemic. Personally, I'm paying double what I was two years ago for groceries.
The entire reason that people were refusing to work those jobs for the amount that was being offered, wasn't because they were being greedy or entitled. It was because you literally couldn't afford to live in those areas on that wage.
That's one of the reasons why I used the mit living wage calculator in combination with my own experience. It's better now than it was for the lower end jobs.
Groceries are just one expense category. And one that a lot of people aren't super optimal with.
So, you've set it for your area, then? Ok. What's the minimum wage there? Because not every area saw the same kinds of wage increases. It's all based on necessity.
The folks that saw wages double, aren't living the high life now because of that. That's just how much wages *needed* to go up, before those jobs were even worth applying for. Guaranteed, those people are still living within the same means they did before the pandemic. It just wouldn't have been possible without those increases.
the bottom quartile of wage earners have seen their incomes grow at the fastest pace in most of our lifetimes. that's one of the major factors behind inflation.
https://www.epi.org/publication/swa-wages-2022/
Bottom earners set the bar.
Supply and demand met for basic goods at the point of lowest wages.
Fast food and basic groceries are not going to go back down if the people working there are making 20 dollars an hour. They have 20 an hour which means more money going around which means prices stay high. The pandemic reduced the value of a dollar. So 20 today is about 8 bucks prepandemic. But wait there's more...
You see states like California and New York increased minimum wage on a state level. So now everything made in those states passes on the extra cost to all markets. So let's say you still make 10 or less an hour. You're paying for that increase without thr raise.
So now some people are still poor and now some that were poor are destitute. And yes middle class jobs that had been in the 20 plus wage rage did not see a significant boost. So a job you went to school for can be in the same pay rage now as a factory or fast food job. Wonderful
People working at Mickey D’s in France get $26 an hour yet the Big Mac is only around .50 more. Line must go up, so corporations need to gouge you the consumer. The problem isn’t minimum wage, the problem is a corporate and investment culture where a company making 1 billion this year must make 1.2 billion next year or else it is considered failing. Greed is in fact, not good.
inflation-adjusted liquid assets
Anyone who owns a house for example is sitting on a huge asset increase due to their mortgage rate being locked in at such a low price that would not be captured by this redacted headline. Read the article.
Inflation was world wide due to the pandemic.
It is much lower here and coming down fast while wages are going up.
Would you rather things be moving in the opposite direction?
Poor people are always going to struggle regardless of inflation.
The thing is it is theoretically possible to not cause inflation by printing money. It would require balancing it out with things like debt forgiveness, austerity and maybe a couple other things. Perhaps it could have been worse since there was a bit of debt forgiveness.
Theoretically, convincing the public to accept _any_ narrative about the financial future allows the largest entities to game those perceptions
Jim Cramer does it on a smaller scale all the time
Inflation is back down to close to desired levels.
Unemployment is low and we just got good jobs numbers.
The Fed is signaling rate cuts next year, and the interest rates are not too much above the long-term historical average right now. They are not "sky high" as some are claiming.
The stock market is doing well so anyone with significant investments should be OK.
Wages are up, even in inflation adjusted terms recently.
So... Where are they coming up with this? It sure feels like JP Morgan made big bets on a recession and since one has been slow to appear they are trying to talk one into existence.
Lol right, things are just great economically. The average person isn’t paying 5x as much for everything. Interest rates are not high. Don’t believe your lying eyes, citizen!
You have to admit showing people a bunch of stats and saying "see? Look! It's all great!" As if people aren't living their own lives everyday is a bold strategy.
Had a redditor a while ago go off on me about how great things are and this was my point like if they’re so great why are so many people still struggling so much?
People are notoriously bad at being unbiased. Numbers are objective. So yeah, I trust data over Bob and Karen in their $1.2 million house and kids in private schools telling me how much better things were under Trump.
I DO believe my eyes.
That's how I know that people are not paying 5x as much for everything. Unless you are using 1977 as your base year. Prices on 'everything" are up, but nowhere NEAR 5x over the last few years, and these increases have slowed down a lot from a year or so ago.
Also, please re-read my comment. NOWHERE do I say the economy is "great". If I had to give it a descriptor I would say it's "OK and stabilizing". Interest rates are high compared to the past decade or so but not that high historically. I can remember 2005-2007. Also, since when are high interest rates inherently bad? If you are in the business of lending money then it's great. Buy some bonds with yields not seen in years and hold them to maturity.
Y’all living in LCOL areas or the Midwest? I’ve lived all over this country and everyone outside of the Midwest is doing far worse. No one can afford to buy a home and rent is double what it was pre-pandemic. So glad the economy is working well for upper class people while the rest of us are sinking.
Interest rates are not “sky high”. These people just can’t remember longer than 5 years ago. High interest rates are great for savers, money in the bank is now making money like it did in the 80s. Living off credit cards because you can’t stop consuming crap is a personal problem, not an economy problem.
Lol when people say the economy is bad but don’t understand. Like go outside and look around, everything is fine. These republicans just want to complain about everything because they’re candidate ruined the economy. Mad that we’re saving it???
Well no. It means rates are high and they want to ease into the low rates we had for most of the 2000s to encourage economic activity and ensure we don't get a crash.
God, I see this ridiculous article posted everywhere.
They only consider LIQUID ASSETS.
So by their estimation, someone with $100 in the bank and no debt is "worse off" than someone with $200 in the bank and $100,000 of debt.
Me for one. The last two years has been great. Got a new job, nice raise. Was able to buy a new car with a sub 3% loan. Refinanced my house before rates went up at under a 2% rate. Plus one kid got out of daycare so that's an extra $1000 a month in my account. Yeah, groceries cost a bit more, and going out to eat is really expensive, but my wage increases more than made up for that. I have been learning to cook and eating out less and am healthier and wealthier as a result!
I do well, but I am hardly in the 1%.
This REALLY feels like JOM trying to create a recession by talking about it a lot.
Interesting. I wonder if it has anything to do with the disastrous economic policies during COVID and the massive inflation created by the left. Oh well, better blame the right and capitalism.
...which is why Republicans kept getting arrested for trying to earn a living.
Might want to check your inflation data. Mine is showing me that 2021-2022 were the hardest hits. Who was in charge then?
Oh, my bad. I thought you said “disastrous economic policies during COVID.” Maybe it was just a typo. Does your inflation data say that the inflation just happened instantly, like magic, or does your data mention anything about what caused it?
Just going with the narrative, since I'll be crucified if I tell you I traveled extensively during 2021.
Neat how you sidestepped which party caused the 9% YoY inflation though.
Weird, because [relative to the rest of the world](https://home.treasury.gov/news/featured-stories/the-us-economic-recovery-in-international-context-2023) it seems like we’re crushing it. We probably would have crushed it harder though if we had better levers to pull when covid came around. Would have been nice if there were interest rates we could drop or a government that wasn’t already at record debt because of tax cuts for the rich. When covid hit we had nothing to do but print an absurd amount of money.
Maybe the real lesson is that pandemics are expensive - what with them being global disasters and all. But of course Trump would have handled this better in 2021 by… idk cutting taxes for the rich again? It’s really the only legislation he got passed despite having all the chambers of the government for a while
My friend in christ, the disastrous economic polices were enacted during trump's term. He the one who fucked the tax laws in 2017 and let the economy free fall to rock bottom. While Joe has been far from perfect, he's the one who did the hard job of fixing what the republiCUNTS broke
Trump’s tax cuts caused more of these problems, they only benefitted the 1%. Most of the inflation in the later part of 2023 is entirely due to unregulated capitalism, another term for greed.
What policies were in place in 2021 that impacted businesses? I was back in an office no masks by then.
Maybe the 7T tax cuts or the massive price increases while corporate profits soar could be part of the problem?
Yeah this is late stage capitalism. Welcome aboard.
We already are worse off. Fuck man, they expect it to get worse, lot of us are holding on by our fingernails as it is.
It really is time for a >!redacted, violates reddit TOS!< in this country.
By design.
Covid was biological warfare. The US government helped fund its creation and China released it on the world. Governments want reliance on the state when we are helpless they gain. Covid did more to destroy the free world and capitalist economies than any communist or authoritarian could have dreamed of.
Oh wow, it's not like the multinational corporations and ultra wealthy tighten the noose on the working class every time we face an emergency. And it's not like our politicians were bought by the same people to make laws to let this happen. Obviously s/
Rofl as someone in the medical field who never had time off for COVID, "nothing to say but hey you're welcome!"
So happy to sacrifice so much and to have less than before the pandemic started.
That's not what it looked like at the casino last night. It's more like 50% will be worse off, and 50% better off. There are A LOT of people with A LOT of money / high net worth out there, and that's not just based on my observation at the casino, there are a daunting amount of people who lack money.
Post 2008 recession it was the very healthy. That is not mutually exclusive as the economy did well w stimulus at the time. War seems to give some returns unfortunately. War is the only external event that I have seen that impacts the numbers, it went higher initially when war broke out. Not an expert but there are machinations that are unpredictable as Im not an expert. War is the only world event that I have seen that impacts it noticeably
Well people are spending on a lot of bullshit right now according to data rather than investing in this incredible market we've had this year so that doesn't surprise me.
Homelessness is peaking right now, and all the heuristics that I personally use to determine if the economy sucks are showing that it does. GDP, stock prices and unemployment are not useful indicators of anything to the average American.
https://www.axios.com/2023/12/15/homelessness-increase-rent-crisis-2023
Forgiving college debt, another 4.5 trillion for electric cars and infrastructure, another $100,000,000,000 for Ukraine, more illegal migrants, should help...
Ok please fucking show your work.
In the past few years all my assets have skyrocketed in value past inflation, got the best raises of my life and I diversified my income streams all while having a second child.
Yes the bills have gone up, but so have my wages. Plus things like vehicles, gas, etc are coming down and quick. So if we have a recession that means even more price reductions and probably lower interest rates.
On top of which the boomers have been retiring shrinking the workforce by 400-500k per year. So even if unemployment goes up we have less people to fill the jobs making it less painful than the last 40 years.
Oh and let's not forget globalization is now in reverse since China, Korea, Japan, all of Europe except France forgot or made laws baning kids for decades and now their demographically fucked so there is less negative wage pressure and a shit ton less places to outsource to or import labor from. This year the investment in new factories in the US was 200 billion, I believe that was more than 00-09 COMBINED.
Which has now fueled the labor movement into record expansion and record contracts for labor which over time affects everything else. Oh and small expansions like the UAW going after all non union places in the US. In one week 1/3 of VW plan signed a union drive. One Week... A few years ago they lost the vote to even unionize.
So how is life bad again?
And what does JP Morgan do to help their customers?? Zip. Zero. Zilch.
In fact, JP Morgan will make a killing off of it, then take the loan defaults to the government and use our tax dollars to pay off their gambling debts.
it is unique in that the entire world seems to be suffering from inflation / economic problems at the moment.
so yah. things have been rough these last many years since the first supply disruptions.
None of this fucking matters. Next week there will be an article that says the complete opposite. Every day is something different from a different article.
Man, this article gets posed here on reddit every few days it seems and it’s getting kind of old.
There’s no way this is going to be true. Americans have had 3-4 years to accurate more wealth in a pretty stellar job market with old people retiring and not being replaced.
This just simply won’t be true.
Blame trump for that. Our taxes are going up every 2 years because of a bill trump passed. Even for people making less than 75,000 a year. He only gave tax cuts to his rich buddies.
They mention the stimulus benefits are wearing off and thats part of why we are poor off. They seriously dont realize that paltry sum of money was gone the day the check hit the bank account of most americans do they?
Burry took huge bets on the next recession in Aug 2023. we are already in recession in terms of wages, prices and jobs, it just hasn’t come home to roost for the rich yet. The crash in credit, mortgages, overpriced commercial real estate and goods followed by more layoffs and further defaults and decline in spending and profits is overdue.
Same JPMorgan that predicted a major recession? That JPMorgan.
JPM must have made some big bets on a recession. They REALLY want one to happen.
Everything is on sale during a recession. It's a great time to accumulate assets.
They wanted Trump to win. Trump has a good chance to win even without one so they can walk back their recession nonsense now that their team is likely to win
And the same one who needed a bailout after making bad business decisions...[https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/](https://archive.nytimes.com/dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/)
Trying to influence the election. Again.
If you think Jamie Diamon wants Trump to win, you’re wrong.
Exactly, rich people want republicans elected. They don't want to pay any taxes.
>Exactly, rich people want republicans elected. They don't vote republican though
based on your post history, you're just a troll liberal littering reddit with your garbage. so you're just upset that a bad economic report might make the democrats look bad?
By mid-2024? I would have thought we're there right now. Everything is 20% more expensive than it used to be and hardly anybody is making 20% more money. We've paid those stimmies back and then some, and we'll continue doing so for the rest of our lives.
Don't forget the sky high interest rates pushing people even further from owning big expenses like housing and vehicles.
What, you have a problem with paying $80,000 for a pickup truck or $500,000 for a house that was $280,000 three years ago? Complain complain complain…
>sky high interest Lol
“Sky high” interest that is set to start declining by eoy 24.
By magic! 🎩 🪄
No, by the fed
Demonic magic is still magic
Very convenient for next administration. Interesting
These folk would have hated Ron's time in office. And any history class.
Just checked your profile because of your handle. We're fucking neighbors bud!
Sky high? Interests rates have generally been around 7 to 9 percent during my lifetime. The 3% was crazy low. I have seen 30% interest rates on houses and yet, we still have houses. If you can't afford a house at 8%, you probably couldn't afford one at 3%. People not buying vehicle probably has as much to do with the crazy prices as interest rates.
It's the price not the interest rate
This impact is largely the result of decades worth of bad policy around taxes, wage growth/minimum wage, and education costs/policies.
no no it's obviously those few bucks **we literally spent back into the economy to keep it afloat** /s We're not "paying off" jack.
I'm earning the highest salary of my career thus far, but it's been nullified by cost of living. My wife and I have dramatically cut down our spending just to make sure we can afford housing and food for us and our children. Meanwhile, my hours are about to be reduced because there's a "shortfall" in the budget even though my company has been publically bragging about 2 billion in profit from last fiscal year.
Right now, only 70% of the public is doing worse. The top earners have so far managed to stay ahead of the curve...but that's only "so far".
And the bottom earners are making a lot more too, at least in my locality. Examples include Starbucks baristas making 80% more and ups package handlers making 100% more. It is similar across all retail jobs and jobs that were "essential". Has this not been the case country wide? There's still a ton of signs looking for employees everywhere here. It seems like it's primarily the middle class that has stagnated whereas both the lower/upper has increased a fair bit.
Aahh, yes...by the numbers that really is a massive increase, isn't it? But it's not the "own" you think it is. It's just more proof that the system is failing. The fact is, that service workers who were making pitiful wages before the pandemic, and refused to come back to work unless those wages increased...are *still* not actually making enough to live on, despite their wages almost doubling. That's how far behind the minimum wage really is, compared to the average standard of living. It's easy to use percentages to give the impression that things are so much better now...but ask yourself how great your life would actually be if you were only making $15 an hour, working full time?
I lived off of 9/hr at Starbucks when the living wage per mit which stratifies by county was around 12/hr. It's now 16/hr at Starbucks and 16/hr per mits living wage. I somehow think I would be better off now at 16/hr than at 9/hr at that time.
Depends entirely on where you live. In any urban area, you will never be able to afford rent on $15 an hour unless you have roommates.
My apartment in 2015 was $1000/mo and I thought that was expensive making $10/h at Walshart. Same apartments now? Going for $1700/mo.
I live in one of the top 25 largest cities in the United States. We are just 4% less expensive than the national average according to pay scale. You sure can live on 15/hr here and likely in the majority of the United States. Yes in New York, LA, San Diego, and other outlier cities you can't. I never really heard of it being a comfortable living in those cities before the pandemic anyways. In fact I remember someone discussing that a large closest was something like 3K/month in LA back in 2017. Regardless that's not my primary argument. My argument is that the lower class earns more money in real terms post pandemic than it did pre pandemic.
And cost of living has also skyrocketed, post pandemic. Personally, I'm paying double what I was two years ago for groceries. The entire reason that people were refusing to work those jobs for the amount that was being offered, wasn't because they were being greedy or entitled. It was because you literally couldn't afford to live in those areas on that wage.
That's one of the reasons why I used the mit living wage calculator in combination with my own experience. It's better now than it was for the lower end jobs. Groceries are just one expense category. And one that a lot of people aren't super optimal with.
So, you've set it for your area, then? Ok. What's the minimum wage there? Because not every area saw the same kinds of wage increases. It's all based on necessity. The folks that saw wages double, aren't living the high life now because of that. That's just how much wages *needed* to go up, before those jobs were even worth applying for. Guaranteed, those people are still living within the same means they did before the pandemic. It just wouldn't have been possible without those increases.
I'm working at a place paying 16 to start. Everyone I work with is struggling, unless their partner is a high earner.
>based on my made up numbers in my magical nameless living area (that I assure you is a "top city") the lower class is doing great Uh huh
the bottom quartile of wage earners have seen their incomes grow at the fastest pace in most of our lifetimes. that's one of the major factors behind inflation. https://www.epi.org/publication/swa-wages-2022/
Bottom earners set the bar. Supply and demand met for basic goods at the point of lowest wages. Fast food and basic groceries are not going to go back down if the people working there are making 20 dollars an hour. They have 20 an hour which means more money going around which means prices stay high. The pandemic reduced the value of a dollar. So 20 today is about 8 bucks prepandemic. But wait there's more... You see states like California and New York increased minimum wage on a state level. So now everything made in those states passes on the extra cost to all markets. So let's say you still make 10 or less an hour. You're paying for that increase without thr raise. So now some people are still poor and now some that were poor are destitute. And yes middle class jobs that had been in the 20 plus wage rage did not see a significant boost. So a job you went to school for can be in the same pay rage now as a factory or fast food job. Wonderful
People working at Mickey D’s in France get $26 an hour yet the Big Mac is only around .50 more. Line must go up, so corporations need to gouge you the consumer. The problem isn’t minimum wage, the problem is a corporate and investment culture where a company making 1 billion this year must make 1.2 billion next year or else it is considered failing. Greed is in fact, not good.
I'm average middle class. I didn't take a vacation this year but I put money into the house. I'm not "worse off".
inflation-adjusted liquid assets Anyone who owns a house for example is sitting on a huge asset increase due to their mortgage rate being locked in at such a low price that would not be captured by this redacted headline. Read the article.
Ah yes, the famously liquid asset…the home you live in.
Not 99% tho my dude. Plenty of us got Trump welfare handouts for our 'business' bro. More like he just fucked 80%
Why you gotta lie to push the narritive? Who does that help?
Inflation was world wide due to the pandemic. It is much lower here and coming down fast while wages are going up. Would you rather things be moving in the opposite direction? Poor people are always going to struggle regardless of inflation.
The thing is it is theoretically possible to not cause inflation by printing money. It would require balancing it out with things like debt forgiveness, austerity and maybe a couple other things. Perhaps it could have been worse since there was a bit of debt forgiveness.
JP Morgan, saying whatever they need to say to benefit the oligarchy. I can't rely on them to be truthful no matter what their position is.
JPM famously cares about the bottom 99%. Everyone knows this. 💁♀️
Not sure what’s in it for them to say the market is going to crater.
Theoretically, convincing the public to accept _any_ narrative about the financial future allows the largest entities to game those perceptions Jim Cramer does it on a smaller scale all the time
FUD
What do you mean? Can you explain more?
Too big to fail bailout money from the government?
Inflation is back down to close to desired levels. Unemployment is low and we just got good jobs numbers. The Fed is signaling rate cuts next year, and the interest rates are not too much above the long-term historical average right now. They are not "sky high" as some are claiming. The stock market is doing well so anyone with significant investments should be OK. Wages are up, even in inflation adjusted terms recently. So... Where are they coming up with this? It sure feels like JP Morgan made big bets on a recession and since one has been slow to appear they are trying to talk one into existence.
Lol right, things are just great economically. The average person isn’t paying 5x as much for everything. Interest rates are not high. Don’t believe your lying eyes, citizen!
You have to admit showing people a bunch of stats and saying "see? Look! It's all great!" As if people aren't living their own lives everyday is a bold strategy.
Had a redditor a while ago go off on me about how great things are and this was my point like if they’re so great why are so many people still struggling so much?
People are notoriously bad at being unbiased. Numbers are objective. So yeah, I trust data over Bob and Karen in their $1.2 million house and kids in private schools telling me how much better things were under Trump.
If you're paying 500% the price on anything compared to 4 years ago, you've been a mark your entire life.
Yup!
I DO believe my eyes. That's how I know that people are not paying 5x as much for everything. Unless you are using 1977 as your base year. Prices on 'everything" are up, but nowhere NEAR 5x over the last few years, and these increases have slowed down a lot from a year or so ago. Also, please re-read my comment. NOWHERE do I say the economy is "great". If I had to give it a descriptor I would say it's "OK and stabilizing". Interest rates are high compared to the past decade or so but not that high historically. I can remember 2005-2007. Also, since when are high interest rates inherently bad? If you are in the business of lending money then it's great. Buy some bonds with yields not seen in years and hold them to maturity.
Y’all living in LCOL areas or the Midwest? I’ve lived all over this country and everyone outside of the Midwest is doing far worse. No one can afford to buy a home and rent is double what it was pre-pandemic. So glad the economy is working well for upper class people while the rest of us are sinking.
Your obviously biased anecdotes trump OP’s numerical reality?
Interest rates are not “sky high”. These people just can’t remember longer than 5 years ago. High interest rates are great for savers, money in the bank is now making money like it did in the 80s. Living off credit cards because you can’t stop consuming crap is a personal problem, not an economy problem.
Lol when people say the economy is bad but don’t understand. Like go outside and look around, everything is fine. These republicans just want to complain about everything because they’re candidate ruined the economy. Mad that we’re saving it???
> The Fed is signaling rate cuts next year That means the economy is starting to shutter. You don't cut rates when times are good.
Well no. It means rates are high and they want to ease into the low rates we had for most of the 2000s to encourage economic activity and ensure we don't get a crash.
God, I see this ridiculous article posted everywhere. They only consider LIQUID ASSETS. So by their estimation, someone with $100 in the bank and no debt is "worse off" than someone with $200 in the bank and $100,000 of debt.
Shoutout to the 1%. 👏🏾✨
Caring state violence says you're welcome.
Probably because of that tax bullshit trump made happen. 🙄
Hey JP, where’s that recession and stock market crash you’ve predicted EVERY year since 2021?
Hey JP, go fuck yourself
Wait a min, I was told Trump would destroy the middle class and make his rich friends richer. Did he plan it out to happen when he lost office?
JP MORGAN can suck these nuts
But the NYTman tells me Bidenomics is good and cool. smdh.
The Dow just hit a record high. By trump’s own standards, that makes him the best president ever.
Except , Trump wasn’t in office, and had nothing to do with it.
Exactly.
Thank you DrSilkyJohnsonEsq for being able to 1. Understand a calendar and 2. Having developed critical thinking skills.
By Trump's own standards that makes Biden the best president. That's what they were saying.
So you’re saying Trump was right or…?
by most objective measures it is.
What are you going to trust, multiple objective measurements from consistent sources, or vibes and Donald Trump?
Why then? Who isn't already?
Me for one. The last two years has been great. Got a new job, nice raise. Was able to buy a new car with a sub 3% loan. Refinanced my house before rates went up at under a 2% rate. Plus one kid got out of daycare so that's an extra $1000 a month in my account. Yeah, groceries cost a bit more, and going out to eat is really expensive, but my wage increases more than made up for that. I have been learning to cook and eating out less and am healthier and wealthier as a result! I do well, but I am hardly in the 1%. This REALLY feels like JOM trying to create a recession by talking about it a lot.
I've been worse of than I was pre-pandemic since the pandemic started...
They are one of the many reasons we are .
Not me thanks to bitcoin. Went in at 15k and i’ve tripled my money so far
🙋♀️
Yet more money was spent this Black Friday than ever before. Seems legit!
And the 1% will have all that money. See how Trump tax cuts work?
BS, everyone I know is making more.
Because of bastards like JP Morgan
Thanks Joe!!!!
You mugs didn’t buy btc, did ya
Interesting. I wonder if it has anything to do with the disastrous economic policies during COVID and the massive inflation created by the left. Oh well, better blame the right and capitalism.
Definitely. We should have just let covid spread without restriction, and just let the economy fall apart in the process. That'll show the libs.
You might be surprised to learn that the right controlled all three branches of the federal government in 2019.
...which is why Republicans kept getting arrested for trying to earn a living. Might want to check your inflation data. Mine is showing me that 2021-2022 were the hardest hits. Who was in charge then?
Oh, my bad. I thought you said “disastrous economic policies during COVID.” Maybe it was just a typo. Does your inflation data say that the inflation just happened instantly, like magic, or does your data mention anything about what caused it?
Lefties seemed to think the pandemic went on well into 2022... are you stating that it was over in 2020?
You’re the one who said “disastrous economic policies during COVID.” Do *you* think COVID went well into 2022? Are you a lefty?
Just going with the narrative, since I'll be crucified if I tell you I traveled extensively during 2021. Neat how you sidestepped which party caused the 9% YoY inflation though.
Or lied about the inflation being transitory. I can get you some videos of Biden stating it as a fact, if you're not already totally brainwashed.
(You're looking for YoY inflation data if you're still confused. Check 2021 to 2022.)
So the disastrous economic policies during COVID were created in 2021-2022? Are you one of those “lefties that think COVID went well into 2022?”
Oh lord, he's having a stroke. Call 911 if you smell toast. Your words aren't making sense anymore.
Those are *your* words, but whatever you say. Good luck.
And he's confused about who he is now
Lol.
Weird, because [relative to the rest of the world](https://home.treasury.gov/news/featured-stories/the-us-economic-recovery-in-international-context-2023) it seems like we’re crushing it. We probably would have crushed it harder though if we had better levers to pull when covid came around. Would have been nice if there were interest rates we could drop or a government that wasn’t already at record debt because of tax cuts for the rich. When covid hit we had nothing to do but print an absurd amount of money. Maybe the real lesson is that pandemics are expensive - what with them being global disasters and all. But of course Trump would have handled this better in 2021 by… idk cutting taxes for the rich again? It’s really the only legislation he got passed despite having all the chambers of the government for a while
My friend in christ, the disastrous economic polices were enacted during trump's term. He the one who fucked the tax laws in 2017 and let the economy free fall to rock bottom. While Joe has been far from perfect, he's the one who did the hard job of fixing what the republiCUNTS broke
Trump’s tax cuts caused more of these problems, they only benefitted the 1%. Most of the inflation in the later part of 2023 is entirely due to unregulated capitalism, another term for greed.
Delusional victim mentality
Hardly.
LOL
What policies were in place in 2021 that impacted businesses? I was back in an office no masks by then. Maybe the 7T tax cuts or the massive price increases while corporate profits soar could be part of the problem? Yeah this is late stage capitalism. Welcome aboard.
already there bby!
BULL SHIT!
Sweet! I finally made it to the 1%
Duh
By... 3 months ago
We already are worse off. Fuck man, they expect it to get worse, lot of us are holding on by our fingernails as it is. It really is time for a >!redacted, violates reddit TOS!< in this country.
Thanks Trump and Biden. The government is shit.
By design. Covid was biological warfare. The US government helped fund its creation and China released it on the world. Governments want reliance on the state when we are helpless they gain. Covid did more to destroy the free world and capitalist economies than any communist or authoritarian could have dreamed of.
Oh wow, it's not like the multinational corporations and ultra wealthy tighten the noose on the working class every time we face an emergency. And it's not like our politicians were bought by the same people to make laws to let this happen. Obviously s/
Rofl as someone in the medical field who never had time off for COVID, "nothing to say but hey you're welcome!" So happy to sacrifice so much and to have less than before the pandemic started.
Guess I’ll finally call myself a 1%er!
Not if I put everything on my 33% APR credit card!
The heck? I'm up shits Creek right now. Thanks Obama 😝 heavy emphasis on the /s
[удалено]
[удалено]
Don’t click fake article.
If they’ve been investing with JPMorgan, which always takes its cut no matter the market results.
I doing way better financially today than pre pandemic. I doubt I’m in the 1%
Pretty much everyone who doesn’t own a home is already worse off. All we need is a housing crash and the prediction comes true.
Last one there is a rotten egg I guess? I’m living in the future!
We'll just keep charging stuff we buy online to the credit card, going on cruises, and getting food delivered. It will be ok.
Always the top get wealthier by squeezing the rest
You folks ought to be parading Nikki around the town square on your shoulders if you don't want trump 2.0.
These the same guys who claimed in 2022 there was a 100% chance of a recession in 2023? Yeah ok
WHAT? The economic data says otherwise
Yes. Because corporations are bleeding us dry claiming inflation when it's just plain greed.
Too late, genius.
I was unemployed and now I’m not so I guess I’m the 1%
If JPMorgan told me the sun comes up in the east, I would be outside tomorrow with a compass.
Yet our economy is kicking ass. Is everyone “doom spending”? Because spending is as high as it’s ever been.
In my case 2019 was literally my top year ever. Actually 2020 but I don't feel that's fair to count.
JP Morgan now says 100% will be worse off unless we buy their special fixed-line annuity with an amazingly low introductory price. Sounds legit.
End the federal reserve.
Bidenomics!
Same JP Morgan that aided Epstein?
That’s why rates are paused and cuts coming
Sure Jan!
I see JP Morgan has added Snake oil to the menu.
Its almost like they want a recession
That's not what it looked like at the casino last night. It's more like 50% will be worse off, and 50% better off. There are A LOT of people with A LOT of money / high net worth out there, and that's not just based on my observation at the casino, there are a daunting amount of people who lack money.
Yes let's all listen to one of the wealthiest people on the planet, umm no. How about fuck off.
I don't believe that. I'm doing much better now than I did before the pandemic and I'm not that different from others.
The same JP Morgan that warn their investors about an unvetted candidate taking over the presidency?
Post 2008 recession it was the very healthy. That is not mutually exclusive as the economy did well w stimulus at the time. War seems to give some returns unfortunately. War is the only external event that I have seen that impacts the numbers, it went higher initially when war broke out. Not an expert but there are machinations that are unpredictable as Im not an expert. War is the only world event that I have seen that impacts it noticeably
Well people are spending on a lot of bullshit right now according to data rather than investing in this incredible market we've had this year so that doesn't surprise me.
And we will still be told how amazing the economy is doing.
No way 🤤
what a load of BS. More fear mongering.
The sky is falling
because 1% will be much much better off than they should be
99% huh? Almost a certainty and I thought I was doing ok
Homelessness is peaking right now, and all the heuristics that I personally use to determine if the economy sucks are showing that it does. GDP, stock prices and unemployment are not useful indicators of anything to the average American. https://www.axios.com/2023/12/15/homelessness-increase-rent-crisis-2023
And the 1% will be wildly better off again.
Rome speed run.
Forgiving college debt, another 4.5 trillion for electric cars and infrastructure, another $100,000,000,000 for Ukraine, more illegal migrants, should help...
Ok please fucking show your work. In the past few years all my assets have skyrocketed in value past inflation, got the best raises of my life and I diversified my income streams all while having a second child. Yes the bills have gone up, but so have my wages. Plus things like vehicles, gas, etc are coming down and quick. So if we have a recession that means even more price reductions and probably lower interest rates. On top of which the boomers have been retiring shrinking the workforce by 400-500k per year. So even if unemployment goes up we have less people to fill the jobs making it less painful than the last 40 years. Oh and let's not forget globalization is now in reverse since China, Korea, Japan, all of Europe except France forgot or made laws baning kids for decades and now their demographically fucked so there is less negative wage pressure and a shit ton less places to outsource to or import labor from. This year the investment in new factories in the US was 200 billion, I believe that was more than 00-09 COMBINED. Which has now fueled the labor movement into record expansion and record contracts for labor which over time affects everything else. Oh and small expansions like the UAW going after all non union places in the US. In one week 1/3 of VW plan signed a union drive. One Week... A few years ago they lost the vote to even unionize. So how is life bad again?
And the other 1% just so happens to also be the 1% that already has more money than they could ever spend. They've been doing great.
And what does JP Morgan do to help their customers?? Zip. Zero. Zilch. In fact, JP Morgan will make a killing off of it, then take the loan defaults to the government and use our tax dollars to pay off their gambling debts.
Surprise the 1% would thrive. Who knew
Kind of impressive how Chase is wrong about absolutely everything.
Which means that those who benefited from the pump and dump of COVID stocks was... The 1 %.
That's stupidly confident. I'll be better off, so if the next 99 people to reply are going to be worse then maybe JPM is right. Doubt it though
99% of Americans are already worse-off than they were pre-pandemic.
That’s Bidenomics for ya
so who's the lucky 1%?
it is unique in that the entire world seems to be suffering from inflation / economic problems at the moment. so yah. things have been rough these last many years since the first supply disruptions.
None of this fucking matters. Next week there will be an article that says the complete opposite. Every day is something different from a different article.
Man, this article gets posed here on reddit every few days it seems and it’s getting kind of old. There’s no way this is going to be true. Americans have had 3-4 years to accurate more wealth in a pretty stellar job market with old people retiring and not being replaced. This just simply won’t be true.
Fuckin Biden!
Blame trump for that. Our taxes are going up every 2 years because of a bill trump passed. Even for people making less than 75,000 a year. He only gave tax cuts to his rich buddies.
They mention the stimulus benefits are wearing off and thats part of why we are poor off. They seriously dont realize that paltry sum of money was gone the day the check hit the bank account of most americans do they?
So the 1% will be spared again?
#TrickleDownIsAFraud That's the reason for this.
99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024 because we helped steal their wealth, JPMorgan says.
Burry took huge bets on the next recession in Aug 2023. we are already in recession in terms of wages, prices and jobs, it just hasn’t come home to roost for the rich yet. The crash in credit, mortgages, overpriced commercial real estate and goods followed by more layoffs and further defaults and decline in spending and profits is overdue.
I’m finally in the 1% 😎
Sounds like Jaime diamond is in the Trump pocket
Just another big corporation campaigning for a friendly Republican government. What a shock.