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[DanteFox]

I'm seeing a lot of articles saying the economy is booming based on different metrics, but then I see article after article about companies doing big layoffs. Some people are saying the economy is great, others are really struggling to afford their monthly bills. I saw a good commentator on Breaking Points say that the economy right now is like two parallel worlds: if you locked in a mortgage or rent when rates were low, you're doing great because your housing costs are low. If not, you're really struggling. What are you guys perceiving out there?

 

[nush]

 

[Rentahamster]

It's decent if you already have good cash flow and a good amount of existing capital to leverage on investments.

It sucks if you're poor and don't have all those things and worry more about needing two jobs to pay your rent to someone who does have those things.

TLDR It depends on whether your work is making your money or your money is making your money.

 

[AJUMP23]

Inflation is rampant and the cost of living is up to extreme levels.

still jobs but a dollar is worth a lot less and buys less these days.

in my opinion the economy sucks.

 

[FunkMiller]

Good if you’re already doing well.

Shitty if you ain’t.

 

[Maiden Voyage]

My investments are happy but food costs suck. Rising home values are great except my insurance and property taxes have gone up tremendously. My retirement outlook likewise is a bit less optimistic. Hopefully things improve. The situation certainly could be a lot worse.

 

[SoloCamo]

Well I've got no hope of buying a home in my area anytime soon despite both of us making above average household income in the area... I can't imagine how people with kids are making it around here. So many more homes now have more people living with family because of it.

 

[DanteFox]

Well I've got no hope of buying a home in my area anytime soon despite both of us making above average household income in the area... I can't imagine how people with kids are making it around here. So many more homes now have more people living with family because of it.

Yup I definitely feel this. It's hard to imagine ever being able to afford a house within a West coast Metro area. The math just doesn't work out unless you're making tech money.

 

[thefool]

My perception is that its fake. The financialization of everything broke it.
What comes after is scary.

 

[Grildon Tundy]

It's another squeeze-session on the lower- and middle-classes, where the cost of basics (room and board) are going up to wring every last cent out of us, while those who make money on money are doing very well.

 

[gothmog]

Financially I have plenty of money because the markets are doing great. I just don't want to spend any of it because everything's so fucking expensive. My wife wants a new car but it would be insanity to actually buy one right now.

 

[0neAnd0nly]

Anybody who says the economy is doing well is a paid shill for *x* reason.

Inflation, cost of living all up. Major countries trying to move to reduce the dollar as the main currency: China, India, Russia, etc. Retail in trouble, credit spending higher and higher etc. etc.

You don’t have to be an economist to realize the overall trend is on the max circumference of a very, very stretched bubble.

 

[delirium trigger]

The people telling you the economy is doing well are the same people who print money to dig themselves out of the hole they created. They're still spending...

 

[Ownage]

Big layoffs. Some make sense due to a bloated workforce, while others less so.

Regardless of official statements, I believe there's a recession that's going on as we speak and as far back as the spring/summer of 2022. It's hard for very talented people to find jobs - many businesses are ticking diversity hire boxes and then laying those employees off after a year due to lack of productivity.

 

[LiquidMetal14]

The current climate in america stinks. It's only running forward due to the machine that's been set up. The current people in charge are running it into the ground. So it sucks due to multiple factors.

 

[TransTrender]

My perception is not reality.

The cost of groceries is insane.
Eating at restaurants seems absolutely unsustainably expensive for even the most basic places. Of course high end will be fine.
It seems like the income disparity is larger than it has ever been in recent history.
Insurance prices are absolutely insane, and there definitely seems to be some 'policy' reasons why they have jumped soo much soo quickly. I can only see this getting worse as more people stop paying for car insurance so then those who are paying will pay more.

At some point more of the population will have to start pulling back on spending at restaurants, recreation, and goods just to keep the lights on and food on the table.
It's crazy the amount of debt this country has created in the last few years.
Eventually property value drops both commercial and residential will cause a huge problem across the economy.

 

[8bitpill]

It's rough.

It really didn't hit myself and my family until the last quarter of 2023. We aren't in a terrible spot by any means. We were one of those lucky few that bought our house in the first four months of the pandemic in 2020 (June). Low rate (3.2%) and the house we bought was a great price with no major fixes. It has since went up in value by 160K.

That said, taxes went up, we live in a nice area and our tax money actually goes to overall good things and keeps our town nice.

Last year even though the print shop my wife and I own did very well, our gross wasn't great due to the cost of just every day necessities. We don't spend much on ourselves, our daughter comes first in that category and she doesn't ask for much.

It's not a great time for the economy, there is pressure from every side of day to day living.

This is similar to 1970's Great Inflation, but of course this is its own beast being in the 21st century.

I'm 40, I've never really thought of retirement and realize I will most likely be working our print shop till I can't anymore. At this point retirement isn't even in the cards.

Things always change there was a time I didn't think a house was in the cards. It's hard to see past all the terrible things being spread through out the internet and that being seeded in more minds that tend to bring it up in conversation more that makes it something you have to deal with every part of the day.

 

[Trogdor1123]

Costs are definitely going up but for me personally, it’s be never done better. I got a big promotion and the wife has structured some income from investments. Bought a house at great price and made a bunch renovations that cost about 60k but added 120k in value.

Frankly, this is the best year we have had in a long time but I feel we were also overdue as the last 5 were tough on us.

 

[Pegasus Actual]

Pretty dogshit

 

[jshackles]

Even though I'm personally doing alright, I can tell that the economy sucks in general. My kids aren't able to leave home - by their age I owned a house. They have a combination of minimum wage / part-time / gig jobs that don't have any benefits or paid leave whatsoever. It's impossible for them to date. I'm never going to be a grandpa. Hell, at this point they're just going to live at home until my wife and I die, then take over the house. Zero prospects and no upward mobility for young people across the board means things are in pretty dire straights.

 

[Kabelly]

We're being robbed blind by the elite

it's a fuck you , got mine world out there right now

 

[WhiteWaterM00se]

It is not good for middle class or lower. Especially if you have big expenses. House, car, medical, student loans or childcare.

This all feels like 2007 to me currently. The calm before the fall.

 

[Maiden Voyage]

We're being robbed blind by the elite

it's a fuck you , got mine world out there right now

it’s only a matter of time until wealth consolidation comes for us all. Terrifying to think about the future.

 

[Laptop1991]

Awful in England, the price of everything is ridiculous, greed is off the scale.

 

[8bitpill]

Even though I'm personally doing alright, I can tell that the economy sucks in general. My kids aren't able to leave home - by their age I owned a house. They have a combination of minimum wage / part-time / gig jobs that don't have any benefits or paid leave whatsoever. It's impossible for them to date. I'm never going to be a grandpa. Hell, at this point they're just going to live at home until my wife and I die, then take over the house. Zero prospects and no upward mobility for young people across the board means things are in pretty dire straights.

You’re a good father by what you’ve written here by helping your kids with housing.

I know right now there isn’t much choice but it’s cool you’re making the effort to help them with comfort of home.

Our part time worker for our shop currently lives with her mom and step Dad. She is 21 and eager to move out, but I told her just to hold out till she has quite a bit of money saved ( at least years plus of rent payments) so she can be someone ahead. She has a good relationship with her parents which makes it easier.

 

[Unknown Soldier]

Everything is fucking expensive now due to inflation but beyond that I don't think much has changed at the moment. But sudden massive price increases in everything are not long term sustainable, something's gonna break at some point and then the whole house of cards comes tumbling down

 

[Joyful]

when the news says the economy is good, they mean for shareholders

 

[Unknown Soldier]

It's decent if you already have good cash flow and a good amount of existing capital to leverage on investments.

It sucks if you're poor and don't have all those things and worry more about needing two jobs to pay your rent to someone who does have those things.

TLDR It depends on whether your work is making your money or your money is making your money.

The absolute worst case scenario for anyone in a modern capitalist economy is to be forced to trade labor for money

If you just have money sitting in your stonks and watch it go up, then you're golden no matter what happens to the economy. The US Government more or less cannot allow the stonk market to crash anymore because everyone's retirement is tied up in it due to 401k's and Boomers want to retire soon and Boomers run the country and always get what they want

 

[ThatStupidLion]

Re: US Economy

Its shit propped up by fake metrics.

Housing mkt is in the shitter

Inflation is crazy and prices will never go down

Unemployment in the entertainment industry is garbage

Streaming bubble has popped

Two “proxy and then some” wars going on

Brics going hard towards dedollarization

Btc upending the dollar/gold

Election for a zombie or sociopath.

Chips and Taiwan debacle

Social media rotting generations to the core

Ai taking jobs

“Owning nothing and being happy”

ESG agenda

hate running rampant

Immigration

Education system is broken

Opioids and fentanyl etc.

Hyper surveillance

Not really sure when to stop….

 

[ThatStupidLion]

Financially I have plenty of money because the markets are doing great. I just don't want to spend any of it because everything's so fucking expensive. My wife wants a new car but it would be insanity to actually buy one right now.

Fisker just cut their ev suv Ocean by almost 40%….if i needed a car id buy it

They are on the verge if bankruptcy, but their car came out literally last fall iirc….

Not bad for a tesla competitor

 

[WoJ]

Yeah it's got problems. Interest rates rising as much as they have squeezes companies and consumers. Housing market is over valued. Inflation is still way too high. The average person is in bad shape.

 

[gothmog]

Fisker just cut their ev suv Ocean by almost 40%….if i needed a car id buy it

They are on the verge if bankruptcy, but their car came out literally last fall iirc….

Not bad for a tesla competitor

Saw that a few days ago. I might have to go check one out.

 

[AJUMP23]

I was reading that inflation and cost of living is Canada is far worse than the US. CAN any canuks confirm it is rough up there.

 

[Maestr0]

A joke.

 

[Roll Fizzlebeef]

I was reading that inflation and cost of living is Canada is far worse than the US. CAN any canuks confirm it is rough up there.

Its absolutely brutal. Food prices are nuts, interest rates are high, rental prices are worse, and now we got a new carbon tax hike in a few days.

We got a turkey for easter sunday.. 50 bucks for a small one

The only thing that hasnt got more expensive is weed..

 

[Ownage]

it’s only a matter of time until wealth consolidation comes for us all.

Correct. Believe it when they say you will own nothing and be happy. It's called being a serf.

Canada is worse off than the US.

Secret RCMP report warns Canadians may revolt once they realize how broke they are

The RCMP report authors warn that whatever Canada’s current situation, it "will probably deteriorate further in the next five years."

nationalpost.com

RCMP is warning the federal government that Canada may descend into civil unrest once citizens realize the hopelessness of their economic situation.

I'm not sure what to think of the report and the reporting. Some friends who work in media seem to think the article is overblown.

 

[Raven117]

As stated earlier, if you are invested in the market or own your home (though that’s a but trickier when you get down to the math), yeah, you are doing alright.

If you are living close to paycheck to paycheck… not well.

 

[AJUMP23]

Correct. Believe it when they say you will own nothing and be happy. It's called being a serf.

Canada is worse off than the US.

Secret RCMP report warns Canadians may revolt once they realize how broke they are

The RCMP report authors warn that whatever Canada’s current situation, it "will probably deteriorate further in the next five years."

nationalpost.com

RCMP is warning the federal government that Canada may descend into civil unrest once citizens realize the hopelessness of their economic situation.

I'm not sure what to think of the report and the reporting. Some friends who work in media seem to think the article is overblown.

Trudeau really messed everything up.

 

[Ownage]

Trudeau really messed everything up.

Bad policies for Canada. He alienated a large majority of demographics over time by forcing the wrong initiatives. The things he did during the trucker fiasco came off as impotent rage. And then there's Canadian immigration...

 

[dave_d]

I'm doing ok because I have my 401k and a house. What's weird is they say how unemployment is so low and how many jobs have been created yet I've taken an 8% pay cut from when I took my job 3 years ago due to inflation. (Which doesn't include taxes so it's actually more than that.) You'd think if the job market was that tight I'd just get a new job to take care of that. But when I look there's no where near as many jobs in my field (software engineering) as there were when I took that job. Yeah it's a weird economy and I don't believe people about it that it's doing great. (Stocks yes, actual employment no.)

 

[Havoc2049]

Fisker just cut their ev suv Ocean by almost 40%….if i needed a car id buy it

They are on the verge if bankruptcy, but their car came out literally last fall iirc….

Not bad for a tesla competitor

Saw that a few days ago. I might have to go check one out.

Bold move buying a car from a company on the skids. The whole EV market seems on the brink of collapse. I was watching this video on YouTube the other day and an owner was tired of his Porsche EV that he financed and wanted to trade it in for a gas powered Porsche. He knew he would end up upside down on the deal, but he figured he would just roll it into the new loan. The only problem is the Porsche dealership he went to wasn't even taking EVs in for a trade-in towards a new car, as they had too many on the lot and none of them were moving. His only option now is to sell his EV on his own and eat the unpaid balance on the loan and it doesn't help that the prices on used EVs are dropping like a rock right now.

 

[Dirk Benedict]

it’s only a matter of time until wealth consolidation comes for us all. Terrifying to think about the future.

My goal is to live off grid, or get pretty close. I'm far away, though and with things getting more expensive... let me just tell you, I don't struggle with keeping positive, but it's becoming more difficult. I feel O.K about the economy, because I don't have outstanding debt and a decent savings, I have almost everything I want in life (I'm simple and feel as if I get simpler with age) So, there is that. But for reasons, such as one you state above... I am concerned about the future as well.

 

[kunonabi]

My student loan payments are still double what they were and gas/groceries are still super expensive. Can't say it's all that great from my perspective.

 

[Blade2.0]

It's good in all the metrics capitalism cares about. Not about how it affects the average worker. Unemployment down, stock market the highest it's ever been, but at the same time wages have been stagnant for over 40 years now and inflation was through the roof last year. The only ones seeing that extra money are the rich. They're the only ones that make it in our system.

 

[Yoda]

Larry Summers had a good tweet about inflation. The reported metrics don't account for the increased cost to borrow money. Most people in the developed world rely on credit to fund their consumption, thus in addition to real prices going up, there was extra pressure put on them to afford the inflated prices due to borrowing costs. Wages definitely haven't outpaced inflation and the outlook of white collar work post lockdowns is quite grim. All this is from the PoV of a white collar worker, it's been worse for a very long time for people in blue collar/working class work.

On top of inflations/poor future prospects, globalization is dying. While it'll take a long time to undue, we already see the signs:
* Trade between the US and China continues to shrink
* Shipping lanes in the Red Sea have large disruptions due to pirates
* (legal) immigration is showing signs of less demand. I can't find the statistic, but many legal immigrants to western countries like Canada express regret moving and plan to go back home vs. living their permanently.
* Many nations are passing laws that favor domestic and/or close proximity manufacturing which'll further reduce global trade
* nearly every western country's population is shrinking, more worryingly at the same time.

Headwinds have always existed throughout history so while I wouldn't call myself a doomer, I can't say I've felt pre-covid style optimism since... well pre covid. I do hope things improve, but stagnation is what I'm expecting for the immediate future.

 

[John Marston]

I was reading that inflation and cost of living is Canada is far worse than the US. CAN any canuks confirm it is rough up there.

Last week after buying my medication at the pharmacy I did a quick run to buy garbage bags, deodorant, a box of kleenex, fuzzy peach candy, a bag of chips, a small pack of AA batteries, some mixed nuts etc... Nothing "important", just some everyday items and some junk.
I had 11 items and the total was 76$.

I'm not a cheap bastard but I just went "Whoa!" to the cashier
That price would have made sense in my head if I would have added a 40$ Netflix card.

But I checked the bill and yup, no mistakes 76$.

I wonder how families with a couple of kids manage, it's crazy.

 

[ForAcademicPurposes]

Everything will be fixed at midnight.

 

[HoodWinked]

It's actually comical in the US they've hyperdrived the wealth gap.

 

[AJUMP23]

Last week after buying my medication at the pharmacy I did a quick run to buy garbage bags, deodorant, a box of kleenex, fuzzy peach candy, a bag of chips, a small pack of AA batteries, some mixed nuts etc... Nothing "important", just some everyday items and some junk.
I had 11 items and the total was 76$.

I'm not a cheap bastard but I just went "Whoa!" to the cashier
That price would have made sense in my head if I would have added a 40$ Netflix card.

But I checked the bill and yup, no mistakes 76$.

I wonder how families with a couple of kids manage, it's crazy.

That’s a lot of loony.

 

[Synless]

U.S. here. I’m no expert but I “feel” like we are at the edge of a cliff economically. It is my firm belief our current administration and most aligned with it are stuffing their pockets as quickly as they can before the collapse. I think the next 3-5 years will be the beginning of an incredibly rough era of U.S. living.