99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says

[edjr 6,894]

https://www.businessinsider.com/economy-recession-outlook-household-wealth-financially-pandemic-jpmorgan-income-markets-2023-12

Quote

 

The majority of Americans have burned through their excess savings piled up during the COVID-19 pandemic, and in the coming months, JPMorgan says it is likely that almost everyone will be worse off financially than they were in 2019. 

In a Thursday note, the bank's top stock strategist Marko Kolanovic said 80% of consumers, a group that accounts for nearly two-thirds of consumption, has already depleted any savings cushion they may have built during lockdowns.

"It is likely that only the top 1% of consumers by income will be better off than before the pandemic," Kolanovic wrote, pointing to the growing signs of credit card and auto loan delinquencies, as well as Chapter 11 filings.

The chart below shows how, by June 2024, every income group except the top 1% is on pace to dip below their March 2020 levels of inflation-adjusted liquid assets, in the form of deposits and money market funds. 

 

4 MORE YEARS! 4 MORE YEARS! 4 MORE YEARS! 

[The Real timschochet 7,404]

7 minutes ago, edjr said:

https://www.businessinsider.com/economy-recession-outlook-household-wealth-financially-pandemic-jpmorgan-income-markets-2023-12

4 MORE YEARS! 4 MORE YEARS! 4 MORE YEARS! 

You’re actually blaming Biden for Covid? What a moronic take. 

[edjr 6,894]

Just now, The Real timschochet said:

You’re actually blaming Biden for Covid? What a moronic take. 

 

https://www.npr.org/2022/09/19/1123767437/joe-biden-covid-19-pandemic-over

Joe Biden says the COVID-19 pandemic is over. SEPTEMBER 19, 2022 11:19 PM ET 

 

[MLCKAA 586]

I see I’m still a 1 percenter.

[The Real timschochet 7,404]

7 minutes ago, edjr said:

 

https://www.npr.org/2022/09/19/1123767437/joe-biden-covid-19-pandemic-over

Joe Biden says the COVID-19 pandemic is over. SEPTEMBER 19, 2022 11:19 PM ET 

 

You’re not very good at this. Maybe go back to denigrating overweight people? (You’re not good at that either but it might be less harmful.) 

[edjr 6,894]

4 more years! 4 more years! 4 more years! 

[The Real timschochet 7,404]

1 minute ago, edjr said:

4 more years! 4 more years! 4 more years! 

To be accurate: 5 more years of you complaining about Biden, not 4. After which you’ll move on to complaining about Newsom. All the while your life will get better and society will be more woke. 

[iam90sbaby 2,727]

My networth

[supermike80 2,079]

God I despise Business "Insider" what a crap rag.

99%?  Eat a c0ck you ball bags.

[Tree of Knowledge 2,110]

We will be eating bugs as well

[edjr 6,894]

4 minutes ago, supermike80 said:

God I despise Business "Insider" what a crap rag.

99%?  Eat a c0ck you ball bags.

They didn't calculate FFT. It should be 98%

[The Psychic Observer 498]

10 minutes ago, Tree of Knowledge said:

We will be eating bugs as well

Speak for yourself, poor guy, I'm doing great financially.

[Tree of Knowledge 2,110]

33 minutes ago, The Psychic Observer said:

Speak for yourself, poor guy, I'm doing great financially.

Did you ever pass that CPA exam?

[Stryker Ryker 188]

I’m technically better off but even with making a lot more money it doesn’t go anywhere near as far as it used to. Problem is the things we need to go down in price have went up while the things we don’t need have gone down. TVs for instance. Can get a 4K 60 in smart tv for $200. Meanwhile, milk is going up to over $5/gallon

[RLLD 4,275]

2 minutes ago, Stryker Ryker said:

I’m technically better off but even with making a lot more money it doesn’t go anywhere near as far as it used to. Problem is the things we need to go down in price have went up while the things we don’t need have gone down. TVs for instance. Can get a 4K 60 in smart tv for $200. Meanwhile, milk is going up to over $5/gallon

How you are impacted will depend on your financial strength of course.  The Biden policies.....attacking energy, pouring money into the economy when inflation was already evident, pushing green policies......these all harm the most economically challenged, the rest of us can handle it with lifestyle changes.

And often another point is missed.....slowing inflation is of course a good thing, lowering it is even better.....but it takes years.....for that to come back to the least of us....

Biden et al.....seem to not understand this.....at all....

[The Psychic Observer 498]

20 minutes ago, Tree of Knowledge said:

Did you ever pass that CPA exam?

I own my own business my friend, not a CPA.

[Tree of Knowledge 2,110]

2 minutes ago, The Psychic Observer said:

I own my own business my friend, not a CPA.

Don’t give up hope boyo.  

[Patented Phil 1,469]

Well, yeah!  Doesn’t take a rocket scientist to figure out that when lunch at Arby’s (burger, fries, drink) costs $25 then everyone’s standard of living has gone down.  I make almost 50% more than I did when Covid broke out and my standard of living is definitely less than it was back then.  Biden f’d it all up with runaway inflation.  He owns this.

[Stryker Ryker 188]

6 minutes ago, RLLD said:

How you are impacted will depend on your financial strength of course.  The Biden policies.....attacking energy, pouring money into the economy when inflation was already evident, pushing green policies......these all harm the most economically challenged, the rest of us can handle it with lifestyle changes.

And often another point is missed.....slowing inflation is of course a good thing, lowering it is even better.....but it takes years.....for that to come back to the least of us....

Biden et al.....seem to not understand this.....at all....

Thing that pisses me off is we know this is a direct result of Bidenomics. Yet they continually push the narrative that it’s trumps fault EVERY good thing that happened during his presidency was “bc of Obama”. Every bad thing that happened during his presidency was his fault. Like the cages Obama kept illegals & their kids in. Trumps fault cause”they were still using them while he was in office” completely erasing Obama from fault. Same with Biden. Everything good happening is cause of him. Everything bad like the economy & the border? Oh that’s “trumps fault”. They take NO accountability of any of their wrongdoings. The retards on this board exhibit the exact personality that encapsulates the Democrat party 

[RLLD 4,275]

1 minute ago, Stryker Ryker said:

Thing that pisses me off is we know this is a direct result of Bidenomics. Yet they continually push the narrative that it’s trumps fault EVERY good thing that happened during his presidency was “bc of Obama”. Every bad thing that happened during his presidency was his fault. Like the cages Obama kept illegals & their kids in. Trumps fault cause”they were still using them while he was in office” completely erasing Obama from fault. Same with Biden. Everything good happening is cause of him. Everything bad like the economy & the border? Oh that’s “trumps fault”. They take NO accountability of any of their wrongdoings. The retards on this board exhibit the exact personality that encapsulates the Democrat party 

Yes, but that you recognize it means you understand the game.   This has always been the game and we can see this tatic going back decades. It happens.....its lamentable, but predictable.  Politics is about lying, and the best liars reach the highest places.

So, it is good that you understand this game.  That empowers you to then look closely at the policies to see what works, irrespective of WHO did it.  This is both freeing and empowering.  

In my experience, it creates some really strange interactions as well.  Sometimes you end up "buddying up" with a liberal, and other times with a conservative.....as the policy and actions and outcomes will sometimes feed into both sides of the isle.  Stepping away from the political, and looking at it purely from the action is really great. 

[Patented Phil 1,469]

Larry Summers couldn’t have been more crystal clear in his warning to Biden about inflation and his proposed spending.  The result was two years of runaway inflation that won’t be recoverable for at least a generation.  Lucky for Biden that we have a country full of lazy, teat-sucking Socialists who don’t seem to give a shitt.

[seafoam1 3,409]

 

14 minutes ago, Patented Phil said:

Larry Summers couldn’t have been more crystal clear in his warning to Biden about inflation and his proposed spending.  The result was two years of runaway inflation that won’t be recoverable for at least a generation.  Lucky for Biden that we have a country full of lazy, teat-sucking Socialists who don’t seem to give a shitt.

Liberals love socialism because it brings everyone down to their level of laziness and poverty. Their biggest hopes in life are that their almighty leaders pass loan forgiveness bills so they can afford to go to local liquor stores and spend their mornings buying more lottery tickets. 

[RLLD 4,275]

30 minutes ago, seafoam1 said:

 

Liberals love socialism because it brings everyone down to their level of laziness and poverty. Their biggest hopes in life are that their almighty leaders pass loan forgiveness bills so they can afford to go to local liquor stores and spend their mornings buying more lottery tickets. 

Not sure I agree with this.

Modern Liberalism, and to be fair recent Liberalism, looks that disparity of outcomes and assumes the system must be at fault.  They assume everyone is the same and holds the same moral stances. This is of course...inane.

Liberalism started by focusing on equality of access, but the outcomes were not equitable.  They ignore that we are not all equally positioned with our abilities....and their goal is that everyone one enjoys equitable outcomes.

Unfortunately, we have a high standard of living in this nation, and this creates a real problem for a liberal.  On the one hand they need high performers who garner wealth, as that is how their games of equity are paid for.....but on the other hand they hate those who succeed, and assume they did not earn it. So to a modern  liberals disparate outcomes mean those who are successful did not earn it.....and are therefore evil.....

Its perverse

[Fnord 2,501]

1 hour ago, Patented Phil said:

I make almost 50% more than I did when Covid broke out and my standard of living is definitely less than it was back then.

If this is true, you suck at money management. HTH.

[seafoam1 3,409]

1 minute ago, Fnord said:

If this is true, you suck at money management. HTH.

Well, you're the poor one who wants government to make everyone like you so you can feel better about yourself. 

I would say you have your own problems to face, lowlife.

[Patented Phil 1,469]

3 hours ago, Fnord said:

If this is true, you suck at money management. HTH.

What can I say?  Your Mom raised her prices.

[gas 167]

Guess I'm in the 1% on this board who's doing better financially.   So sorry for you, MAGAts.    

[Fnord 2,501]

9 minutes ago, Patented Phil said:

What can I say?  Your Mom raised her prices.

Didn't realize you were so into piano lessons and quilts, but it's still a free country. Til 2024, anyway.

[Mark Davis 424]

That inflation monster is hard to outrun.  The only people really doing better are people making so much that their net worth appreciated so much over those 4 years that the net present value of future inflated expenses are less than that wealth accumulation.  It's a hard one to pull off and really is just very well to do folks and generally older because of fewer years of expenses down the road.

[Patented Phil 1,469]

18 minutes ago, Mark Davis said:

That inflation monster is hard to outrun.  The only people really doing better are people making so much that their net worth appreciated so much over those 4 years that the net present value of future inflated expenses are less than that wealth accumulation.  It's a hard one to pull off and really is just very well to do folks and generally older because of fewer years of expenses down the road.

Good luck explaining this to F’N ORDinary

[easilyscan 1,012]

Not at all surprising. 

Some woman was pimping dog treats on next door recently. 

About $100.00 a pound. 

https://lifesabundance.com/Category/Products/Dogs/Treats/BisonLiverTreats.aspx?realname=20107674&cat=0&hdr=&Ath=False&crt=0&Category=BisonLiver_v11(Pet_Base)&Sku=420418

 

[Pimpadeaux 2,406]

6 hours ago, The Real timschochet said:

To be accurate: 5 more years of you complaining about Biden, not 4. After which you’ll move on to complaining about Newsom. All the while your life will get better and society will be more woke. 

MAGAturds will deny we're better off because they can't accept that they're better off in a Democratic administration.

They're a bunch of battered women who keep going back to their abuser.

[seafoam1 3,409]

Just now, Pimpadeaux said:

MAGAturds will deny we're better off because...

Talk about TDS to the extreme. This dude should be a case study. 

[Pimpadeaux 2,406]

Give a MAGAturd some positive economic news, and the BDS boils over.

[League Champion 1,926]

10 minutes ago, Pimpadeaux said:

Give a MAGAturd some positive economic news, and the BDS boils over.

Is this you??? 

[iam90sbaby 2,727]

30 minutes ago, Pimpadeaux said:

MAGAturds will deny we're better off because they can't accept that they're better off in a Democratic administration.

They're a bunch of battered women who keep going back to their abuser.

I'm doing better off but that's because I'm me and it wouldn't matter who was the president 

[Pimpadeaux 2,406]

1 hour ago, League Champion said:

Is this you??? 

Biden took actions that led to gas prices coming down. World events and a demand surge caused them to go up in the first place.

Even a simpleton like you should be able to understand basic economics, but, alas, you can't because of your BDS-petrifried brain.

Sad.

[Hardcore troubadour 15,911]

1 hour ago, Pimpadeaux said:

Biden took actions that led to gas prices coming down. World events and a demand surge caused them to go up in the first place.

Even a simpleton like you should be able to understand basic economics, but, alas, you can't because of your BDS-petrifried brain.

Sad.

Yeah he took action. Not enforcing sanctions. It’s so good to help out Iran that is behind numerous attacks on our people and Russia who we are funding a war against.