The US economy is experiencing a “selective recession” where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.
lower-income
90% of the population
Pandemic savings? Pandemic savings??? What the fuck savings are you talking about? Pandemic spendings more like because tons of people lost their jobs but still had to pay fucking rent!
This line has been a thing for years now and I’m still bewildered where it came from. For a couple years after the pandemic ended (hell, I guess it’s still going on) articles focussing on the economy would always mention how people were doing better than average or are more insulated from downturns due to the tons of money they saved/earned from the pandemic, and how they still possess that money, and I never understood if they were just lying or if there really is some large mythical group of people who still somehow possessed the money that was given out. I’m not an American but no American I’ve ever talked to has even mentioned having that money in reserve, ever.
That’s literally just a recession. The rich are always fine.
WHAT PANDEMIC SAVINGS? EVERYONE HAD TO GO BACK TO WORK SIX MONTHS INTO 2020! Oh, I’m sure we can scrimp and get by on $2k (ASTERISK!) and a little extra unemployment for checks notes 4 full years!
Who the fuck had pandemic savings?!?
The people who got $500,000 in PPP loans for their boat dealership and never had to pay anything back
It’s such bullshit. Someone on here linked a site that you could look up who received PPP loans and who had the debt absolved. So many small businesses tyrants in my area got like almost a million.
Meanwhile I will have to start paying student loans again in a few months. Trying to get ready but I can’t believe that Biden turned that switch. Total dogshit.
