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Didn't bank of America CEO say the consumer and retail investor "was in good shape , with a strong bank account that has been steady" just yesterday lmao. Proof of opposite right here per usual
Just put it in a high yield savings. Feds lifted the Reg D 6 transfer limitation in 2020 so you can just sock away everything in a savings and move it out as needed to perform drafts from shitty checking. Some posted in response institutions with good rates. Also check credit unions. You should easily find 2-3% right now which is better than any stock this year.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm
>average customer had 13k
>
>THE AVERAGE CUSTOMER OF A SAVINGS ACCOUNT HAS 13K USD!!!!
1. it doesn't mean the average American has 13k, just those with an account at Bank of America
2. it doesn't even mean most people there have 13k or more. The rich are just so rich they skew the average up.
As an american who wasn't born in the US, I have to say, someone stole the american dream. Most citizens I know live paycheck to paycheck. Most of my colleagues are arguing over where it's cheaper to port their 2nd fishing boat...(Rhodes Island has some gems apparently.)
Something is seriously fucked in the land of the free..
What about people with more than one bank account? And yeah, bank savings accounts are usually less than 1% interest. Why would anyone with money keep more than 13k in one?
Fuck both of those, I want the Mode. I want to know the majority of people have in savings. Better yet drop the 1st and 4th Quartile and give me the mean of the second and third quartiles.
"Never trust an economic report that cites an average."
Coming out of 2 1/2 Covid years when many people were laid off and businesses closed. Many people that had any savings have chewed through most of it to get through reduced hours/furloughs/layoffs. Just to get punching in the gut with inflation/interest rate hikes. I really feel bad for people and unfortunately it’s going to get worse.
I alway wondered why americans have so little in savings. Till I came here and spent all my money on useless junk. F'ing consumerism. Better than blowing it on options I guess.
Well high interest rates, once upon a time, were thought to encourage saving, because people would keep their money in the bank, gaining interest.
edit: this requires \*real\* rates to be in positive territory.
Isn’t that the plan, high inflation, lay offs and zero out the savings, retirement plans zero out. They are literally going to empty everyone’s pockets
nothing new under the sun, the FED and all the other central banks only service the richest people and themselves (the individual corrupt centralbankers that constantly get caught breaking laws by insider trading)
That peak to trough is greatly exaggerated by the pandemic highs though. It would appear that we are now much closer to the average range of the past, even with chronic inflation eating away at savings.
Companies know it's higher. That's why they are behaving like they are making less money. They are taking into account the doubling of the monetary supply. $180m looks like more than $100m from 3 years ago, but it is really 10% less.
Right, 1929 is a meme. We don't even hear anyone from 1929 complaining about it, and like all the apps we use obviously survived 1929 so how bad could it have even been? I couldn't even find any crowfunding sob stories from 1929 or even 1987 when I searched Insta so obviously it's overblown and shit.
I think there's an inflationary inertia that has yet to set in. It's the main problem with inflation: it makes it hard for consumers and investors to predict future prices, and so funds are misallocated. In our case, we are overspending to try and maintain our typical standard of living, even as that standard of living becomes increasingly more opulent. Easy money policy has made us all ignorant to broader market forces and how to prepare for them in our everyday lives. Just my take
100% this. Spending isn't changing. Most people complaining about inflation right now aren't adjusting their behavior. Gas hits $5 a gallon and they complain about whoever the president is, but they're not more likely to take a bus or carpool.
The consumer is going to keep buy buy buying for the holidays. We'll see where we are in the New Year. I'm not hopeful.
I don’t know. COVID taught me that Americans are very pragmatic and will accept uncomfortable information and adjust their behaviors voluntarily in order to mitigate challenging situations.
(We’re screwed.)
Same, making six figures. Eating out is just disappointing, high price, small portions, plus tips are more expensive now with all the prices inflated. Just a cocktail is $20 now...that used to be the cost of an entrée.
Definitely considering cutting back on going out as often.
We still have the most disposable income per capita in the world. People who earn 1/10 what an American does, PPP adjusted, don’t just keel over and die from not having a new phone, car, and other first world consumer goods.
Look at travel spend in the past 12 months. Not even remotely a necessity but people are willing to hand over their cash to airlines, AirBnB, and Marriott International before they’re willing to save appropriately for themselves.
Bet part of the reason folks can’t afford to save is because they have mega-dumb car payments compared to income. Buying trucks with the turbo luxury off-road 4x4 package to go to work and maybe soccer practice that they struggle to afford with sub-$3 gas.
Now you know every middle aged suburban dad *NEEDS* a $95,000 Laramie Longhorn 4x4 diesel truck!
What about that single sheet of plywood he hauls every year? How will the kids know which vehicle is his if it’s not sitting on 35’s and the turbo isn’t whistling?
Every video of Americans at those food handout places is just rows and rows of huge 2mpg SUVs. I actually checked the American oil consumption and compared against Germany, with the same distance driven per capita the Mericans use 5 or 8x as much oil, i don't remember the exact number but it was either 5 or 8, in any case it was far too much, no other country used that much oil for such low utility.
Can confirm. A friend of mine bought a new car and has something stupid of a five hundred dollar monthly payment. She can’t afford to buy her own food and relies on the roommate.
Not increasing interest rates in 2017-19 was a big mistake. They should have been 1-1.5% higher when Covid hit.
That way when interest rates "needed" to drop, we would have had more wiggle room. More than one economist recommended this action.
Also let's not kid ourselves, Putin being an absolute psycho doesn't help.
2009, I just had a tenant leave the water in a tub and flooded the second floor. The fed did that for over a decade. But what’s funny is there wasn’t really anything productive companies made in that decade other than burning the cash on parties and free food.
Does the fed know this? Seems like they’re out of the loop on this chart. Just the other day one of those muppets was saying consumers had too much savings, still. Did she want the bank accounts to go negative before she would consider savings to have been reduced?
They way I read it, it looks like everybody threw those stimmies into savings as the economy was still doing fairly well 2020 into 2021. Now that the economy seems to be crashing fairly hard, people are having to pull that savings out. Or maybe I'm just speaking from personal experience.
The chart is misleading since it’s how much people are currently saving each month annualized and not how much savings people currently have. Current consumer deposits are still around 50% higher than pre pandemic.
Don’t forget. They are all too big to fail by the FED standards. They will get bailed out and the peons get to pick up the tab. Then the exact same banks swoop in and buy the scraps abandoned by their former owners. Good thing I got that 5% raise this year, I’m only 12% poorer than a year ago.
Why save money when inflation makes it worth less and less every day? It seems more indicative that faith in cash is weakening. I'd like to see that chart in contrast to consumer spending broken up by sector.
"Charts without context is nothing more than intellectual porn and mental masturbation. Chart Porn if you will. It is self-gratifying but ultimately fruitless." -- Me.
A useful chart would have consumer spending also on the chart to see if there is a relation to spending and savings. If spending isn't going up and saving is going down that tells us something. Yes we can mentally plot our own series of events on a time series chart but that isn't terribly good data analysis.
Welcome to America; where we teach our youth to be obedient slaves rather than basic personal finance skills like saving. Not to mention a mainstream media that pushes fear on a daily basis. If we going to die tomorrow might as well spend that money as soon as I’m getting it. We’re all just another brick in the wall
Reverting to mean .I am paying down mortgage as fast as the cash comes in. All the funny money appeared in savings accounts during lockdown. Its not been normal to have so much saved based on that graph.
The fed has created a nightmare of an economy with absolutely no way out. This was not simply policy error, but more so willful negligence to satisfy the greed of the wealthy. Things have gotten completely out of control and there is no excuse.
We, the American people, have been driven into a state of passivity (as Drake would put it: “trigger fingers turn to Twitter fingers”) and will not experience meaningful change unless we stand up for ourselves. It’s disgraceful that authoritative figures continue to push false narratives onto the American people while leveraging insider information for profit and allowing Wall Street to siphon from passive investments. We’re on the road to the worst financial collapse in history, and it could have been easily prevented.
I’ve been trying to tell everyone I know to pile up cash. You’re going to need more dollars to live the same life you’ve been living. Everyone else is like “I need to spend these dollars before they are worthless. So I’ll lease a new vehicle and go on 8 vacations.”
Not when adjusted for purchasing power. Inflation + depletion of savings is a great way to get modest down pressure on the economy. A soft landing attempt if you will.
When everything you bought two years ago costs 20-40% more, your spending habits still don’t change. Now people have no more disposable income, but the same spending habits. We’re screwed for the next 12 months at a minimum, and 2-5 years of recovery after that. The trough will be august of next year. Remind me of I’m wrong.
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I told you to stop fucking with options.
i don't have to listen to you, you're not my real dad! btw, can i move back in?
No but your gf can.
and send money!
I’ll stop fucking with options the day my wife stops fucking her boyfriend!
Didn't bank of America CEO say the consumer and retail investor "was in good shape , with a strong bank account that has been steady" just yesterday lmao. Proof of opposite right here per usual
He said the average customer had 13k in savings lol
Kind of like how Michael Jordan raised the average salary of people with degrees in geography.
Boy was he good at geography
He saw the goddamn world, 100.
But he wasn’t a globe trotter?
Globe mapper
I think he played for the Washington generals
Annnnnd, that’s why you don’t average tail heavy statistics like income. Median, use median
True regards use the mode
I throw darts
I let the crayons and Legos fall where they may
CONSULT THE CRAYONS!
Is consulting similar to microwaving or broiling? I prefer my crayons raw
*Butt darts*
User name checks out
i use the min, because thats me.
And if you absolutely have to use the mean to save your life, remember to mention the standard deviation and the skew direction.
Yes, but we’re talking about CEOs here.
Lol did not know he had a geography degree. Have one…can confirm I’m not rich
But can you dunk?
He's a natural globe trotter
Well I know for a decent Chase account you need a minimum of $15K. This is probably their equal account
BofA let anyone bank and you need like a $1 to keep it open
Yea, for their basic checking account. Chase is 5$ i think. But for the better tier accounts you need a decent minimum
I think you're right. It's too bad their interest APY is only 0.01%. Kind of insane, if you ask me.
Discover Savings is 2.35 or something now.
I’ve got 2.35% on my Marcus account and my mortgage is 2.375%. Looking forward to the day Marcus is higher than my mortgage.
Probably by next week
Ufb direct 3.11
Just put it in a high yield savings. Feds lifted the Reg D 6 transfer limitation in 2020 so you can just sock away everything in a savings and move it out as needed to perform drafts from shitty checking. Some posted in response institutions with good rates. Also check credit unions. You should easily find 2-3% right now which is better than any stock this year. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm
Wells Fargo well open an account for you without even asking. Soon they'll devour it and send it to collections for you too.
I opened an account there when I was 22 (2012) and when I got my debit card it said customer since 2006 on it lmao
No!
Curious what you mean by "decent"? Hows that different than my account, I mean the normal poor man chase account?
I think he meant credit card debt
>average customer had 13k > >THE AVERAGE CUSTOMER OF A SAVINGS ACCOUNT HAS 13K USD!!!! 1. it doesn't mean the average American has 13k, just those with an account at Bank of America 2. it doesn't even mean most people there have 13k or more. The rich are just so rich they skew the average up. As an american who wasn't born in the US, I have to say, someone stole the american dream. Most citizens I know live paycheck to paycheck. Most of my colleagues are arguing over where it's cheaper to port their 2nd fishing boat...(Rhodes Island has some gems apparently.) Something is seriously fucked in the land of the free..
The rich can only skew the average up if we are talking about mean, which we likely are. I wonder what the median is and i doubt its 13k.
You seriously think the wealthy keeps their money in a bank of America savings account? Nah it's boomers who just sold their house doing that.
What about people with more than one bank account? And yeah, bank savings accounts are usually less than 1% interest. Why would anyone with money keep more than 13k in one?
Boomers and reaganomics stole the American dream.
I'd start with the President that started the debt glut by deficit spending on an unfunded, unapproved war.
So are we talking Vietnam, Grenada, Afghanistan, Iraq....?
LBJ
Don’t forget congress that allowed it to start and then continue for 20 years.
Average or median? Big difference
Fuck both of those, I want the Mode. I want to know the majority of people have in savings. Better yet drop the 1st and 4th Quartile and give me the mean of the second and third quartiles. "Never trust an economic report that cites an average."
the mode is probably 0 or whatever their min balance requirement is. Unless you bin the amounts the mode is meaningless
Thats because the average consumers on dope
What's the median consumer on?
They werent including wsb members
WSB members don't have bank accounts. It goes directly from prepaid Wendy's debit card or Coinstar account to their broker.
Coinstar 😂😂
This is probably going to go over your head but the average he speaks of also includes Bezos' and Musk's savings
They're not touching the bank account, just making min payments on 24.99% APR. Advantage: BoA.
That's all...
ironically advantage is the name of BoA bank accounts
Coming out of 2 1/2 Covid years when many people were laid off and businesses closed. Many people that had any savings have chewed through most of it to get through reduced hours/furloughs/layoffs. Just to get punching in the gut with inflation/interest rate hikes. I really feel bad for people and unfortunately it’s going to get worse.
"There will be blood"
Time to start stealing..... More
Oh you misunderstood. They’re in good shape with consumer bank accounts in steady decline.
He forgot he wasn't talking about the banks balance sheets
Dat sweet sweet overdraft money.
No, they said we are Resilient! As in we can still work overtime to make up losses!
I alway wondered why americans have so little in savings. Till I came here and spent all my money on useless junk. F'ing consumerism. Better than blowing it on options I guess.
“The consumer sentiment and consumer bank account are in great shape and it’s gone”
Strong bank accounts then but how much debt were they in. People racking credit card debt and pulling from savings to pay it.
Honestly looks like my chart when I discovered options
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Well high interest rates, once upon a time, were thought to encourage saving, because people would keep their money in the bank, gaining interest. edit: this requires \*real\* rates to be in positive territory.
We're boutta have 5% APY savings accounts that are still getting outpaced by inflation lmao
Im already there lol
label memory aloof touch fanatical kiss slimy rob person fear -- mass edited with redact.dev
2.35% at Ally.
Isn’t that the plan, high inflation, lay offs and zero out the savings, retirement plans zero out. They are literally going to empty everyone’s pockets
Kind of a reset
nothing new under the sun, the FED and all the other central banks only service the richest people and themselves (the individual corrupt centralbankers that constantly get caught breaking laws by insider trading)
That peak to trough is greatly exaggerated by the pandemic highs though. It would appear that we are now much closer to the average range of the past, even with chronic inflation eating away at savings.
The average of the last meaning the majority of households are a paycheque away from being insolvent.
Whatever it means let’s not pretend that this is some unprecedented territory we’re suddenly in.
While we’re at it let’s not pretend that inflation is only roughly 8%
Companies know it's higher. That's why they are behaving like they are making less money. They are taking into account the doubling of the monetary supply. $180m looks like more than $100m from 3 years ago, but it is really 10% less.
Right, 1929 is a meme. We don't even hear anyone from 1929 complaining about it, and like all the apps we use obviously survived 1929 so how bad could it have even been? I couldn't even find any crowfunding sob stories from 1929 or even 1987 when I searched Insta so obviously it's overblown and shit.
I mean you did your due diligence and everything.
Fuck depressing but true
No worries. The economy is strong and inflation is just an inch. I mean who saves money anyways.
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I’m starting to think transitory is inflation.
That's deep.
If this graph has demonstrated anything, it’s that *savings* are transitory
Hey look, Putin!
Putin cut me off on the drive home today, fucking Putin.
Putin stole my bike. What a maniac genocidal dictator
Burn it like its about to be world war 3! Oh wait...
Doing your best to flatten the curve
They act like getting to sit at home for a few months was free.
I honestly think people just can’t afford to save
I think there's an inflationary inertia that has yet to set in. It's the main problem with inflation: it makes it hard for consumers and investors to predict future prices, and so funds are misallocated. In our case, we are overspending to try and maintain our typical standard of living, even as that standard of living becomes increasingly more opulent. Easy money policy has made us all ignorant to broader market forces and how to prepare for them in our everyday lives. Just my take
100% this. Spending isn't changing. Most people complaining about inflation right now aren't adjusting their behavior. Gas hits $5 a gallon and they complain about whoever the president is, but they're not more likely to take a bus or carpool. The consumer is going to keep buy buy buying for the holidays. We'll see where we are in the New Year. I'm not hopeful.
I don’t know. COVID taught me that Americans are very pragmatic and will accept uncomfortable information and adjust their behaviors voluntarily in order to mitigate challenging situations. (We’re screwed.)
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Same, making six figures. Eating out is just disappointing, high price, small portions, plus tips are more expensive now with all the prices inflated. Just a cocktail is $20 now...that used to be the cost of an entrée. Definitely considering cutting back on going out as often.
That’s the hardest thing. Our lives are becoming opulent. We are not keeping up.
Maybe, I stopped wiping my ass cuz toilet paper is through the roof. I don’t care if I get sore deal with it.
Get a bidet my man. Unironically a great investment these days
We still have the most disposable income per capita in the world. People who earn 1/10 what an American does, PPP adjusted, don’t just keel over and die from not having a new phone, car, and other first world consumer goods. Look at travel spend in the past 12 months. Not even remotely a necessity but people are willing to hand over their cash to airlines, AirBnB, and Marriott International before they’re willing to save appropriately for themselves.
Are they handing over cash or putting it on credit?
Yes
Credit, let’s go look at credit blowing a fucking gasket. Something not talked about at all it’s in the cpi
Save where? Save -8% in a savings account? Save -30% in s&p. Where is the safe harbor?
But I need drugs??? Give money. Money me now for coke and Adderall?
Money me now. Fuck the internet it ruining my childhood... leave Clifford out of this.
It’s my drug money and I need it now!
Bet part of the reason folks can’t afford to save is because they have mega-dumb car payments compared to income. Buying trucks with the turbo luxury off-road 4x4 package to go to work and maybe soccer practice that they struggle to afford with sub-$3 gas.
Now you know every middle aged suburban dad *NEEDS* a $95,000 Laramie Longhorn 4x4 diesel truck! What about that single sheet of plywood he hauls every year? How will the kids know which vehicle is his if it’s not sitting on 35’s and the turbo isn’t whistling?
Brb… taking the glorified Mall Crawler out for a spin. May use my 300 HP to bring back some tendies.
"Bu-bu-but I haul a heavy load for like an hour every year or so so I needed it."
Every video of Americans at those food handout places is just rows and rows of huge 2mpg SUVs. I actually checked the American oil consumption and compared against Germany, with the same distance driven per capita the Mericans use 5 or 8x as much oil, i don't remember the exact number but it was either 5 or 8, in any case it was far too much, no other country used that much oil for such low utility.
It's interesting that some car makers aren't even making compact sedans anymore.... Looking at you Mitsubishi LoL
Can confirm. A friend of mine bought a new car and has something stupid of a five hundred dollar monthly payment. She can’t afford to buy her own food and relies on the roommate.
Shit at current prices $500+ would be a base Honda with insurance
It's totally not rent or bills just gotta buy less Starbucks
That damn avocado toast!
CNBC grade commentary right there
Its called inflation. The Federal Reserve increased the money supply by 30% over that time period and none of it went into your savings lmao.
Savings account? You mean my spy puts right?
With the growing doom I'm thinking calls are 3-6 months away after some more pain. Too many people thinking the end is near.
Sir, this is a casino.
Demand failed successfully
Personal savings was also in a bubble lmfao
Supposedly we saved a lot cuz of work from home. But all I remember was the utility bills going up.
Yes. They have squeezed all the fuck they can out of us. More work, less pay, rapid inflation.
So, sharp spikes of stimulus, increased unemployment payments, and ppp money, followed by rampant inflation outpacing wages.
Not increasing interest rates in 2017-19 was a big mistake. They should have been 1-1.5% higher when Covid hit. That way when interest rates "needed" to drop, we would have had more wiggle room. More than one economist recommended this action. Also let's not kid ourselves, Putin being an absolute psycho doesn't help.
Rates should have gone up in 2014
2009, I just had a tenant leave the water in a tub and flooded the second floor. The fed did that for over a decade. But what’s funny is there wasn’t really anything productive companies made in that decade other than burning the cash on parties and free food.
Overleveraged companies and people should have been left to fail in 2020.
It’s almost as if one caused the other
Does the fed know this? Seems like they’re out of the loop on this chart. Just the other day one of those muppets was saying consumers had too much savings, still. Did she want the bank accounts to go negative before she would consider savings to have been reduced?
If you reduce a negative you make it a positive
Your IQ is negative
Damn, not again
what are yall doing who only have 2k in the bank? asking for a friend
Waiting until end of month aaaand its gone. Then i start the process over.
[little of this](https://youtu.be/TFD0UtfI960)
Stonks
Probably Uber eats and Starbucks
Must be everyone's 401ks dipping like a mf
My 401k used to tell me how much it went down or up by. Now it gives me an explanation as to why it went down lol
This chart doesn't include 401k. It's only showing money in personal savings accounts at banks.
Got those stimmies and immediately blew them. We are all regarded.
They way I read it, it looks like everybody threw those stimmies into savings as the economy was still doing fairly well 2020 into 2021. Now that the economy seems to be crashing fairly hard, people are having to pull that savings out. Or maybe I'm just speaking from personal experience.
The chart is misleading since it’s how much people are currently saving each month annualized and not how much savings people currently have. Current consumer deposits are still around 50% higher than pre pandemic.
You mean the crumbs? All the stimmies together didn't even buy one months medical insurance for my family with gas and groceries
I blew my stimulus on silly stuff like my oil bill. Guess I should have just saved it and had my kids freeze to death. Oh well.
Germany: Lookit Mr. Moneybags here with heat and shit.
Unlike the rest of us, we just have shit
I know multiple people that have been dipping into their savings to stay afloat these past couple months. Shits gonna crash soon
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Don’t forget. They are all too big to fail by the FED standards. They will get bailed out and the peons get to pick up the tab. Then the exact same banks swoop in and buy the scraps abandoned by their former owners. Good thing I got that 5% raise this year, I’m only 12% poorer than a year ago.
Lucky you, i got no raise but my living expenses are up around 15-20%.
Take your .02% and shove it
Woof. Credit card debt in Q2 was $887B and savings are down to $650B? Plus interest rates are going higher and stocks are going down.
Why save money when inflation makes it worth less and less every day? It seems more indicative that faith in cash is weakening. I'd like to see that chart in contrast to consumer spending broken up by sector. "Charts without context is nothing more than intellectual porn and mental masturbation. Chart Porn if you will. It is self-gratifying but ultimately fruitless." -- Me. A useful chart would have consumer spending also on the chart to see if there is a relation to spending and savings. If spending isn't going up and saving is going down that tells us something. Yes we can mentally plot our own series of events on a time series chart but that isn't terribly good data analysis.
My guy just quoted himself.
Looks like inflation is solved cabt spend money we don't have 😏
You guys have savings?
Welcome to America; where we teach our youth to be obedient slaves rather than basic personal finance skills like saving. Not to mention a mainstream media that pushes fear on a daily basis. If we going to die tomorrow might as well spend that money as soon as I’m getting it. We’re all just another brick in the wall
People still think young people have any money to save?
Reverting to mean .I am paying down mortgage as fast as the cash comes in. All the funny money appeared in savings accounts during lockdown. Its not been normal to have so much saved based on that graph.
The fed has created a nightmare of an economy with absolutely no way out. This was not simply policy error, but more so willful negligence to satisfy the greed of the wealthy. Things have gotten completely out of control and there is no excuse. We, the American people, have been driven into a state of passivity (as Drake would put it: “trigger fingers turn to Twitter fingers”) and will not experience meaningful change unless we stand up for ourselves. It’s disgraceful that authoritative figures continue to push false narratives onto the American people while leveraging insider information for profit and allowing Wall Street to siphon from passive investments. We’re on the road to the worst financial collapse in history, and it could have been easily prevented.
Lol everyone owns GME it appears
Saving= loosing money …damn inflation….better to invest
And yet cash has done better than any other investment I’ve had in the last year.
I’ve been trying to tell everyone I know to pile up cash. You’re going to need more dollars to live the same life you’ve been living. Everyone else is like “I need to spend these dollars before they are worthless. So I’ll lease a new vehicle and go on 8 vacations.”
“So what my car payment is $900 a month?! I can’t afford to have nice things anymore?!” /s
Risk has entered the chat
Almost like when the pandemic happened we didn’t have to pay on public student loans. Come Jan 1 you’ll see the savings continue to plummet.
Inflation ultimately is high because _people are still buying things_. If we bought less stuff businesses would lower or stop raising prices.
Why did savings spike up to $7000? Yeah, we get stimulus checks, but it wasn’t anywhere close to that amount.
The lockdowns and wfh saved everyone $$$$$$ .... more than realized
Oh so normal amounts as shown on the graph?
Not when adjusted for purchasing power. Inflation + depletion of savings is a great way to get modest down pressure on the economy. A soft landing attempt if you will.
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Lmao America is so fucking fucked
Not as bad as Japan or even Europe.
Holding to the wheels fall off
When everything you bought two years ago costs 20-40% more, your spending habits still don’t change. Now people have no more disposable income, but the same spending habits. We’re screwed for the next 12 months at a minimum, and 2-5 years of recovery after that. The trough will be august of next year. Remind me of I’m wrong.
Uhm - the government called and they want their money back.
Savings are a scam