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Fed Chair Powell: “economy leaning too hard on the rich”
Posted on 9/21/25 at 7:05 am
Posted on 9/21/25 at 7:05 am
quote:
Jerome Powell said the U.S. is seeing “unusually large amounts of economic activity through the AI buildout,” a rare acknowledgement from the central bank that the surge is not only outsized, but also skewed toward the wealthy.
That imbalance extends beyond markets. Roughly 70% of U.S. economic growth comes from consumer spending, yet most households live paycheck to paycheck. That demand picture has taken on a shape that analysts call K-shaped: while many families cut back on essentials, wealthier households continue to spend on travel, tech, and luxury goods—and they continued to do so in August. For now, the inflation recovery depends heavily on this dynamic remaining in fragile stasis. It’s a fix that works well until it doesn’t, if it could be described as working at all.
“[Spending] may well be skewed toward higher-earning consumers,” Powell told reporters after the Fed’s latest policy meeting. “There’s a lot of anecdotal evidence to suggest that.”
quote:
The comments underscore a widening concern at the Fed: that while headline GDP growth is holding above 1.5%, the composition of that growth is uneven, unlike previous booms in housing or manufacturing.
Powell pointed to “kids coming out of college and younger people, minorities” as struggling to find jobs in today’s cooling labor market, even as affluent households continue to spend freely and companies funnel cash into cutting-edge technologies.
The imbalance reflects what Powell described as “a low firing, low hiring environment,” where layoffs remain rare but job creation has slowed to a crawl. That dynamic, combined with the concentration of economic gains in AI and among the wealthy, risks deepening inequality, and complicates the Fed’s attempt to balance its inflation and employment mandates.
That disconnect risks widening the gap between Wall Street and Main Street. While affluent households continue to spend freely and tech titans pour billions into data centers and chips, revised jobs data show the economy added just 22,000 positions in August, with unemployment edging up to 4.3%.
quote:
“The overall job finding rate is very, very low,” he said. “If layoffs begin to rise, there won’t be a lot of hiring going on.”
LINK
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Posted on 9/21/25 at 7:16 am to ragincajun03
quote:
“kids coming out of college and younger people, minorities” as struggling to find jobs in today’s cooling labor market,
Found the problem. With massive retirement of Baby Boomers, there a plenty of jobs in skilled labor markets that require tech certifications (not college) or just plain willingness to learn and work hard which is why immigrant labor has found a home in the U.S.
Translation: learn to weld, become an electrician, learn plumbing, HVAC, etc.
Having said that, college certainly has its place but the degree needs to be a specific field in demand in the marketplace.
Posted on 9/21/25 at 7:20 am to ragincajun03
quote:
"a low firing, low hiring environment,” where layoffs remain rare
We're seeing layoff numbers weekly. Employment numbers from the government are garbage.
Posted on 9/21/25 at 7:20 am to GurleyGirl
quote:
why immigrant labor has found a home in the U.S.
Immigrant labor drives down wages
The $100k H1B visa fee is going to be monumentally important going forward for grads of STEM programs.
Posted on 9/21/25 at 7:23 am to GurleyGirl
Posted on 9/21/25 at 7:39 am to rob0710
quote:
Average welder's pay - BLS
$51,000 is not good money in today's world
51k cant be right. If you ask any welder they make more money than anybody.
Posted on 9/21/25 at 7:39 am to rob0710
quote:
$51,000 is not good money in today's world.
It puts you right at the median and is better than the retail jobs a lot of college grads are settling for.
Posted on 9/21/25 at 7:39 am to rob0710
I pulled my son out his MBA program and told him I’m only paying for welding school going forward
Posted on 9/21/25 at 7:42 am to ragincajun03
Trim carpenters make more money than most doctors.
Posted on 9/21/25 at 7:58 am to bad93ex
quote:
The $100k H1B visa fee is going to be monumentally important going forward for grads of STEM programs.
No, it won’t. AI is already taking lower-level jobs and the rest will just be off-shored. Companies care more about the bottom line than they do work product.
Posted on 9/21/25 at 8:01 am to Loup
quote:
51k cant be right. If you ask any welder they make more money than anybody
Yes, and like a lot of plant baws, they work 7 days a week for OT pay and make bank because they live at the plant. But, the trade off is if you have kids, you're never home to spend time with them and watch them grow up. That trade off is not worth it imo. Id rather be camping, hunting, fishing with my children than working 7 days a week 12 hrs a day.
Posted on 9/21/25 at 8:09 am to HillabeeBaw
Hard to have a lot of growth when the fed is artificially keeping rates high.
Posted on 9/21/25 at 8:19 am to HillabeeBaw
My nephew graduated from high school in 2024 and is a welder. He makes $23 per hour. He works a lot of overtime and with overtime he will make abot $70k. He said with a couple more years experience he will get paid over $30 per hour.
Posted on 9/21/25 at 8:30 am to Shaun176
Thats great for your nephew. Make as much money as you can while youre young and single or young and married without kids. Im just glad Ive always been around for my kids and hopefully they will appreciate the raising and the quality time Ive spent with them when theyre older and making their own way in life.
Posted on 9/21/25 at 8:37 am to GurleyGirl
quote:People on this board keep saying this like it's true.
Found the problem. With massive retirement of Baby Boomers, there a plenty of jobs in skilled labor markets that require tech certifications (not college) or just plain willingness to learn and work hard which is why immigrant labor has found a home in the U.S. Translation: learn to weld, become an electrician, learn plumbing, HVAC, etc.
Posted on 9/21/25 at 8:45 am to rob0710
quote:
We're seeing layoff numbers weekly. Employment numbers from the government are garbage.
Can’t believe this dumb post got 12 upvotes
1.) Numbers from a nationwide analysis mean more than the small, limited sample size of your personal observations.
2.) Companies doing these layoffs are not re-hiring the positions, so it’s decreasing the number of jobs out there.
Posted on 9/21/25 at 9:05 am to Loup
quote:
51k cant be right. If you ask any welder they make more money than anybody.
Worked as pipe fitter helper while in college. Saw those welders in S LA in July in their welder clothing / gear in 95-degree, 100% humidity weather…and thought what wage, over a career of that misery, would be worth that?
Answer (for me): $0.5 Gazillion
If can weld only Nov - Apr or in Canada
Posted on 9/21/25 at 9:07 am to VOLhalla
quote:
AI is already taking *some* lower-level jobs
AI is evolving the workplace and will create new jobs.
quote:
the rest will just be off-shored.
The next move for the current administration.
Posted on 9/21/25 at 9:09 am to ragincajun03
Powell says this and meanwhile federal fiscal policy keeps working to marginalize government assistance programs.
I mean at some point something is going to give. More Luigi mangione types
If I was real conspiracy theorist I’d suggest the opioid epidemic was the real “great replacement” to hollow out the working class so that AI doesn’t have to displace quite as many people.
Once robotics catches up with the software we won’t even need people to pick our fruits or put on our roofs. Can’t wait
I mean at some point something is going to give. More Luigi mangione types
If I was real conspiracy theorist I’d suggest the opioid epidemic was the real “great replacement” to hollow out the working class so that AI doesn’t have to displace quite as many people.
Once robotics catches up with the software we won’t even need people to pick our fruits or put on our roofs. Can’t wait
Posted on 9/21/25 at 9:15 am to bad93ex
quote:
Immigrant labor drives down wages The $100k H1B visa fee is going to be monumentally important going forward for grads of STEM programs.
Jesus Christ, of course it does but that’s not relevant to her post. Her post was merely drawing a parallel between hard work earns money one way or another. Mindset is important in the workplace.
It wasn’t about whether illegal labor should exist, which is shouldnt and should be eradicated.
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