The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says
www.businessinsider.com
Lower-income Americans are can't keep up with the rising cost of living and have blown through their savings, a JPMorgan analyst said.

The US economy is experiencing a “selective recession” where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.

  • Kaffe
    15·
    1 month ago

    The only segment of the US working class that is difficult to describe as a labor aristocracy (in NAFTA states) is being shredded to pieces.

    This segment of the working class should be the focus of organization in the core. The rest should only be organized secondarily, as their interests align with Imperialism too much.