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submitted 7 months ago by yogthos@lemmy.ml to c/news@hexbear.net

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.

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[-] peeonyou@hexbear.net 45 points 7 months ago* (last edited 7 months ago)

Holy fuck.. what will the economic shamans think up next?

[-] yogthos@lemmy.ml 52 points 7 months ago

Amusingly, this is probably the most honest article I've seen in a while that actually acknowledges that people are struggling as opposed to just doing gaslighting saying how great the economy is.

[-] peeonyou@hexbear.net 38 points 7 months ago

That can only mean it's REALLY bad and there's just no way they can keep saying otherwise without losing credibility with even the most clueless of readers

[-] CommunistBear@hexbear.net 37 points 7 months ago

The entire economy has been hollowed out for decades with various financial shenanigans. We are Wiley Coyote but we haven't looked down yet

[-] Pentacat@hexbear.net 19 points 7 months ago

Yes. There isn’t another analogy that fits as well as this, imo.

[-] Frank@hexbear.net 21 points 7 months ago

Don't do shamans like this they're legitimate religious figures (unironically though only from the region where there are actually shamans in siberia it's not a universal concept)

[-] peeonyou@hexbear.net 1 points 7 months ago

I know, I actually thought about that after the fact, but I couldn't think of something else that fits and is understandable

this post was submitted on 23 May 2024
149 points (99.3% liked)

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