will be financially worse-off 
than they were pre-pandemic by mid-2024, JPMorgan says
https://finance.yahoo.com/news/99-americans-financially-worse-off-005110689.html
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I don't get it.
How are 99% Americans worse off when GDP per capita is higher next year than ever before?
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Because of inflation right?. Because the GDP per capita needs to be higher than the inflation. Say GDP grew 5% but inflation is up by 10%. Still 5% loss in buying power.
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Why not just order more products from a poorer country where the US dollar has an even better value now than 5 years ago?
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Abandon protectionist policies in the US? Congress and Biden says lol no. The the green energy shit Biden was pushing was filled to the brim with protectionist policies.
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I think the US should open a free market with Canada and Mexico.
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Aren't the US protectionist policies fricking them over at this point?
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Immensely. However like all protectionist policies it just there for rent seeking purposes.
Just look at the Jones Act. It's legislation that is fricking over the US big time and congress even suspends it now and then instead of just removing it.
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The US has a simple rule.
They want the economy to grow at 2% and retain control.
Only loosen control if gdp growth get stuck below 2%
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They are saying Americans have less money in their bank accounts than the time the government gave everyone a bunch of gibs.
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but the article clearly states that they're comparing w/ 2019, which was before any COVID relief occurred.
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The graph doesn't though, the rest of article gives no actual numbers. They just are saying there are signs that there might be more credit card and auto loan delinquencies which makes sense with increased interest rates.
Poor people are earning more than ever, which is why people are complaining so much now about shit like McDonald's prices. When you have to pay every McWagie
$15/hr + benefits shit is going to cost more.
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But that chart is income not savings?
anyways poor people are poor because they suck at handling money so poor people earning more money isn't actually going to result in better financial outcomes for them
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its always gibs season for the bl4ck community
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something something trickle down economics
!slots1000
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GDP counts paying for debt for some god awful reason lol
So if someone runs up their credit card and is now paying $500 monthly in the interest alone, that counts towards GDP
Interest rates, if they didn't cool spending and existed in a bubble, actually increase GDP themselves because the cost to service debt increased. All those higher interest mortgages make GDP look great, while obfuscating the fact that more people are debt poor than they were at the lower GDP previously
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So your country and it's rich is richer and your poor people are poorer.
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100%
Better to be on the correct side of the debt equation by owning short term money market funds or buying bonds now (people who bought them 2 years ago are fricked). Going to be a looooong decade for people and companies that relied on financing with variable rate debt or were just getting by before 2020
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I don't understand anything you just said but you said it confidently like you know what you are talking about so I believe you.
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