Posted on 11/22/2023 7:45:23 AM PST by Kaiser8408a
The bottom 80% of Americans are going down under Bidenomics.
A brand new study from the Federal Reserve has discovered that the bottom 80 percent have “lower bank deposits and other liquid assets compared to their status in March 2020”…
As of June, the bottom 80% of households by income, when adjusted for inflation, had lower bank deposits and other liquid assets compared to their status in March 2020. The decline marks a significant shift from the initial phases of the pandemic, where various factors, including government financial support and restricted spending opportunities during lockdowns, led to an accumulation of excess savings.
In other words, the vast majority of all Americans have been getting poorer.
The Federal Reserve, along with Bloomberg calculations, identified a rapid drawdown of these excess savings, particularly stark among the lower-income groups. While all income groups have experienced a decrease in real-term cash balances from the peak in 2021, the disparity is noteworthy. The wealthiest one-fifth of households still have cash savings approximately 8% above their pre-COVID levels. In stark contrast, the poorest two-fifths have witnessed an 8% decrease, and the next 40% — broadly representing the middle class — have seen their cash savings fall below pre-pandemic levels.
Even checkable deposits and currency held by the top 1% (call it the Kerry Class after multi-millionaire and Statist parasite John Kerry, Biden’s climate “envoy”) are soaring while the bottom 50% are seeing only a tepid rise.
Meanwhile, UMich inflation expectations rose even further intra-month, jumping from 4.4% to 4.5% final (for 1Y inflation outlook) and from 3.1 to 3.2% final (for 5-10Y outlook).
Let’s see if Treasury Secretary Janet Yellen tries to explain once again that Americans just don’t understand how great Bidenomics is.
(Excerpt) Read more at confoundedinterest.net ...
And the first to get their free turkeys are the illegal alien freeloaders so they can celebrate Thanksgiving like they always did back home. Illegal alien pilgrims.
people are hurting bad. When are we getting a full-blown recession?
They’re invading because they love freedom and America... not for all the freebies they get....and we get the benefit of being “enriched” by the diversity they give us.
It’s not incompetence.
It’s intentional.
Well theres only one way to fix that..... fire up the printing presses! Stimulus for all.
Remember Klaus Schwab and the WEF have told the world, you will own nothing and like it, you seeing their statements play out in real life
Don’t forget that they are “America’s strength”. We wouldn’t have any strength without foreign invaders taking over America.
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If Trump was president and the economy was the same they would be calling the current economy a depression.
I went from a 6 figure profit to a 6 figure loss year over year. Leases are up soon and I am going to pack it up and leave this blue state.
I was doing great 3 years ago and felt pretty well off, but since the pedo got in I’m running a monthly deficit and trying to figure out how long I can maintain this.
I am likely going to call a liquidation auction in the next few weeks.
Sell it all and escape Minnesota
We’ll be lucky if all Deep State has in mind is a recession...
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