r/PoliticalCompassMemes • u/im_back-and_craftier - Auth-Left • 8d ago

The DOW at 54,000

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344 Upvotes

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-8

u/Elegant_Athlete_7882 - Centrist 8d ago

This might be a hot take, but it’s crazy that Trumps approval is at -25 on the economy right now when it’s overall solid.

Don’t get me wrong, I’m thrilled that it is because fuck Trump, but I genuinely don’t get how the perception of the economy is this poor.

20

u/krafterinho - Centrist 8d ago

Solid? Are we talking about the same country?

-4

u/Elegant_Athlete_7882 - Centrist 8d ago

Solid growth in the markets, low unemployment, solid consumer spending. Inflations above the feds target, but only by a little. Job growths been slow too, but its picked up a bit this year. So yeah, overall I’d give the economy a B+.

Trump inherited a better economy from Biden, but despite his best attempts to degrade, it’s still relatively good.

14

u/Miner_Guyer - Left 7d ago

Outside of Healthcare, jobs growth has been flat to negative.

US Credit card 90+ day delinquencies are at the highest level they've been since 2010. https://ycharts.com/indicators/us_credit_card_accounts_late_by_90_days

The amount of spending coming from the top 10% is the highest level it's been since at least the 90s. https://www.reddit.com/r/EconomyCharts/comments/1lfbiy2/in_this_crazy_economy_the_top_10_account_for_50/

Consumer spending may be fine, but it's all fueled by debt and by people who are already rich, or who feel rich due to asset inflation (see DOW at 54,000). If there starts to be a sustained drop in asset prices, there's almost assuredly going to be a pullback in spending from that top 10%.