From Dollar General, yesterday:
More of our customers report that they are now resorting to using credit cards for basic household needs and approximately 30% have at least 1 credit card that has reached its limit.
And in our latest survey, 25% of our customers surveyed noted they anticipated missing a bill payment in the next 6 months.
It’s that K-shaped economy - the lower-end consumer is cash-strapped.
Best economy ever so our betters tell us.
I don’t know who’s saying it’s the best economy ever, but it’s not quite the second great depression that some people seem to think. GDP growth is healthy 3%. Stocks markets are going gangbusters. Wages are increasing and outpacing inflation. Inflation is pretty much at the rate that economists consider healthy. Interest rate cuts are about to happen. Unemployment is low. Are there problems? Yeah. But if you listened to people here or Trump, it’s never been this bad ever.
K-shaped means the lower half is hurting. If GDP etc are high and growing it means only that, unluke before, the “gots money” classes gots so luch and spend so much, that on paper the economy as a whole appers well.
.
.
Oh, and the interest rate cut is coming because the banking sector is in deep deep trouble.
Don’t worry. They are gonna tell you after the election. (Wouldn’t want the election to be affected by stuff like "voters knowing facts)
It does not happen very often, like maybe only twice in the past 38 years.
For whatever reason the top 20% (by income) increase spending significantly
but
the bottom 20% (by income) reduced spending significantly.
The most common hypothesis, is the one offered by Dollar General, that somehow the commonly-used numbers don’t capture reality but reality is the lower end is hurting.
I should add that this chart is 18 months old, but a pile of more recent stories, like the above, indicate the trend has continued. Does it usually continue so long? We don’t know. It is a very rare thing
…like that the left LIED and had to correct the actual job numbers by almost 1 million jobs.
Lies work for the left…
When the numbers are off by that large of a margin of error and have to be corrected…it was either unintentional…so you’re fired for being that incompetent or it was intentional and…you’re fired for lying. Which is it and who got fired?
Isn’t it more so that more people on the bottom are racking up credit card debt?
If you are middle class, the economy is in recession, if you are poor, the economy is in depression.
And now this:
Hmm 114k new jobs.
That’s fewer than the 200k “border encounters” each month.
Even if DHS “encounters” 100% of all phony asylum seekers, we’re are gonna need a new government program to provide for them.
…illegals will do it for less.
Exactly why democrats and Chamber of Commerce like it. You would think the Union’s would catch on…
It’s definitely has been rough on most Americans:
