There’s a reason the US economy soared and others were mediocre. There’s only one appropriate word to describe the economy in 2023: “miracle.” Americans are spending more now than they did before the pandemic, even after adjusting for inflation. This isn’t happening elsewhere in the world.
by mafco
16 comments
im in disbelief that they could site spending data without showing the huge debt load that american’s have incurred. And to say that we feel “wealthier” is like the author is living in a different america than the one everyone else is in.
I knew President Biden was the one to lead us through this and he has.
I just wish he had been able to forgive our student loans like he promised.
Easy credit doesn’t exist in many other parts of the world.
Yellow journalism is alive and well.
Crash incoming (on purpose) to implement CBDC within the next year or two.
Print $20T, raise interest rates, start proxy wars in Ukraine and Gaza (selling weapons). It’s not hard folks.
We’re just expediting the transfer of wealth, the 1% thanks us.
Would like to know the data for what the credit card debt holdings are currently for us Americans.
I would call the 2023 US economy an economic miracle with kudos for efforts by Biden and his administration, accomplishing the soft landing coming out of a worldwide pandemic, Russia’s invasion of Ukraine, the biggest land war in Europe since 1945, soaring food and energy costs and supply chain issues. Despite all of this, we accomplished a soft landing. Amazing.
Not to say there aren’t challenges ahead, food and housing are too high, the Russia/Ukrainian war, Hamas/Israel war, and a political bomb if the Supreme Court decides to ignore the 14th Amendment. But fingers crossed going forward.
How?
If consumers are,
(1) in record credit debt,
(2) working multiple jobs and living paycheck-to-paycheck
Then, how (and why) are consumers spending more than ever?
Credit card debt is the answer
lol at “miracle”
There’s some interesting stats. Home prices have shot through the roof, but since 66% of all households own their own home that’s a net plus for the majority of people, however it’s a big minus for those folks who don’t own their own home.
The increase in interest rates affected a lot of things, but most noticeably if further increases the cost for a mortgage. For folks who already own their own home and are comfortable staying there this isn’t that big of a deal, but for that third of the population that doesn’t own their own home (plus the percentage of homeowners that have adjustable rate mortgages) this is a nightmare that makes it even more difficult for them to ever acquire a home.
60% of American households own stock, mostly in retirement funds. The stock market has been roaring back, but if you’re in that 40% who doesn’t own stock you weren’t feeling any of it.
All this leads to a real bifurcation in our society and are hardening of a perpetual underclass. This will cross generations as the boomers who own homes and don’t spend all of their equity on healthcare costs and their final years pass those homes on to Gen X and gen z children. The children can choose to either stay in those homes or sell them and use the equity as a massive down payment for their own home.
However, if you weren’t lucky enough to be born with parents who have homes with a lot of equity in them that they will pass on to you it might create a cycle of intergenerational poverty.
Look at your country’s debts levels, if it were not for the USD, your country would have collapsed 100 times. US is a currency super power printing to buy anything in the world for nothing guaranteed by your military power.
OP’s post history are all about
how it’s sunshine and flowers under the Biden administration. How much are they paying you? It’s people like you that ruin the integrity of the sub and true meaningful discussions.
Do we have a choice to not spend more? My biggest expenses are housing and food because I don’t want to be homeless or starve.