https://www.cnn.com/2024/05/03/investing/premarket-stocks-trading-consumers-restaurants/index.html
“Many customers have been more exacting about where and how they choose to spend their money, particularly with (pandemic) stimulus savings mostly spent,” said Starbucks CEO Laxman Narasimhan on the company’s earnings call."
The Fed has stated over and over again that the working class needs to be put in their place, weakened, and wage increases need to slow down in spite of businesses jacking prices and executive compensation on it's way past the moon. So the mass layoffs continue, and life is getting worse and worse. It's already become economically infeasible to even work at all anymore for many. After all, what is the point in enriching the top if you can't even support yourself and prepare for an inevitable future. We've worked hard to lift billionaires so much higher, but drowning ourselves while we do it.
So I need to know, are they right? What workers out there are still telling businesses "I'll pay you more" because you've still got a lot of stimulus money left?
How did you make it go so far?
How much do you have left?
How much did you get for the love of all?
We haven't been dining out in years. YEARS. We're pinching every penny, running up credit card debt on groceries, literally financing our food now at about $200 per month in interest, and its prices still aren't falling. Wages for family supporting jobs are NOT keeping up. And we're working so much more now that we can't take one of those proclaimed many minimum wage jobs that are now available in place of the mass layoffs that are accelerating.
So who is it jacking prices? You, with your big fat stimulus money still in hand? The executives who are raking in higher and higher profit margins, bonuses, and granting themselves more and more shares of the companies we comprise?
Also, when are you going to run out of that stimulus they claim you have?
https://old.reddit.com/r/economy/comments/1cje0sc/the_wealthiest_bankers_executives_and_the/
by agreeablederivative
8 comments
At some level, I think people know that spending increases with income. It’s true across all countries across all of time.
But there’s this funny tendency in the US to pretend like poor people spend too much. Obviously poor people spend less than everyone else. We all know that, right? Just to re-iterate: poor people spend less money than everyone else. Poor people spend the least amount of money.
Yet in the US we ballfondle the rich and hate the poor. When the rich buy a $1.2 million dollar car we take pictures of it and imagine ourselves driving it. When poor people take their mom out to eat for her birthday we chastise them and scold them for using credit card debt. Even though rich people get credit card rewards when poor people pay credit card debt interest.
It all comes from our right wing belief that rich people *deserve* money and poor people don’t. Obviously this is another myth. A person cannot claim credit for being born with greater natural endowments (such as superior intelligence or athletic abilities), as it is purely the result of the “natural lottery”. Therefore, that person does not morally deserve the fruits of his or her talents and/or efforts, such as a good job or a high salary.
Absurd. That money is long gone.
Ownership sets prices; this is elementary.
It happened, poor people all of a sudden ran out of money. Are these people joking, it sounds like a joke.
Lol these guys are fools. No, spending is decreasing because everyone’s savings is gone.
Lol these guys are fools. No, spending is decreasing because everyone’s savings is gone.
If we don’t make billionaires richer, how will we ever be able to look at ourselves in mirror?
How many times do we have to prove that squeezing customers hurts the economy before these assholes stop pushing tax cuts?
Obviously… back to good old fashioned business. Sucks for those that don’t know how to do that.