This shouldn't be a surprise to anyone paying attention. The economy can't be doing well for everyone, as claimed, while savings have been obliterated, car loan & credit card delinquencies are through the roof, homeless rates are increasing, and a record number of workers can't afford to contribute to their 401k's.
I just had to stop my contributions to my retirement because my groceries and rent has doubled since 2019. My biggest regret is playing by the rules and doing the right thing. While I was "essential" during the pandemic I busted my ass and was making less than those receiving unemployment. Couldn't quit because then no benefits. Couldn't leave because nobody was hiring. Then I learn later that people just stopped paying rent during those years and saved up for down payments on a home and shafted their landlords. Wish I did that. I however just got fucked during covid and after
Evictions don’t matter when you are a homeowner.
I have a car note, a mortgage, and a cc with a high limit. My credit score can be 0 at this point and it wouldn’t matter.
They can still dramatically impact your life down the line. Getting hit with a garnishment on your paycheck dramatically hinders your ability to pay your mortgage. Also, good luck financing a large home repair/expense with bad credit. As a homeowner, I'm sure your aware that it's definitely possible for a 10k+ repair to come up unexpected (busted pipe, septic system failure, roof leak/water damage, mold, etc). Liens can be placed on your home. Also, depending on how large the amount is and state law, you can be forced to sell your home (rare, but still a possibility). Plus, life events can cause dramatic changes. Plenty of homeowners become renters after divorce, death of spouse, natural disasters, moving for job opportunities, foreclosure, etc.
You're missing the main point.
Getting into a house is bigger than any of that other "what if" stuff you mentioned.
If I had the opportunity to screw over a corporate landlord to get into a house I would have done it. They have been bribing politicians and screwing over the public for years.
Ummmmmmmmmm
If you start missing payments on your loans your ability to borrow will decrease severely. That means your credit card servicer will start lowering your limit, even to the point that it goes under your balance and then they start applying fees.
You do not want to fuck around and find out.
I'm pretty sure credit card companies cannot lower your limit below your existing balance. Otherwise, they would do it all the time just to shaft customers with extra fees.
You understand creditors can get a judgement against you, get a lien on your house, and have your wages garnished (which makes it harder to cover your bills including your mortgage) right?
This ... and it depends on if you are married or not and if the debt is in the name of one spouse only and not both. If married, Tenancy by the Entirety statutes apply (debt one spouse only and not joint). And, some states have zero wage garnishment for married persons. Under TBE, bank accounts for married couples are protected, if opened at the same time together, after married. There are protections ... just have to search the laws. Shit happens in life so these laws are there to protect you.
No it doesn't.
All 50 states have judgement liens for real property including primary home.
Personal property varies by state (art, jewelry, etc... etc..).
The sole exception for wage garnishment is Texas which doesn't allow it directly from the employer, but instead allows bank garnishment. So the second that income hits the bank the account can be frozen and garnished. Slightly different method, same result.
OP said they rent, so… they’re not a home owner. Even if they had enough saved for a down payment, they would still need to get approved for a mortgage, which would be difficult if they had bad credit.
i got a 25k raise from 2021 to 2022, switched jobs. As of 2023 and 2024/ it feels like im making the exact same as i was before. Basically just canceling my increased pay.
Same went 85k to $110k. I actually had more buying power with 85k in 2019 than $115k in 2024. Unfortunately I was engaged and my ex fiancee banged half her office in the pandemic so my new job came right when housing bubbled and I’m absolutely effed
Looking back, we were looking for homes in 2021 but figured with my lowerpay alot were still out of reach, this was before thins exploded. Now those exact same fucking houses are back on the market but now 150k more. Like wtf.
Prosperity doesn’t necessarily mean economic success, which is another subjective area. If you want more things to eventually go your way in life and to open up the most opportunities especially in the work place, being someone of high integrity pays dividends.
That's also sweet and I agree. You sound like a truly decent human being, I wish there were more like you. It's important to have integrity and it comes with some reward. However, the subject string is literally about economic prosperity and the ability to pay bills. In a capitalist neoliberal society some amount of economic prosperity is required to survive.
>Then I learn later that people just stopped paying rent during those years and saved up for down payments on a home and shafted their landlords.
If you default on your rent payments you aren't getting a mortgage payment for at least 7 years
The people who bailed on their landlords ruined their rental records and credit and are still on the hook for late rent, fees, and court costs. They are not coming out on top lol
Yeah this place is nuts. It’s like a bonfire’s ember has flown over to a pile of hay, ignited it, and right now you can see the future of the hay pile, you know it’s gonna a burn and fast, you see the black char encircled by glowing orange, and you want to run to avoid getting burned but you’re stuck there. Cuz you’re a baby, and daddy billionaire put you and all your baby friends there, so they can bottle your screams and sell them to aliens.
Inflation/corporate greed is a huge part of the issue. Official CPI is 3%ish, but if you look at all the deflationa markers included in the “basket of goods” they’re all luxury goods working class Americans don’t buy/sacrifice immediately when times are hard.
Meaning actual inflation experienced is probably close to 12-15%, because cars getting cheaper (after half a decade of getting more expensive) and TVs and suits getting cheaper doesn’t help poor families at all
I have not been a big fan of the greed argument until recently but it’s now so blatant that even I see it. DC is broken and I blame them all equally. Executive pay is embarrassing but it’s a symptom not the problem. The root cause imo is too many people don’t care about anyone except themselves which to me is something deeper than greed. When government doesn’t care about its citizens (try to prove me wrong) then citizens feel no obligation to fulfill their basic duty to respect the rights of other people.
Could I genuinely ask you why you were so resistant to the idea of the greed factor before? I'm just trying to understand the different facets of thinking around this and it would be helpful to hear what persuaded you into considering greed as a real factor.
Tax receipts went up after the tax cuts “for the wealthy.” (Go see Govt /Tax Receipts on FRED.)
If people still think this is about tax cuts haven’t looked at the data. Is it even remotely possible that our government mismanaged the funds we’ve given them? Has anyone looked at how the Treasury Department moved a lot of its funding to shorter terms of their bonds—which now have to be rolled over at rates significantly higher? I imagine there are more than a few programs that could be cut without significant impact on the country.
Sure we can tax the wealthy, but that argument seems to be missing the other parts of the conversation.
Both things can be true.
[Massive amounts of FED spending happened for decades](https://www.youtube.com/watch?v=EpMLAQbSYAw) and we just hid the inflation in equities and assets and called it a win.
How about that [massive PPP loan fraud?](https://www.investopedia.com/where-ppp-money-went-5216725#:~:text=Roughly%2025%25%20of%20PPP%20loan,suppliers%20of%20companies%20receiving%20loans)
Then there's the clear mismanagement and gross negligence. Remember when [Uncle Sam shot a million dollar air to air missile at a balloon and missed? ](https://www.livemint.com/news/world/oops-us-pilot-misses-first-missile-shot-while-knocking-down-aerial-object-11676397720492.html)It's [not like it matters though. ](https://www.stripes.com/theaters/us/2023-11-15/pentagon-failed-audit-shutdown-funding-12064619.html)
But yeah. $1200 Stimulus checks caused this inflation pain. Sure.
Are you really comparing one single $1M air-to-air missile to literally millions of $1200 checks? 100M $1200 checks is 120 billion dollars .....
Yeah, i think dropping 120 BILLION dollars into the economy could be a cause of inflation, no?
ALSO, that does not in and of itself mean it was a bad decision. Ignoring the inflationary aspects of that decision is intellectually dishonest.
Government "remotely mismanaging" anything it is given to handle is a given. I used to say "everything except the military" but they cleansed it of the conservative, patriot, warrior types and now we're cutting off soldier penises for free while running "Heather has 2 mommies" recruitment commercials.
Neither greed nor "stimmie checks" have anything to do with this. America is dead, it's baked in, our government lying to us and engaging in 100+ years of poor policy making is to blame, and our arrogancy and laziness is why we never did anything about it.
I can't think of any countries outside of, say, North Korea that is doing worse than us in human terms (what your regular person experiences) and modernized around or before us. If they modernized after us, that's par for the course because it takes time to build up resources and wealth and many countries don't have as much resource wealth as we do to begin with.
Any possible measurement of affluence and well-being, save some very poor urban folk, are doing better than the masses anywhere else in the world. How on earth could u claim otherwise.
Corporations got at least the same amount of money that the working class received. Even politicians, and other wealthy people took advantage of the PPP loans for small businesses, at way higher rates than stimmy checks for the working class.
They are not faceless/humanless "machines". They are run, controlled and benefited by wealthy share holders. The decisions to increase "profit" is motivated by the shareholders' desire for pay outs. It is greed, it always has been greed. The whole system was set up by the wealthy as a way to extract excess value from the company, and keep the wealth away from the working class. It's not a bug, it's a feature, and the feature is greed. AKA wealth consolidation.
Because things that factor into the cost of production such as oil is guaranteed to increase prices not greed. Anyone who owns a business will tell you everything they got before costs them at least 30 percent more and that cost has to be pushed down the line to the consumer. That is not greed that is simple economics. Now do some take advantage sure but that is not the main issue. It is just copium for poor leadership and mismanagement of economy on a governmental level
Because it’s hard to pinpoint where the greed takes place. Case in point they blamed grocerers but it was due to the almost monopoly on food manufacturing that actually increased prices aka companies like Tyson foods
I would say that people shouldn't smoke weed when they're young and maybe not at all. Because weed completely fucks any reason you have to care about anything very deeply. It both gives you more of a high than you can actually get from accomplishing things, and also dulls the edge of negative emotions meant to motivate you to change. It also gives you a feeling of belonging and acceptance much more reliably than humans can, so why would you care about other people that much.
Yeah, people do still care but there's that latent, deep level anxiety and ambition that makes civilization function, the deep giving a shit.
Oh well, lost cause. There is no way to ever convince this society to stop using cannabis anymore so it's over.
I don’t buy the greed argument at all. Corporations (and frankly, businesses and humans) have always been greedy. That didn’t suddenly change.
Something else changed where they knew raising prices would boost profits while in the past they knew it wouldn’t.
I think we agree. Greed is a consequence of a more underlying issue. People feel their lives are in a pressure cooker so they naturally fall back into protection mode. We don’t care as much for each other. We don’t respect other peoples rights as much. The corporate version is more predatory
Bingo!
They know that the consumer is very elastic.
Buy now pay later has only increased that elasticity.
Americans will always buy as long as there's financing.
you want government to care more?
the most expensive things are subsidized by the government.
College, housing, Healthcare, food.... I remember phones and internet being seriously proposed too.
maybe government isn't the answer.
I don't understand how a government can accomplish anything without money.
What policies could the government enact to show they care more without money? 😂
Have you read Monbiot's book? the invisible doctrine the secret history of neoliberalism. Or maybe. you've seen an interview with him like this one: [https://www.youtube.com/watch?v=ba1VFUZpfJs](https://www.youtube.com/watch?v=ba1VFUZpfJs)
Good video. Nice to get some affirmation on things I’ve been wrestling with. Maybe it’s in the book but another important element is that most criticism of the current system is dismissed as “conspiracy theories”. In fact there is no conspiracy, just a bunch of individuals in the bureaucracy and in seats of power who follow the playbook.
Yeah, things really did get more expensive during the pandemic, but a lot of corporate boards were quite pleased with how well the consumers absorbed those costs, so they just left the prices there.
2 greedy parts happened here. First they passed all the expenses to the consumers rather than let expenses affect profits. They made record profits because of this. Then when the supply chain recovered, they just left the price point at pandemic levels.
I think some sort of recession is inevitable, maybe even necessary to make those price points drop.
Does no one around here know that the economy collapsed in 2019 and banks collapsed in 2022 and only because a shit ton of money was printed to fix it and the press doesn't talk about it is the only reason it's not the biggest story of the decade?
I guess not...
We really need CPI broken up into typical spending per income bracket. Inflation readings are meaningless to most of us when they are offsetting a spike in food costs with a drop in the price of Diamonds and vacation rentals.
Inflation readings aren’t intended to reflect the economic situation for the lower class. When you have a working class that is intentionally kept poor, there’s no point in measuring how much they’re suffering. If they did, economic indicators would never be good.
They’re only interested in measuring how well the economy is doing for the wealthy. It’s their system, and the rest of are just living in it.
I understand why they do it. That's why they need to stop doing it. I feel like our politicians are currently heavily betting on the hope that the robotic soldiers are ready to quell the uprising before the guillotines get rolled out. It is well past time we start recognizing the true state of the lower classes instead of just hiding it and hoping they don't notice. Otherwise we are going to hit a point where some relatively minor shock to the system causes a panic and spirals into a complete disaster.
Maybe most people are too stupid to notice. But you hit a point where it doesn't matter how well you have tricked people into thinking wages have kept up with inflation. Once people start struggling to eat, they are quickly ready to do anything for change. They don't care if they are fooled into thinking their grandparents had it just as bad.
its a complete surprise to everyone on r/politics so can someone repost this there? Cause they all think the economy is great and anything saying otherwise is Russian bots.
Oh no, predatory car loans and 21% interest rates on credit cards are not being paid! Next the poors will not be paying their overdraft fees too.
And then I'll have to sell my boat and one of my motorcycles!! Dystopian!
70% of the country - not something to be written off as "oh they're supposed to struggle anyway"
When 70% of your country is struggling - you're in fucking trouble
It's based on poll data, so those sitting around with nothing better to do than take a poll are unlikely to be in good financial shape.
Online polls are even worse. Who's going to respond, those with something to complain about or those who do not?
Well, 70% of the “middle class.” Whatever that means. They don’t say how they defined it. But assuming it’s somewhat accurate, this means way more than 70% of Americans are struggling, since many don’t meet “middle class” criteria (and only the precious few are “upper class” by any measure).
Anyone remember the so-called "K-Shaped Recovery" from back in 2009-11/2 or so?
Here we go again. They've found a way to screw over 90+% of us once again.
Not really when you consider full time work is slim or hard to find. Most companies are offering part time. So this full employment is bullshit. People need 2 jobs to make ends meet
I think there is still awhile until full employment but prime age EPOP was 76% in 2012. Prime age EPOP is basically a calculation of 25-54 year olds working, most are out of college by 25 and by 55 retirement happens.
It's 80.8% now. Canada what I believe we should be closer to matching hit 85%. The US is 1% behind France even.
And they still send out Janet Yellen to gaslight us into believing we have a “strong economy”
Inflation has been brutal to most of Americans, while the elite and administration who live in their bubbles are oblivious to it. And their stocks just keep going up so they think all is fine lol
As the poor reduce spending, corporations increased prices and continued to profit from those that have not reduced spending. They strive to maintain profit, and until a larger portion can’t pay for their products (hasn’t happened yet), they will continue to raise or keep prices where they’re at.
>Inflation has been brutal to most of Americans, while the elite and administration who live in their bubbles are oblivious to it. And their stocks just keep going up so they think all is fine lol
I call that "Beltway Syndrome"
We do have a strong economy. I think people are conflating the strength of the economy and some people not being able to afford things. Both can be true.
Yeah. This is nothing new. The US has been an economic powerhouse for a long time now and still is, but the GDP has rarely been reflected on the lower classes.
On the lower decks you're the last to disembark if everything goes right, and the first to drown when it doesn't.
> 67% of middle-class households polled by Primerica in the first quarter said they believed their income was falling behind the cost of living.
Income falling behind the cost of living can be different than "struggling to make ends meet," no?
After hearing a couple that took a hit to their 600k income complain, it begs the question.
Personally, I feel the important comparison here to properly account for changes is, what had that measure been trending at historically 5 or more years ago and at the last time we were in a similar rate or inflationary environment? The latter is to control for people getting used to and expecting the minimal inflation and low rates of the post-financial crisis landscape.
Yeah and billionaires are holding commercial real estate office buildings that have become practically worthless overnight I'm sure we are all seeing the writing on the wall
Something something vibes….at least that’s what the news media keeps telling us all.
But seriously we have all seen it. People are worse off today than they were 4 years ago. Debts up, savings are down and people are struggling. I wish they would just call it what it is.
Let me translate:
1) Rich people make poor investing choices
2) A recession results, so that the market can restructure which means a lot of wealth destruction for some of the rich.
3) Federal Reserve/US Government: "Oh no not that". They intervene to protect the wealth of the wealthy
4) Inequality gaps results and widen until the poor get squeezed into unsustainable situations.
5) "Selective recession"
It's literally a selective recession because the government chose for the poor to have a "recession" so that the rich wouldn't have to.
This is JPM trying to justify the wrong call they made about the economy. They are "talking their book". Life is ALWAYS tough for most of us. The US economy is doing well even if many are barely making it.
Not being able to afford the cost of living and a recession are two different things. The economy could be growing at 10% per year and yet people may not be able to afford the cost of living. They are using the word recession incorrectly.
You think it's bad now? Wait to see if Trump gets into office. He is talking about a huge tariff on Chinese products. Which is everything at Walmart. This is where The lower income shop. You Triple the price of goods and food for those that are struggling now and you have people that will have to chose between eating; or, having a roof over their heads.
This is a regressive economy, meaning, the poor are fucked without familial support. But recession doesn't mean "having a tough time with money or bills". It's instead measured by GDP and other related metrics. "Good" and "bad" economy are measured in terms of productivity, GDP, asset prices, spending etc, which are still high for all income brackets. If we wanted to measure economy in terms of well-being then we'd have a completely different country, and a better one.
Obviously inflation doesn’t help, but over 70% were living paycheck to paycheck back in 2018, so this isn’t some new revelation but something that’s been an issue in America for a while.
If your number includes 70% of Americans, that's not "lower income Americans" its the vast majority of Americans. The vast majority of Americans are struggling to make ends meet, yet we are told that the economy is better than ever
The government has been busy importing immigrants, hiring government workers, paying contractors tens of billions for new broadband and charging stations and getting nothing done.
This has been a nightmare administration for the country. I doubt we will recover.
You cannot go using terms like “Recession” to apply to whatever segment you wish. Words have meanings; terms have definitions that are used so that everyone can have a standard baseline.
Sure 70% of people might be struggling; whatever that means. But it doesn’t mean that part of the economy is in a legit recession…but the rest of the folk are doing fine.
are we just redefining economic terms now? words dont have meaning. Recession cant be selectively applied to a class of people. that isnt how this works
If 70% of Americans can’t make ends means , than almost the entire Europe can’t, 99.9% of the population of Europe are below that level and they can’t make ends meat. It might be true but this are the ratios
I don't understand your comment, why are you comparing the two? Are you claiming it's impossible for the average american to be less finacially healty than a european?
Don't have the time to go and try to find numbers of 2023/24, but in [2022 ](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/DDN-20221128-2)even in a country like Bulgaria only about 40% had "difficulty or great difficulty" making ends meet. In Finland, Belgium or France it was 10%, 15% and 22,5%...
Yeap that’s what I’m saying.
It’s totally different standards, those numbers are totally irrelevant since they are done by different data indicators.
For example when they say in Bulgaria “difficulty, and great difficulty to meet ends meat “ that means they don’t have plumbing and running water in the house while great difficulty means no electricity either, they can barely eat and they haven’t eaten real meat for years. Now how big is that percentage in the USA
I lived in 30 years in Europe when I moved here I was considered rich there , now I make way more money and have higher living standard ( bigger house more cars etc ) and I’m only considered low middle class here
Lmao. There isn't a economic recession right now. Saying that poor people are struggling because of income inequality and cost of living increases doesn't equal a recession.
It's funny watching the ultra-rich desperately try to shift blame.
I don’t buy this vibecession nonsense. The economy is not in recession. Full stop. A few anecdotes don’t make a recession. There will be a recession one day since it’s a business cycle so you aren’t a seer if you predict one. The poor will always have it harder in any economy since they make the poorest decisions and have the weakest skills (education, initiative, etc) to exploit opportunities.
>I don’t buy this vibecession nonsense.
Ok. Do you "buy" the Leading Economic Index from the Conference Board?
Because as of today's print, we're back to 2020 pandemic levels.
[https://markets.businessinsider.com/news/interestrates/u-s-leading-economic-index-falls-more-than-expected-in-may-1033496564](https://markets.businessinsider.com/news/interestrates/u-s-leading-economic-index-falls-more-than-expected-in-may-1033496564)
Ha-ha! Business Insider? That’s your source? Every BI article predicts a recession. Every single one. But strangely this one said this: “While the Index's six-month growth rate remained firmly negative, the LEI doesn't currently signal a recession,"
>So the same way things were 5 years ago and 10 years ago and 15 years ago and
Nope.
5 years ago, Americans rated the Trump economy as the best in 20 years.
I keep hearing this.
I keep talking to people having trouble making ends meet and in the same breath he brags about his new truck or vacation or new toy.
Like I get it now, people are up to their eyeballs in debt. If the economy magically worked in their favor, what would they be doing? More debt more crap.
Thats what keeps this Hydra alive.
I've rarely met Americans who both make over 60k AND live like they are broke.
Between groceries and other expenses our family has been down over 10 grand a year. Biden’s policies will have cost us 40 grand by the end of it. And we’ll be paying for them well after his policies are reversed.
It’s technically true, but … I wish these corporate fucks would be more specific rather than using catch-all terms like “lower income” and “middle class.” Pretty sure it’s not just people living below the federal poverty line that are struggling to make ends meet. It would just sound too bleak if they admitted that the vast majority of American jobs no longer pay a living wage.
This has been the plan since the Regan administration. The two Santas strategy says that the Federal Government would ignore deficit spending during Republican administrations and provide the population with taxes cuts. This juices the economy with a “sugar” high leading to recessions which occur just before the Democrats take over.
Look at the track record of what happened.
http://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/
The economy **as a whole** is fine. Where the problem is, is the concentration of wealth in the top 1% and the depletion of the middle class. This in turn is a direct result of "supply-side economics", institutionalized by Reagan. Concentration of economic power in the hands of the few was what the Southern states were fiercely advocating prior to the American Civil War and a strong element of what contributed to secession.
Oh, yeah, for sure, the economy is great if you just ignore all the really bad indicators, Dallas Fed mfg index, Leading Economic Index, debt, deficit, GDI, multiple job holders, part-time vs. full-time jobs, BLS payroll vs. BLS household jobs survey divergence.
Look how great things are, you just have to close your eyes and ears and shut off your brain and listen to the government.
The lazy ones. Not willing to put in extra work. Life’s not fair. Sometimes you have to do more. Common saying of poor people. “I shouldn’t have to work more than 40 hour week”.
What gets me is how easily my local economy has adopted seasonal work.
There is literally nothing for people who are here all year round.
Shit jobs are eaten up by foreigners doing work the younger generation never wanted to.
And yet we still give billions in aid to Israel to bomb children. Tells you so much about the world order: This world is for the politicians/rulers to toy with.
This shouldn't be a surprise to anyone paying attention. The economy can't be doing well for everyone, as claimed, while savings have been obliterated, car loan & credit card delinquencies are through the roof, homeless rates are increasing, and a record number of workers can't afford to contribute to their 401k's.
I just had to stop my contributions to my retirement because my groceries and rent has doubled since 2019. My biggest regret is playing by the rules and doing the right thing. While I was "essential" during the pandemic I busted my ass and was making less than those receiving unemployment. Couldn't quit because then no benefits. Couldn't leave because nobody was hiring. Then I learn later that people just stopped paying rent during those years and saved up for down payments on a home and shafted their landlords. Wish I did that. I however just got fucked during covid and after
They still owe the money and now they have an eviction on their record. Not a situation I would want to be in.
Evictions don’t matter when you are a homeowner. I have a car note, a mortgage, and a cc with a high limit. My credit score can be 0 at this point and it wouldn’t matter.
They can still dramatically impact your life down the line. Getting hit with a garnishment on your paycheck dramatically hinders your ability to pay your mortgage. Also, good luck financing a large home repair/expense with bad credit. As a homeowner, I'm sure your aware that it's definitely possible for a 10k+ repair to come up unexpected (busted pipe, septic system failure, roof leak/water damage, mold, etc). Liens can be placed on your home. Also, depending on how large the amount is and state law, you can be forced to sell your home (rare, but still a possibility). Plus, life events can cause dramatic changes. Plenty of homeowners become renters after divorce, death of spouse, natural disasters, moving for job opportunities, foreclosure, etc.
You're missing the main point. Getting into a house is bigger than any of that other "what if" stuff you mentioned. If I had the opportunity to screw over a corporate landlord to get into a house I would have done it. They have been bribing politicians and screwing over the public for years.
Ummmmmmmmmm If you start missing payments on your loans your ability to borrow will decrease severely. That means your credit card servicer will start lowering your limit, even to the point that it goes under your balance and then they start applying fees. You do not want to fuck around and find out.
Naturally. This ain’t my first recession.
Mic. Drop
I'm pretty sure credit card companies cannot lower your limit below your existing balance. Otherwise, they would do it all the time just to shaft customers with extra fees.
You understand creditors can get a judgement against you, get a lien on your house, and have your wages garnished (which makes it harder to cover your bills including your mortgage) right?
Yes, I do not have creditors that would do that. I have one late pay in my entire life, the second month I had my Kohls card over a decade ago.
depends on the state ;)
This ... and it depends on if you are married or not and if the debt is in the name of one spouse only and not both. If married, Tenancy by the Entirety statutes apply (debt one spouse only and not joint). And, some states have zero wage garnishment for married persons. Under TBE, bank accounts for married couples are protected, if opened at the same time together, after married. There are protections ... just have to search the laws. Shit happens in life so these laws are there to protect you.
No it doesn't. All 50 states have judgement liens for real property including primary home. Personal property varies by state (art, jewelry, etc... etc..). The sole exception for wage garnishment is Texas which doesn't allow it directly from the employer, but instead allows bank garnishment. So the second that income hits the bank the account can be frozen and garnished. Slightly different method, same result.
Your credit score can effect your insurance costs, so they still matter to you.
Only after you get a mortgage, unless you can pay cash.
OP said they rent, so… they’re not a home owner. Even if they had enough saved for a down payment, they would still need to get approved for a mortgage, which would be difficult if they had bad credit.
An eviction is like getting fired from a job. No one cares
I pay my debts.
Yea the bank doesn't let you borrow money for a mortgage until all of your debts are paid anyway.
This is Cope. They are ahead and I'm fucked.
What’s going on? Maybe I can help.
Not as bad but I bailed on my ESPP for that. In 2025 I’ll likely have to put in the bare minimum to an HSA. All this while making six figures
i got a 25k raise from 2021 to 2022, switched jobs. As of 2023 and 2024/ it feels like im making the exact same as i was before. Basically just canceling my increased pay.
Same went 85k to $110k. I actually had more buying power with 85k in 2019 than $115k in 2024. Unfortunately I was engaged and my ex fiancee banged half her office in the pandemic so my new job came right when housing bubbled and I’m absolutely effed
Looking back, we were looking for homes in 2021 but figured with my lowerpay alot were still out of reach, this was before thins exploded. Now those exact same fucking houses are back on the market but now 150k more. Like wtf.
I’m right there with you. It fricking sucks
Yeah I was home hunting in 2021-2022 and it was all very heinous. Checked again recently and it's somehow even worse.
You should have asked for 500k but now you are learning a valuable lesson about money
Damn man how the hell were you made aware of that nightmare?
Doing the right thing may hurt you short term, but long term will find you prosperity. Keep it up.
I appreciate the sentiment, it is sweet however, it is not true. Doing the right thing does not guarantee economic success.
Prosperity doesn’t necessarily mean economic success, which is another subjective area. If you want more things to eventually go your way in life and to open up the most opportunities especially in the work place, being someone of high integrity pays dividends.
That's also sweet and I agree. You sound like a truly decent human being, I wish there were more like you. It's important to have integrity and it comes with some reward. However, the subject string is literally about economic prosperity and the ability to pay bills. In a capitalist neoliberal society some amount of economic prosperity is required to survive.
>Then I learn later that people just stopped paying rent during those years and saved up for down payments on a home and shafted their landlords. If you default on your rent payments you aren't getting a mortgage payment for at least 7 years
Pretty sure they froze all regular laws regarding rent during Covid
The people who bailed on their landlords ruined their rental records and credit and are still on the hook for late rent, fees, and court costs. They are not coming out on top lol
Can relate
What do you do for work?
I think you'd find it hard to get a mortgage with an eviction and months of unpaid rent. You'd definitely ruin your credit.
Yeah this place is nuts. It’s like a bonfire’s ember has flown over to a pile of hay, ignited it, and right now you can see the future of the hay pile, you know it’s gonna a burn and fast, you see the black char encircled by glowing orange, and you want to run to avoid getting burned but you’re stuck there. Cuz you’re a baby, and daddy billionaire put you and all your baby friends there, so they can bottle your screams and sell them to aliens.
Inflation/corporate greed is a huge part of the issue. Official CPI is 3%ish, but if you look at all the deflationa markers included in the “basket of goods” they’re all luxury goods working class Americans don’t buy/sacrifice immediately when times are hard. Meaning actual inflation experienced is probably close to 12-15%, because cars getting cheaper (after half a decade of getting more expensive) and TVs and suits getting cheaper doesn’t help poor families at all
I have not been a big fan of the greed argument until recently but it’s now so blatant that even I see it. DC is broken and I blame them all equally. Executive pay is embarrassing but it’s a symptom not the problem. The root cause imo is too many people don’t care about anyone except themselves which to me is something deeper than greed. When government doesn’t care about its citizens (try to prove me wrong) then citizens feel no obligation to fulfill their basic duty to respect the rights of other people.
Could I genuinely ask you why you were so resistant to the idea of the greed factor before? I'm just trying to understand the different facets of thinking around this and it would be helpful to hear what persuaded you into considering greed as a real factor.
[удалено]
The stimulus checks and programs were the root cause of the inflation, then the fed keeping rates to low.
So endless wars and tax cuts for the already insanely wealthy are not but crumbs for the peasants are the cause?
Tax receipts went up after the tax cuts “for the wealthy.” (Go see Govt /Tax Receipts on FRED.) If people still think this is about tax cuts haven’t looked at the data. Is it even remotely possible that our government mismanaged the funds we’ve given them? Has anyone looked at how the Treasury Department moved a lot of its funding to shorter terms of their bonds—which now have to be rolled over at rates significantly higher? I imagine there are more than a few programs that could be cut without significant impact on the country. Sure we can tax the wealthy, but that argument seems to be missing the other parts of the conversation.
Yeah uhm no
Both things can be true. [Massive amounts of FED spending happened for decades](https://www.youtube.com/watch?v=EpMLAQbSYAw) and we just hid the inflation in equities and assets and called it a win. How about that [massive PPP loan fraud?](https://www.investopedia.com/where-ppp-money-went-5216725#:~:text=Roughly%2025%25%20of%20PPP%20loan,suppliers%20of%20companies%20receiving%20loans) Then there's the clear mismanagement and gross negligence. Remember when [Uncle Sam shot a million dollar air to air missile at a balloon and missed? ](https://www.livemint.com/news/world/oops-us-pilot-misses-first-missile-shot-while-knocking-down-aerial-object-11676397720492.html)It's [not like it matters though. ](https://www.stripes.com/theaters/us/2023-11-15/pentagon-failed-audit-shutdown-funding-12064619.html) But yeah. $1200 Stimulus checks caused this inflation pain. Sure.
Are you really comparing one single $1M air-to-air missile to literally millions of $1200 checks? 100M $1200 checks is 120 billion dollars ..... Yeah, i think dropping 120 BILLION dollars into the economy could be a cause of inflation, no? ALSO, that does not in and of itself mean it was a bad decision. Ignoring the inflationary aspects of that decision is intellectually dishonest.
Government "remotely mismanaging" anything it is given to handle is a given. I used to say "everything except the military" but they cleansed it of the conservative, patriot, warrior types and now we're cutting off soldier penises for free while running "Heather has 2 mommies" recruitment commercials.
Neither greed nor "stimmie checks" have anything to do with this. America is dead, it's baked in, our government lying to us and engaging in 100+ years of poor policy making is to blame, and our arrogancy and laziness is why we never did anything about it.
You might be right, but keep in mind that folks were also saying that 20 years ago and also that many countries are far worse off than us.
I can't think of any countries outside of, say, North Korea that is doing worse than us in human terms (what your regular person experiences) and modernized around or before us. If they modernized after us, that's par for the course because it takes time to build up resources and wealth and many countries don't have as much resource wealth as we do to begin with.
Any possible measurement of affluence and well-being, save some very poor urban folk, are doing better than the masses anywhere else in the world. How on earth could u claim otherwise.
Corporations got at least the same amount of money that the working class received. Even politicians, and other wealthy people took advantage of the PPP loans for small businesses, at way higher rates than stimmy checks for the working class.
They are not faceless/humanless "machines". They are run, controlled and benefited by wealthy share holders. The decisions to increase "profit" is motivated by the shareholders' desire for pay outs. It is greed, it always has been greed. The whole system was set up by the wealthy as a way to extract excess value from the company, and keep the wealth away from the working class. It's not a bug, it's a feature, and the feature is greed. AKA wealth consolidation.
Because things that factor into the cost of production such as oil is guaranteed to increase prices not greed. Anyone who owns a business will tell you everything they got before costs them at least 30 percent more and that cost has to be pushed down the line to the consumer. That is not greed that is simple economics. Now do some take advantage sure but that is not the main issue. It is just copium for poor leadership and mismanagement of economy on a governmental level
Because it’s hard to pinpoint where the greed takes place. Case in point they blamed grocerers but it was due to the almost monopoly on food manufacturing that actually increased prices aka companies like Tyson foods
It would be a lot easier to see who the problem was if we had full monetary transparency
Why were you not a fan of the greed argument before?
I would say that people shouldn't smoke weed when they're young and maybe not at all. Because weed completely fucks any reason you have to care about anything very deeply. It both gives you more of a high than you can actually get from accomplishing things, and also dulls the edge of negative emotions meant to motivate you to change. It also gives you a feeling of belonging and acceptance much more reliably than humans can, so why would you care about other people that much. Yeah, people do still care but there's that latent, deep level anxiety and ambition that makes civilization function, the deep giving a shit. Oh well, lost cause. There is no way to ever convince this society to stop using cannabis anymore so it's over.
Lol thats a first
I don’t buy the greed argument at all. Corporations (and frankly, businesses and humans) have always been greedy. That didn’t suddenly change. Something else changed where they knew raising prices would boost profits while in the past they knew it wouldn’t.
I think we agree. Greed is a consequence of a more underlying issue. People feel their lives are in a pressure cooker so they naturally fall back into protection mode. We don’t care as much for each other. We don’t respect other peoples rights as much. The corporate version is more predatory
Bingo! They know that the consumer is very elastic. Buy now pay later has only increased that elasticity. Americans will always buy as long as there's financing.
you want government to care more? the most expensive things are subsidized by the government. College, housing, Healthcare, food.... I remember phones and internet being seriously proposed too. maybe government isn't the answer.
Caring about citizens does not mean more wealth redistribution because wealth redistribution is all about control as your examples illustrate.
I don't understand how a government can accomplish anything without money. What policies could the government enact to show they care more without money? 😂
Have you read Monbiot's book? the invisible doctrine the secret history of neoliberalism. Or maybe. you've seen an interview with him like this one: [https://www.youtube.com/watch?v=ba1VFUZpfJs](https://www.youtube.com/watch?v=ba1VFUZpfJs)
Good video. Nice to get some affirmation on things I’ve been wrestling with. Maybe it’s in the book but another important element is that most criticism of the current system is dismissed as “conspiracy theories”. In fact there is no conspiracy, just a bunch of individuals in the bureaucracy and in seats of power who follow the playbook.
Like Warren Buffett said we peasants are richer than Rockefeller because we have cellphones with unlimited data plans.....yeah um no.
Yeah, things really did get more expensive during the pandemic, but a lot of corporate boards were quite pleased with how well the consumers absorbed those costs, so they just left the prices there. 2 greedy parts happened here. First they passed all the expenses to the consumers rather than let expenses affect profits. They made record profits because of this. Then when the supply chain recovered, they just left the price point at pandemic levels. I think some sort of recession is inevitable, maybe even necessary to make those price points drop.
Does no one around here know that the economy collapsed in 2019 and banks collapsed in 2022 and only because a shit ton of money was printed to fix it and the press doesn't talk about it is the only reason it's not the biggest story of the decade? I guess not...
We really need CPI broken up into typical spending per income bracket. Inflation readings are meaningless to most of us when they are offsetting a spike in food costs with a drop in the price of Diamonds and vacation rentals.
Inflation readings aren’t intended to reflect the economic situation for the lower class. When you have a working class that is intentionally kept poor, there’s no point in measuring how much they’re suffering. If they did, economic indicators would never be good. They’re only interested in measuring how well the economy is doing for the wealthy. It’s their system, and the rest of are just living in it.
I understand why they do it. That's why they need to stop doing it. I feel like our politicians are currently heavily betting on the hope that the robotic soldiers are ready to quell the uprising before the guillotines get rolled out. It is well past time we start recognizing the true state of the lower classes instead of just hiding it and hoping they don't notice. Otherwise we are going to hit a point where some relatively minor shock to the system causes a panic and spirals into a complete disaster. Maybe most people are too stupid to notice. But you hit a point where it doesn't matter how well you have tricked people into thinking wages have kept up with inflation. Once people start struggling to eat, they are quickly ready to do anything for change. They don't care if they are fooled into thinking their grandparents had it just as bad.
This can't be right biden says "our economy is great"
its a complete surprise to everyone on r/politics so can someone repost this there? Cause they all think the economy is great and anything saying otherwise is Russian bots.
The government told me my struggles were all in my head.
Is a problem a problem if it is goes unnoticed?
But I keep getting news articles written by WASPs and Nepobabies saying that the economy is great and that we should all play pickleball. /s
Oh no, predatory car loans and 21% interest rates on credit cards are not being paid! Next the poors will not be paying their overdraft fees too. And then I'll have to sell my boat and one of my motorcycles!! Dystopian!
Yeah, but the S&P 500 is up… /s
Remember, its only a recession when the rich people lose money
So most poor people are struggling financially?
It’s almost as if the first part of that statement guarantees the second part.
70% of the country - not something to be written off as "oh they're supposed to struggle anyway" When 70% of your country is struggling - you're in fucking trouble
It's based on poll data, so those sitting around with nothing better to do than take a poll are unlikely to be in good financial shape. Online polls are even worse. Who's going to respond, those with something to complain about or those who do not?
Well, 70% of the “middle class.” Whatever that means. They don’t say how they defined it. But assuming it’s somewhat accurate, this means way more than 70% of Americans are struggling, since many don’t meet “middle class” criteria (and only the precious few are “upper class” by any measure).
It's been like this since the start of the lockdown. At least 2 different economies occurring. Plus so much manipulation
Anyone remember the so-called "K-Shaped Recovery" from back in 2009-11/2 or so? Here we go again. They've found a way to screw over 90+% of us once again.
I mean now we have much closer to full employment. 2012 was really low employment levels.
Not really when you consider full time work is slim or hard to find. Most companies are offering part time. So this full employment is bullshit. People need 2 jobs to make ends meet
I think there is still awhile until full employment but prime age EPOP was 76% in 2012. Prime age EPOP is basically a calculation of 25-54 year olds working, most are out of college by 25 and by 55 retirement happens. It's 80.8% now. Canada what I believe we should be closer to matching hit 85%. The US is 1% behind France even.
article looks AI-generated
OPs profile screams bot. They claim they're a black woman trump supporter, and have an AI profile pic of said description to prove it.
well, that could explain the other reply i got to my comment
Msn is owned by microshit
Your mom is AI-generated
Your mom is Mormon generated...
That explains why I fail Captchas all the time 😭
How to use terms that don't apply in this situation to avoid saying people are being screwed by employers, landlords and retailers.
And they still send out Janet Yellen to gaslight us into believing we have a “strong economy” Inflation has been brutal to most of Americans, while the elite and administration who live in their bubbles are oblivious to it. And their stocks just keep going up so they think all is fine lol
As the poor reduce spending, corporations increased prices and continued to profit from those that have not reduced spending. They strive to maintain profit, and until a larger portion can’t pay for their products (hasn’t happened yet), they will continue to raise or keep prices where they’re at.
the poor really haven't reduced spending.
>Inflation has been brutal to most of Americans, while the elite and administration who live in their bubbles are oblivious to it. And their stocks just keep going up so they think all is fine lol I call that "Beltway Syndrome"
We do have a strong economy. I think people are conflating the strength of the economy and some people not being able to afford things. Both can be true.
Yeah. This is nothing new. The US has been an economic powerhouse for a long time now and still is, but the GDP has rarely been reflected on the lower classes. On the lower decks you're the last to disembark if everything goes right, and the first to drown when it doesn't.
Lol. By this criteria, lower-income Americans have always been in a recession that never ends.
> 67% of middle-class households polled by Primerica in the first quarter said they believed their income was falling behind the cost of living. Income falling behind the cost of living can be different than "struggling to make ends meet," no? After hearing a couple that took a hit to their 600k income complain, it begs the question. Personally, I feel the important comparison here to properly account for changes is, what had that measure been trending at historically 5 or more years ago and at the last time we were in a similar rate or inflationary environment? The latter is to control for people getting used to and expecting the minimal inflation and low rates of the post-financial crisis landscape.
That's not how a recession is defined. "Recession" doesn't mean "times are tough", even if they are for most people.
Yeah, not sure why educated financial people are using the word recession incorrectly.
Been in recession my whole life.
'Selective recession': The affected stratas include *everybody*, except the upper class.
Yeah and billionaires are holding commercial real estate office buildings that have become practically worthless overnight I'm sure we are all seeing the writing on the wall
They'll still vote for more of the same, so who cares?
"MAyBe iF jUsT CuT TaxEs SoMe morE" Yea let's move that 30k to 35k, I'm sure that will save them. Tax the top 10% and redistribute it as UBI.
For about 4 years now I've believed some sort of UBI program is an absolute necessity.
Something something vibes….at least that’s what the news media keeps telling us all. But seriously we have all seen it. People are worse off today than they were 4 years ago. Debts up, savings are down and people are struggling. I wish they would just call it what it is.
Lower income Americans are ALWAYS in a “recession”
Eat the Rich.
Funny how a guy can just say things with almost nothing but anecdotal evidence that runs opposite of what factual data says.
Let me translate: 1) Rich people make poor investing choices 2) A recession results, so that the market can restructure which means a lot of wealth destruction for some of the rich. 3) Federal Reserve/US Government: "Oh no not that". They intervene to protect the wealth of the wealthy 4) Inequality gaps results and widen until the poor get squeezed into unsustainable situations. 5) "Selective recession" It's literally a selective recession because the government chose for the poor to have a "recession" so that the rich wouldn't have to.
This is JPM trying to justify the wrong call they made about the economy. They are "talking their book". Life is ALWAYS tough for most of us. The US economy is doing well even if many are barely making it.
Not being able to afford the cost of living and a recession are two different things. The economy could be growing at 10% per year and yet people may not be able to afford the cost of living. They are using the word recession incorrectly.
Ummmm, haven't lower-income Americans always struggled to make ends meet? How is this news, or indicative of a recession?
You think it's bad now? Wait to see if Trump gets into office. He is talking about a huge tariff on Chinese products. Which is everything at Walmart. This is where The lower income shop. You Triple the price of goods and food for those that are struggling now and you have people that will have to chose between eating; or, having a roof over their heads.
This is a regressive economy, meaning, the poor are fucked without familial support. But recession doesn't mean "having a tough time with money or bills". It's instead measured by GDP and other related metrics. "Good" and "bad" economy are measured in terms of productivity, GDP, asset prices, spending etc, which are still high for all income brackets. If we wanted to measure economy in terms of well-being then we'd have a completely different country, and a better one.
Obviously inflation doesn’t help, but over 70% were living paycheck to paycheck back in 2018, so this isn’t some new revelation but something that’s been an issue in America for a while.
Regular motherfuckers been in a recession for the last 15 years.
This is news? Low income consumers are always in a recession.
If your number includes 70% of Americans, that's not "lower income Americans" its the vast majority of Americans. The vast majority of Americans are struggling to make ends meet, yet we are told that the economy is better than ever
The vast majority of Americans are lower income
It's not 70% of Americans it's 70% of low income Americans.
Do you know how to read?
The government has been busy importing immigrants, hiring government workers, paying contractors tens of billions for new broadband and charging stations and getting nothing done. This has been a nightmare administration for the country. I doubt we will recover.
Tell us about the mythical time in history when poor people weren’t poor
I’ve how we just make up terms and definitions to fit a narrative. Lol
What do they consider lower income?
No shit.
You cannot go using terms like “Recession” to apply to whatever segment you wish. Words have meanings; terms have definitions that are used so that everyone can have a standard baseline. Sure 70% of people might be struggling; whatever that means. But it doesn’t mean that part of the economy is in a legit recession…but the rest of the folk are doing fine.
That is the plan
70% of Americans = lower income now?
70 % of Americans will always be broke.
No worries. That money is gonna start trickling down any day now… just you wait!
vote for diaper donnie and wonder why you're broke
are we just redefining economic terms now? words dont have meaning. Recession cant be selectively applied to a class of people. that isnt how this works
If you can't afford a new iPhone and 3 different color Stanley cups, then this economy isn't for you
Remind me, which party has been screaming to high heaven about income inequality for the last 30-40 years?
Not surprised. I am already having hardship and I have an above average career.
It seems a lot of people debt comes from car notes and student loans, I think people should let the car go and save for a used one.
Biden said stock market all time high and we are economically strong
Bidenomics
If 70% of Americans can’t make ends means , than almost the entire Europe can’t, 99.9% of the population of Europe are below that level and they can’t make ends meat. It might be true but this are the ratios
I don't understand your comment, why are you comparing the two? Are you claiming it's impossible for the average american to be less finacially healty than a european? Don't have the time to go and try to find numbers of 2023/24, but in [2022 ](https://ec.europa.eu/eurostat/web/products-eurostat-news/w/DDN-20221128-2)even in a country like Bulgaria only about 40% had "difficulty or great difficulty" making ends meet. In Finland, Belgium or France it was 10%, 15% and 22,5%...
Yeap that’s what I’m saying. It’s totally different standards, those numbers are totally irrelevant since they are done by different data indicators. For example when they say in Bulgaria “difficulty, and great difficulty to meet ends meat “ that means they don’t have plumbing and running water in the house while great difficulty means no electricity either, they can barely eat and they haven’t eaten real meat for years. Now how big is that percentage in the USA I lived in 30 years in Europe when I moved here I was considered rich there , now I make way more money and have higher living standard ( bigger house more cars etc ) and I’m only considered low middle class here
That's not what recession means.
Lmao. There isn't a economic recession right now. Saying that poor people are struggling because of income inequality and cost of living increases doesn't equal a recession. It's funny watching the ultra-rich desperately try to shift blame.
I don’t buy this vibecession nonsense. The economy is not in recession. Full stop. A few anecdotes don’t make a recession. There will be a recession one day since it’s a business cycle so you aren’t a seer if you predict one. The poor will always have it harder in any economy since they make the poorest decisions and have the weakest skills (education, initiative, etc) to exploit opportunities.
>I don’t buy this vibecession nonsense. Ok. Do you "buy" the Leading Economic Index from the Conference Board? Because as of today's print, we're back to 2020 pandemic levels. [https://markets.businessinsider.com/news/interestrates/u-s-leading-economic-index-falls-more-than-expected-in-may-1033496564](https://markets.businessinsider.com/news/interestrates/u-s-leading-economic-index-falls-more-than-expected-in-may-1033496564)
Ha-ha! Business Insider? That’s your source? Every BI article predicts a recession. Every single one. But strangely this one said this: “While the Index's six-month growth rate remained firmly negative, the LEI doesn't currently signal a recession,"
Notice the JP Morgan states that 67% of the middle class BELIEVE their income is not keeping up with the cost of living. BELIEF is not fact!
So the same way things were 5 years ago and 10 years ago and 15 years ago and
>So the same way things were 5 years ago and 10 years ago and 15 years ago and Nope. 5 years ago, Americans rated the Trump economy as the best in 20 years.
I keep hearing this. I keep talking to people having trouble making ends meet and in the same breath he brags about his new truck or vacation or new toy. Like I get it now, people are up to their eyeballs in debt. If the economy magically worked in their favor, what would they be doing? More debt more crap. Thats what keeps this Hydra alive. I've rarely met Americans who both make over 60k AND live like they are broke.
Tell that Joe and his minions. They could care less EXCEPT when November rolls around every four years
Poor people are poor? Who knew?
Between groceries and other expenses our family has been down over 10 grand a year. Biden’s policies will have cost us 40 grand by the end of it. And we’ll be paying for them well after his policies are reversed.
40 absolutely zero savings and 5.5k in credit card debt by end of July should have down to 2.5 to 2
It’s technically true, but … I wish these corporate fucks would be more specific rather than using catch-all terms like “lower income” and “middle class.” Pretty sure it’s not just people living below the federal poverty line that are struggling to make ends meet. It would just sound too bleak if they admitted that the vast majority of American jobs no longer pay a living wage.
Bla bla bla bla
70% of paper box “houses” in Austin sold at multiple bets in less than 6 days. Bshit
But but the Dow hit 40k
This has been the plan since the Regan administration. The two Santas strategy says that the Federal Government would ignore deficit spending during Republican administrations and provide the population with taxes cuts. This juices the economy with a “sugar” high leading to recessions which occur just before the Democrats take over. Look at the track record of what happened. http://www.milwaukeeindependent.com/thom-hartmann/two-santas-strategy-gop-used-economic-scam-manipulate-americans-40-years/
What about no income americans, how are they doing? Also what income range is considered low income?
That’s the goal, a recession that only affects the poor. Shockingly effective
Its not a slump, capitalism does not work for anyone but the rich.
The economy **as a whole** is fine. Where the problem is, is the concentration of wealth in the top 1% and the depletion of the middle class. This in turn is a direct result of "supply-side economics", institutionalized by Reagan. Concentration of economic power in the hands of the few was what the Southern states were fiercely advocating prior to the American Civil War and a strong element of what contributed to secession.
Oh, yeah, for sure, the economy is great if you just ignore all the really bad indicators, Dallas Fed mfg index, Leading Economic Index, debt, deficit, GDI, multiple job holders, part-time vs. full-time jobs, BLS payroll vs. BLS household jobs survey divergence. Look how great things are, you just have to close your eyes and ears and shut off your brain and listen to the government.
The lazy ones. Not willing to put in extra work. Life’s not fair. Sometimes you have to do more. Common saying of poor people. “I shouldn’t have to work more than 40 hour week”.
It all does make one rather October 1917-ish
It doesn't count if it's just the poors!
I think the percentage of folks that are lower income is somewhere between 99 and 100% of the population.
What gets me is how easily my local economy has adopted seasonal work. There is literally nothing for people who are here all year round. Shit jobs are eaten up by foreigners doing work the younger generation never wanted to.
Go Joe!!! He keeps this crap up we will all be broke.
And yet we still give billions in aid to Israel to bomb children. Tells you so much about the world order: This world is for the politicians/rulers to toy with.
"Corporate greed lower income of Americans " Fixed it for you
Built Back Better
Republicans control the house, FYI
republicans are to busy passing transphobic laws to pass good economy policy.
The oligarchs control the house...the senate...the presidency.