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submitted 6 months ago by yogthos@lemmy.ml to c/news@hexbear.net

The US economy is experiencing a "selective recession" where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.

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[-] yogthos@lemmy.ml 52 points 6 months ago

Amusingly, this is probably the most honest article I've seen in a while that actually acknowledges that people are struggling as opposed to just doing gaslighting saying how great the economy is.

[-] peeonyou@hexbear.net 38 points 6 months ago

That can only mean it's REALLY bad and there's just no way they can keep saying otherwise without losing credibility with even the most clueless of readers

[-] CommunistBear@hexbear.net 37 points 6 months ago

The entire economy has been hollowed out for decades with various financial shenanigans. We are Wiley Coyote but we haven't looked down yet

[-] Pentacat@hexbear.net 19 points 6 months ago

Yes. There isn’t another analogy that fits as well as this, imo.

this post was submitted on 23 May 2024
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