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submitted 5 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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[-] Tunnelvision@hexbear.net 52 points 5 months ago

It’s such bullshit. Someone on here linked a site that you could look up who received PPP loans and who had the debt absolved. So many small businesses tyrants in my area got like almost a million.

[-] ChestRockwell@hexbear.net 28 points 5 months ago

Meanwhile I will have to start paying student loans again in a few months. Trying to get ready but I can't believe that Biden turned that switch. Total dogshit.

[-] someone@hexbear.net 6 points 5 months ago

Trying to get ready but I can't believe that Biden turned that switch. Total dogshit.

It's actually worse than that. His administration increased future student loan interest rates.

this post was submitted on 23 May 2024
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