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Posted on 2/7/24 at 7:55 am to Motownsix
quote:
So consumer credit card debt is up 3% since pre-Covid levels and household wealth is at an all-time high.
100% due to the rise in home values.
Keep ignoring the facts of why the economy is "soaring" and stick with the progressive narrative. I'm sure you will have an excuse when it all blows up.
Posted on 2/7/24 at 7:55 am to Motownsix
quote:
household wealth is at an all-time high
lol.. I wonder why. Adding trillions into the economy will do such, for half the population, temporarily.
Bubbles exist, this is a massive one.
Posted on 2/7/24 at 7:56 am to Motownsix
quote:
Household wealth at an all time high Stock market at record highs Home value up 50% or more since pre-Covid Record unemployment Highest wages ever
Household wealth is at the highest of all time. This in no way accounts for purchasing power that was lost over the past 3 years. Go on ahead and lop off about 17% of that number.
Stock market is doing great. Glad to see the wealthy get wealthier. Bottom up and middle out, am I right?
Home values are up. As are interest rates. Mortgage applications are down because these artificially inflated home values are barring lower earners from entering the market… the single easiest market to generate wealth and security. New builds are down.
Unemployment in 75% of states is up, that includes large states like California and New York. The state numbers are significantly higher than the feds numbers. They’re lying to you bud.
Highest nominal wages, correct. Adjust that for inflation, wages have decreased over the last 3 years.
Take your propaganda somewhere that people can’t critically think.
Posted on 2/7/24 at 7:57 am to fjlee90
quote:
Highest nominal wages, correct. Adjust that for inflation, wages have decreased over the last 3 years.
Take your propaganda somewhere that people can’t critically think.
The Potato actually has defenders. This surprised me.
Posted on 2/7/24 at 7:58 am to Gifman
quote:
was told the economy is awesome.
Yeah all that consumer spending is happening alright. Just not getting paid from credit
Posted on 2/7/24 at 8:02 am to Motownsix
quote:
Not a single first hand account of how this economy has made a person worse off than pre-Covid.
Dude.
Have you been to the grocery store lately?
Home value going up means it’s harder to buy a house. It also means property taxes go up.
The apartment I leased through 2008 has tripled in rent over the last 15 years. Salaries have not. I know mine hasn’t. Sure, wages are up, but they are not outpacing the cost of living.
Our grocery bill has doubled over the last two years. My 2% return at Costco was 50% higher than the year before and that includes them cutting gas as a means to earn cash back.
If you’re not being sarcastic, your analysis is woefully incomplete.
Posted on 2/7/24 at 8:04 am to bluestem75
Not even just inflation…
A lot of people are worse off income-wise since Covid because so many jobs evaporated overnight and getting a comparable one hasn’t always been possible.
My wife got laid off in Covid and, when she did get a job, it was for significantly less than what she made before.
A lot of people are worse off income-wise since Covid because so many jobs evaporated overnight and getting a comparable one hasn’t always been possible.
My wife got laid off in Covid and, when she did get a job, it was for significantly less than what she made before.
Posted on 2/7/24 at 8:06 am to fjlee90
quote:
Home values are up. As are interest rates. Mortgage applications are down because these artificially inflated home values are barring lower earners from entering the market
The rate of homeownership in the USA has changed very little in the past 55 years.
Posted on 2/7/24 at 8:13 am to RogerTheShrubber
quote:
lol.. I wonder why. Adding trillions into the economy will do such, for half the population, temporarily. Bubbles exist, this is a massive one
So you agree that economy is great, but you claim it is a temporary transitory bubble based on Covid cash that is about to burst.
We need to get you five minutes on a cnbc type of platform because everyone involved in finance for a living could use the entertainment. Love it.
Posted on 2/7/24 at 8:19 am to Nosevens
quote:
American economic crisis looming is catastrophic
Been hearing this since 2015. Hasn't happened. Maybe one day you will be right
Posted on 2/7/24 at 8:21 am to fjlee90
quote:
Unemployment in 75% of states is up, that includes large states like California and New York. The state numbers are significantly higher than the feds numbers. They’re lying to you bud
Unemployment is up in 75% of the states compared to when? Are they still not at decade lows?
Who is lying to me? The BLS numbers?
Once you start claiming that government numbers are faked for political reasons or inaccurate because of ineptitude people stop taking you seriously. One thing the government is really good at is data collection. The egg heads in these departments have no political motivation. Sure politicians attempt to cherry pick the data for their narrative but it doesn’t mean the data isn’t real.
Posted on 2/7/24 at 8:22 am to SippyCup
I’m sure Trump will be blamed
Posted on 2/7/24 at 8:24 am to DaBike
quote:
total consumer debt swelled to $17.5 trillion
Total consumer debt amounts to half of the national debt. This house of cards can’t hold up.
Posted on 2/7/24 at 8:24 am to Motownsix
quote:
So you agree that economy is great, but you claim it is a temporary transitory bubble based on Covid cash that is about to burst.
We need to get you five minutes on a cnbc type of platform because everyone involved in finance for a living could use the entertainment. Love it.
Economics for dummies is a great book for people that have no clue about economics. I suggest you purchase it now as it is obvious that you have no idea.
Posted on 2/7/24 at 8:25 am to Motownsix
quote:
One thing the government is really good at is data collection.
Not when each administration has an agenda. You actually trust presidential administrations not to doctor numbers?
How about the easter bunny?
Posted on 2/7/24 at 8:27 am to Motownsix
quote:
So you agree that economy is great,
Absolutely not. We are practicing MMT. Big debt in times of plenty.
Posted on 2/7/24 at 8:27 am to Motownsix
quote:
Once you start claiming that government numbers are faked for political reasons or inaccurate because of ineptitude people stop taking you seriously.
Dude anyone that would type this is "not takin seriously". I have seen a lot of people here that do not understand economics. You are the poster child for it.
Posted on 2/7/24 at 8:29 am to Motownsix
The sociopaths in a good spot right now can't see the forest for their landscaping.
If your disposable income is 10x that of another, a doubling of food pricing is just a minor irritant to you. The other guy is in trouble.
But every cancer starts small. The "I feel great" types will see that in due time.
If your disposable income is 10x that of another, a doubling of food pricing is just a minor irritant to you. The other guy is in trouble.
But every cancer starts small. The "I feel great" types will see that in due time.
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