The great American boom is finally running out of steam, leaving mountains of debt. High borrowing and low personal savings are dashing hopes of an economic soft landing.

6 comments

1. Funny thing is that under Democratic leadership in DC and with the reliable flow of cash into our pockets during the depths of the pandemic, people were paying down debt and saving money. As soon as that reality began being reported widely there was a great push to cut off the money supply to the streets combined with a massive price increases imposed to increase profits.

   The end result was that extra money folks had to pay down debt and put some aside for savings was absorbed for the most part by the already very richest. It is what a “what the market will bear” economy looks like for better or worse.

2. Let’s say you have low debt and high savings…how will this affect you?

3. Sounds like time for a “Great Reset” so we can restart the cycle again.

4. I always consider it two camps. The first is people who are really struggling. They are working hard, getting marginal pay, and scramble to keep their 10-year-old cars running, a new phone every five years is a treat, scrape to save for a modest vacation for the family, and worry a single bad news health appointment can wipe them out. I feel for these people. The second camp complains more than the first camp. They are also working hard. They complain about gas-diesel prices/auto insurance/car loan interest payments on their 2023 Ford F250 Super Duty. They complain about the high cost of food eating out 4 times a week. They complain about the crazy inflation jacking up the price of their yearly new iPhone. They rant about giving relief from Student Loans and want relief on their credit cards they used to finance their pickup and 4-bedroom new house downpayments. They blame Govt for mandating health insurance and preferred before just taking their kids to the emergency room when they were sick. I have a feeling a lot of complainers are in Camp 2.

5. The influx of non citizens, who were given food stamps, health care, housing and cash, and are buying the cars and food that are now is short supply, helped to increase cost leaving us with less supply! Including housing! So with our money the government created a market where we pay more and also pay for non citizens to live better! The government has shown they get 59% of the aid and their unemployment numbers are lower. In Western PA there are companies hiring non citizens and getting rid of Americans because they don’t have to pay benefits because the government is, and they are paying them to hire them!
   Look into Charleroi PA. And then look into the “refugees” living in expensive apartments, buying homes, and cars and spending money like crazy!

6. Articles like this are … exhausting.

   They take snippets from here and there, mash them all together and load them into a shotgun and fire them into “print.” Worse, their snippets are anecdotal references to “this and that.”

   Nothing connects except fear and uncertainty.

   Look, one day we will have another recession. That’s fine. It’s not remotely the end of the world nor is it something you’ll be able to time.

   Are we headed for stagflation? The fact is inflation has come *down* and unemployment is as record *lows* so … no?

   And—by the way—I find it interesting that this author seems to equate a recession with a “hard landing.” Fuck, it makes me hate that I even read this garbage.

   Here’s the other thing: the “Great American Boom.” Every other article is about how the economy is actually been “weak” … which is it?

   I’ve followed various highly regarded pundits for years, actually taking notes of their predictions. You know how often they are correct?

   Hardly ever.