The New York Times wrote Tuesday that American markets are still anxious despite the “falling odds of a recession,” and attempted to downplay our catastrophic financial forecast.
The NYT based its story on Goldman Sachs’ decision to lower the odds of a recession in 2023 to 15%, the third drop in as many months. Apparently this is an “upbeat outlook,” despite the fact that stocks globally and U.S. futures are in the red, and everyone in America is concerned about the persistence of inflation.
“Real disposable income looks set to reaccelerate in 2024 on the back of continued solid job growth and rising real wages,” someone named Jan Hatzius from Goldman Sachs wrote in a note on Friday, claiming that a strong labor market is helping to prop-up American households.
I’m sorry, but do any of these people actually live on planet Earth?
‘Something Has To Break’: Mortgage Rates Skyrocket As Rentals Stagnate via @DailyCaller https://t.co/EDZF910ENN
— Chris 🇺🇸 (@Chris_1791) May 23, 2023
The economy is not in a great place. More than 60% of Americans are living paycheck-to-paycheck thanks to the increasing costs of living, according to CBS News. This means a majority of Americans have no means of supporting themselves within an emergency situation.
Countless people have also bought overpriced homes with excessive mortgage rates, which means any minor stoppage to normal life (say, another lockdown) could render millions of young Americans homeless through defaults on payments. (RELATED: Robert F. Kennedy Jr. Warns ‘One Giant Corporation’ Wants To Own 60% Of US Homes By 2023. By We Can Stop Them)
Thankfully, The NYT noted that voter confidence in the economy is dropping significantly. A Wall Street Journal poll released Monday shows President Joe Biden’s chances of reelection seem to hinge on his ability to manage the economy, which seems unlikely given he’s older than most old things, and hasn’t successfully managed a single thing since getting into office.
We’re still heading for a recession, or possibly something worse. At least four major cities are expected to endure a housing catastrophe worse than 2008, so, why are news outlets and financial institutions trying (and failing) to gaslight us into thinking everything is okay? You tell me.