Is America going through an economic depression but being lied to about it by the gov?

[bigillwill06]

It's definitely tight - and the wage stagnation over the past 30 years is a key part of that. Wages are staying the same, but pretty much every metro area in the U.S. has substantially more expensive.
Even as profits are skyrocketing and parts of the stock market are booming.

Again, its because the economic growth is almost exclusively in the hands of the wealthy, the average American isn't seeing any of the fruits of their labor, beyond their low wages.

BINGO…the price of food,shelter and clothing is rising every two months while wages stay the same…. If u a minimum wage muffukka u definitely need two gigs outcheah

 

[Wildhundreds]

Because cities are giving them tax breaks to build these things

And they are mostly staying empty because the cost of living is increasing in the places where they are being built so no one is actually moving in there

All of this shyt is LITERALLY what we were telling MAGA TLR the past few years but they kept trying to "stick it to the Libs" or whoever else they saw as an enemy and now here we are

Big cities are usually democratic.. Democrats give tax breaks too..

 

[Reality]

Man, these work from home brehs have hit the lottery.

Breh remind me what you do...I remember you making good $$$. Bout to quit my job and start studying for whatever certs are needed full time on some this shyt:

I'm WFH and in the mid $2XX's, but my shyt is like the Hunger Games over here. I'd kill for that schedule but been working 60hrs+ for like 5 years now . Don't know what the fukk I'm still doing with this.

 

[BaldingSoHard]

Breh remind me what you do...I remember you making good $$$. Bout to quit my job and start studying for whatever certs are needed full time on some this shyt:

I'm WFH and in the mid $2XX's, but my shyt is like the Hunger Games over here. I'd kill for that schedule. Don't know what the fukk I'm still doing with this.

Software development for a large bank. I'm nowhere near the mid $2XX salary range, but I'm definitely stress-free.

 

[ExodusNirvana]

I will add as a note that the increase in home values, with the continued wage stagnation, points to two things: (1) the increased debt load on the average homeowner coupled with higher property taxes creating a real strain and; (2) the truly artificial pumping up of real estate process to increase the holdings of multinational investment firms. And both of these things are disastrous and will create a bubble.

The commodification of housing was a mistake.

Mortgage rates are also very low

So if you combine that with Covid, and the pandemic making people leaving cities to move to places where remote work is more the speed and Covid is less of an issue...

As well as the cost of living increasing in cities because the tax breaks are going to big real estate and corporations and not the middle class

Here we are

 

[Mook]

No.

And I think you deeply misunderstand what an economic depression is. In fact, I think most people do.

People are in for a surprise the next crash. They think nothing can happen in America lol. when unemployment is 30% we gonna feel it

 

[ExodusNirvana]

Big cities are usually democratic.. Democrats give tax breaks too..

Lemme see if I can break this down correctly.....

If corporations and the wealthy are getting tax breaks on the federal level

Then that's less money for states

If the states have less money

The cities will have less money as well

If the cities have less money

The cities will need to make up that revenue somehow, some way....either through cuts in services/hiring freezes OR through other means

Because if they don't, that's less money for social programs, less money for teachers, less money for all the things that make cities function properly

This leads to greater inequality and unpleasant things like increases in crime

Cities (NYC for example) will then begin to give tax breaks to real estate groups who will then build new developments

These new developments will often be for those individuals who have higher income levels and will thus provide the tax revenue that they need to make up

Note: These new developments often come with gentrification because more than likely, the people who will be able to afford them are young, white people with disposable income, working in higher paying private sector jobs

Property values rise...but so does rent

So if you don't own where you stay or OR where your business takes place

You either have to move or you raise prices OR your business fails (ie. the death of Mom and Pop stores in NYC)

 

[Bud Bundy]

I think so and think that they're actively hiding it. The economy is NOT doing well folks. I wouldn't be getting too comfortable and shyt. It's bad out here but yet the news is CLAIMING things are okay.

How would you hide it?

 

[Wildhundreds]

Lemme see if I can break this down correctly.....

If corporations and the wealthy are getting tax breaks on the federal level

Then that's less money for states

If the states have less money

The cities will have less money as well

If the cities have less money

The cities will need to make up that revenue somehow, some way....either through cuts in services/hiring freezes OR through other means

Because if they don't, that's less money for social programs, less money for teachers, less money for all the things that make cities function properly

This leads to greater inequality and unpleasant things like increases in crime

Cities (NYC for example) will then begin to give tax breaks to real estate groups who will then build new developments

These new developments will often be for those individuals who have higher income levels and will thus provide the tax revenue that they need to make up

Note: These new developments often come with gentrification because more than likely, the people who will be able to afford them are young, white people with disposable income, working in higher paying private sector jobs

Property values rise...but so does rent

So if you don't own where you stay or OR where your business takes place

You either have to move or you raise prices OR your business fails (ie. the death of Mom and Pop stores in NYC)

States generate their own revenue.. It's way more complicated than you're presenting here.. The city I live in the elected officials mismanaged the money terribly for decades.. Everyone is dirty..

 

[zayk35]

Houses ain't selling like that at the moment. They may have been in 2020 briefly but that ended REAL quick.

Three houses in my neighborhood went up for sale recently and they all got scooped up in under a week and this is SoCal so they all sold for over 500k really quickly.

 

[tgu]

Breh remind me what you do...I remember you making good $$$. Bout to quit my job and start studying for whatever certs are needed full time on some this shyt:

I'm WFH and in the mid $2XX's, but my shyt is like the Hunger Games over here. I'd kill for that schedule but been working 60hrs+ for like 5 years now . Don't know what the fukk I'm still doing with this.

What do you do to be making mid $2XXs wfh?

 

[Cyrus' Wife]

Of course… They did the same back during the housing crisis back in 07-08. Continued playing the violin while the Titanic sunk.

Yep they sure did especially during the early stages of it.

 

[sayyestothis]

Just got an exceeds rating at work with a nice bonus and pay bump.
Plus a nice fat stack of RSUs are about to vest.
Bout to pay off my car in a month.

Credit score is 1 point away from perfect.

...and my mortgage is fixed at 2.875%.

Economy is looking okay from here, breh.

Love my muthafukking RSUs brehhhh. Like an annual gift from the Gods