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.

  • Speaker [e/em/eir]@hexbear.net
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    5 months ago

    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!