this post was submitted on 20 Dec 2023
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It’s booming for some people. Look at all the spending. And for anyone with a 401k, or and brokerage they’re seeing 30% growth yoy. It’s booming. It’s just not booming for everyone.
This barely exceeds inflation. Used cars are up 35%, electricity costs 18-55% depending on region, groceries up 28%. That "growth" you mention is only on paper, there's no increased buying power behind it.
Regardless, you'd have to be a sociopath to say that a few people making more money (on paper, again) still qualifies a booming economy in the face of
Child poverty rate +138%
+11,000,000 kicked off Medicaid
Record homelessness
60% living paycheck-to-paycheck
The only rational conclusion we can make from this is that the metrics we use to measure a booming economy are fundamentally broken.