Anything holistically accurate or likely in this doom and gloom economic prediction.

[fdcg27]

https://www.reuters.com/markets/us/...sehold-wealth-is-soaring-mcgeever-2024-06-21/

This can't be true.
It contradicts the gloom and doom narrative.
Smoke and mirrors or the reality on the ground?
Looks pretty real to me, but I must be one of the sheeple.

 

[Dave Hess]

dishdude,

I disagree with that article.

Household wealth can be soarIng due to home values and 401K balances going up…… but the cost of living and personal debt is also increasing. Crazy inflation. Janet the puppet talks about things being “transitory “ .

Lots of cash poor Americans living in nice(er) neighborhoods that are barely making it.
Why the increase of people taking hardship withdrawals from their 401K ?

The guy on TV says everything is sunshine and roses…..

 

[fdcg27]

dishdude,

I disagree with that article.

Household wealth can be soarIng due to home values and 401K balances going up…… but the cost of living and personal debt is also increasing. Crazy inflation. Janet the puppet talks about things being “transitory “ .

Lots of cash poor Americans living in nice(er) neighborhoods that are barely making it.
Why the increase of people taking hardship withdrawals from their 401K ?

The guy on TV says everything is sunshine and roses…..

You can't really disagree with the data behind this article.
Inflation may have increased costs, but it's also increased asset values.
To describe the Secretary of the Treasury as a puppet is laughable.

 

[GON]

This can't be true.
It contradicts the gloom and doom narrative.
Smoke and mirrors or the reality on the ground?
Looks pretty real to me, but I must be one of the sheeple.

Real estate and equities were boom town until 2006.

Printing $5 billion USD per day to pay for the debt and deficit sure make for good times, really good times. Until printing the USD no longer is a feasible COA.

Have to ask... what would the equity markets be if working class Americans were not involuntarily forced to ensure the success of the equities market??? What if the equities markets were in fact free markets?

It might be beneficial to study the collapse of the highly successful roman empire- the collapse was due to printing money (or shaving coins)......

When one uses a credit card for income- might be prudent and responsible to take notice..... when one uses their seed corn to feed cattle to have a great feast..... instead of planting the seed corn......watch out.....

 

[fdcg27]

Real estate and equities were boom town until 2006.

Printing $5 billion USD per day to pay for the debt and deficit sure make for good times, really good times. Until printing the USD no longer is a feasible COA.

Have to ask... what would the equity markets be if working class Americans were not involuntarily forced to ensure the success of the equities market??? What if the equities markets were in fact free markets?

It might be beneficial to study the collapse of the highly successful roman empire- the collapse was due to printing money (or shaving coins)......

When one uses a credit card for income- watch out..... when one uses their seed corn to feed cattle to have a great feast..... watch out.....

Once again, the numbers don't lie nor are they faked.
Most American workers are doing pretty well by these measures.

 

[GON]

Once again, the numbers don't lie nor are they faked.
Most American workers are doing pretty well by these measures.

I am sure many do well when a credit card is used as income.... until the credit card no longer works....... when the debt and deficit per capita are rising every second of every minute of every hour of every day of every week of every month of every year..... seems you may have forgotten to include that in your assessment.....

It is non-logical for the U.S. to borrow/ print $5 billion USD every single day and say "let the good times roll".....

It deeply saddens me for all the work the founding fathers did to make the U.S. be the greatest nation in the history of the world for every single human on earth..... to all be at grave risk because of debt/ deficit spending.....

 

[nickaluch]

Economy by me is just fine . Everyone cries with two loaves of bread under there arms.

 

[GON]

Economy by me is just fine . Everyone cries with two loaves of bread under there arms.

 

[SC Maintenance]

This can't be true.
It contradicts the gloom and doom narrative.
Smoke and mirrors or the reality on the ground?
Looks pretty real to me, but I must be one of the sheeple.

Its accurate but deceptive.

If you own stocks and you own your home, your doing very well.

If you don't own stocks and pay rent, your doing very poorly.

I have dug into the numbers, and there is a stark contrast between the have's and have not's since 2019. Its also bifurcated pretty well by age because the older you are the more likely you are to own your home and to own stocks.

The sited article confirms:

" households' net worth leaped by $5 trillion in the first quarter to a record $161 trillion, mostly on the back of rising equity prices"

"BNP Paribas economists predicted that higher stock and house prices will lift consumer spending by $246 billion this year"

I both own my home and own lots of stocks, so life is pretty good. If I wasn't paying for 2 kids in college I would likely say downright awesome!

 

[Dave Hess]

I have to admit I’m doing very well.

House paid off
Nice emergency cash emergency fund
2 cars paid off Mazda & Honda, I mostly use my company vehicle
Very little credit card debt paid off monthly
My small repair business is doing very good

401K, IRA and brokerage account at all time highs
My wife’s 401K, IRA also at all time highs
I get a pension and voluntary pension when I retire
I got a 7.5% raise this year, was expecting only 3%

^^^^
I’m not bragging but that’s not the typical person in 2024 here in USA.

Lots of folks in the USA struggling to support a family and folks on TV want them to ignore all the inflation.

$1T of debt every 100 days. Soon it will be every 90 days, then 60 days….. 30 days…..

 

[bbhero]

Do you do the food shopping in your household? Prices are up 30 or 40% but salaries aren't. Those that were just getting by aren't getting by now. Those on a fixed income have seen their buying power reduced drastically in the past few years. More young people are living with their parents than ever before because housing prices are so high. 'Disposable income' is low which affects restaurants,etc...and credit card debt is at an all time high and our national debt is something like 37 trillion dollars. Things aren't as rosy as you seem to think.

Exactly right… In my opinion.

Made up employment numbers…. Which is nothing new… Housing bubble which will inevitably burst soon enough… Commercial real estate already falling in a number of locations… Percentage of job growth in government jobs vs private sector jobs is not good. Inflation that has been rampant and people losing purchasing power…

Only a matter of time…

Just like back in 2003-2008 time frame. .

Except this time we are in way worse shape as a country in terms of government debt and private debt.

 

[Dave Hess]

You can't really disagree with the data behind this article.
Inflation may have increased costs, but it's also increased asset values.
To describe the Secretary of the Treasury as a puppet is laughable.

She simply parrots what she is told to say and do.

 

[Snagglefoot]

Big layoffs in the California home solar business. None of this helps and it’s an additive situation.

 

[nickaluch]

View attachment 226448

Irrelevant to me I'm doing just fine

 

[pbm]

Irrelevant to me I'm doing just fine

Good for you. I hope you donate to charity to help those less fortunate.

 

[GON]

Irrelevant to me I'm doing just fine

If you have 18 free minutes- this video has some thought-provoking comments/ commentary. I don't concur with numerous things the speaker discusses, but all that is discussed is worthy of understanding the why.

 

[gfh77665]

I'm retired so doesn't matter to me. They are trying to kill coal in WV and all coal power plants are supposed to be shut down by 2030. The dirty little secret is that the mid-atlantic US gets their power from WV. And guess what they are building as fast as they can on any plot of land they can find.......Date farms.

Here is an even dirtier secret - China opens a new coal plant every week of the year, with no end in sight.
We are shutting down clean coal while mandating EV production, which relies Chinees minerals and heavily benefits China.

 

[nickaluch]

Good for you. I hope you donate to charity to help those less fortunate.

Charity begins n ends at home for me.

 

[pbm]

Here is an even dirtier secret - China opens a new coal plant every week of the year, with no end in sight.
We are shutting down clean coal while mandating EV production, which relies Chinees minerals and heavily benefits China.

I wonder why?

 

[Chris142]

Just saw family from New England, North Carolina, South Carolina, Illinois and all are doing just fine in a mixture of occupations. I have friends all over the US and again I'm not hearing the doom and gloom. There are lots of people complaining about prices but everyone is gainfully employed and no one is losing their cars or house. I'm not saying there aren't people struggling but my question is are these people who live in areas that struggle most of the time anyway? How much of this doom and gloom is media generated? Hello "election year". I don't watch much media and I'm not experiencing any doom or gloom in my life and so it's hard to take this idea seriously.

Theres no jobs available in my area.