I’ve been watching the stock market plummet from the sidelines over the last few months, and just thinking about whether people are going to vote to change the direction of the economy in November. I know that Democrats voted for global warming alarmism, infanticide, indoctrinating kids in transgenderism, etc. But will the Biden inflation and recession economy change their minds?
Here’s the first one from center-left CNBC which talks about how $9 trillion in lost wealth from declining stocks is going to affect consumer spending, borrowing and investing:
Falling stock markets have wiped out more than $9 trillion in wealth from U.S. households, putting more pressure on family balance sheets and spending.
Americans’ holdings of corporate equities and mutual fund shares fell to $33 trillion at the end of the second quarter, down from $42 trillion at the start of the year, according to data from the Federal Reserve. With major market indexes falling even further since early July, and the bond market adding further losses, market experts say the current wealth losses from financial markets could total $9.5 trillion to $10 trillion.
Economists say the drops could soon start rippling through the economy, adding pressure to Americans’ balance sheets and possibly hurting spending, borrowing and investing.
[…]The drop in stock wealth also far exceeds the $6 trillion in quarterly stock losses during the beginning of the pandemic in 2020. While stock markets have seen larger drops on a percentage basis, this year’s stock losses are among the largest ever on a dollar basis.
Here’s another one from center-left CNBC which talks about how ordinary Americans are having to take on extra work to deal with Biden inflation – like the 8.3% year over year increase in August:
Nearly 70% of Americans are looking for extra work to combat inflation, according to more than 1,000 full-time workers, part-time workers and unemployed workers surveyed by Bluecrew, a workforce-as-a-service platform, in September.
Already, 85% of Americans said they’ve changed their spending habits due to inflation, 72% say it’s impacted the way they view their job and 57% have sought out new or additional roles in the past year, according to the survey.
“Rapid inflation is forcing people to look at not only how they’re spending their money, but also how they’re earning their money,” says Matt Laurinas, chief customer officer at Bluecrew.
In many cases, those looking for work already log 40 hours during the week and are picking up extra shifts or gig work on nights and weekends, Laurinas says.
Others taking on additional work include people who hold hourly jobs and want more hours with another company, or parents who have caregiving needs during the week and need to work weekends while a partner or family member can provide care.
What do we learn from this? Well, the only good thing that’s happening right now is that the Federal Reserve is raising interest rates, so that people don’t lose the purchasing power of their savings. They waited too long to do it, but it’s a smart move. The problem we have now is that the socialists control the House and the Senate. And so, we can expect a Venezuela / Cuba / Argentina style economy. Unless we vote them out.
Right now, the Biden administration is ignoring inflation, the plummeting stock market, and the reality of the recession. They only want to talk about the global warming monster, how to trans kids against the wishes of their parents, and codifying infanticide. They’re crazy. If you ever want to stop working and retire, you better make sure that you and ALL your friends and family vote them out in November.
