RIDDLE ME THIS
If 70% of U.S. GDP hinges on consumer spending, how do you see the US economy growing when the deck’s stacked like this? --->
Total U.S. consumer debt hit a record $18.036 trillion in Q4 2024—mortgages, credit cards, auto loans, student loans, you name it—per the Federal Reserve Bank of New York’s Household Debt and Credit Report (November 12, 2024). Meanwhile, tariffs on foreign goods are poised to jack up prices. This helter-skelter tarrif nonsense breeds uncertainty for corporations, small businesses (~45% of the economy), and consumers alike.
Now toss in a wild-card billionaire—chainsaw in one hand, ketamine in his system—slashing hundreds of thousands of jobs and leaving federal workers and millions of Americans wondering what’s next. The same guy tasked with “saving” the economy calls Social Security “the biggest Ponzi scheme of all time,” hinting he’s itching to gut it. Consider this: the 65-and-older crowd drives 22% of consumer spending; drop that to age 50, and it’s near 50%. Think they’ll spend freely with their safety net under attack?
Small businesses and big corporations will likely clamp down on spending, too. Senior citizens, who’ve relied on Social Security’s uninterrupted 85-year run, now face fear and doubt as it’s branded a scam. Confidence? Shattered.
Then there’s the stock market—over 60% of Americans own stocks, directly or through funds like mutuals. With the market tanking, will that spark wallet-opening optimism? Hardly. The U.S. dollar’s slipping, gold’s soared $900 since the election, and the market’s flashing red. None of this screams “growth” to me.
(Composed this for my trump supporting friends)
photo credit Gage Skidmore |
