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this post was submitted on 28 Apr 2024
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Is this the beginning of households breaking under the taking credit with increased interest rates? I wonder what that would mean over the next couple of years?
The economy is overdue for a recession. I don’t mean that facetiously, we’ve been in a growth stage since 2009.
Of course that’s all in the capitalistic framework, if we didn’t have the need for unfettered growth, recessions wouldn’t be needed either.
What would a recession with inflation look like? They look hesitant to lower rates like they did in 2008.
I have a very basic understanding of economics, but recession would definitely reduce inflation.
I think the real issue is that the "economy" and markets are so disconnected from the reality of the everyday American. Wealth inequality was already bad in 2008, but its only gotten exponentially worse. Who cares if the stock market is good and GDP growth is steady if none of that value is making its way to the workers' pockets. Shit is bad out here but the market movers fail to see that.
Hundos are the new twenty.
So we're Japan then, where you have a new high sounding number as the new normal price.
Given that most people are living paycheck to paycheck, that means they're simply not able to absorb continued increase in cost of living. Meanwhile, we see inflation keep climbing while salaries are stagnant. Something will definitely have to give here.
https://fortune.com/2024/02/01/emergency-1000-expense-most-americans-broke-debt-bankrate/
pg&e announced they'll be trying to curb their planned annual electricity and gas price increases to under 5% from the current nearly 20% over the past two years
STAGFLATION TIME BABY VOLCKER SHOCK INCOMING