J.P. Morgan's outlook for 2024 said that it will probably be the year when the U.S. consumer will begin to bend, although not yet break.
There are quite a few reasons why they believe this: diminished excess savings, plateauing wage gains, the restart of student loan payments, an uptick in subprime auto and millennial credit card delinquencies... The list goes on.
But to find out what the people think of the economy and how they're navigating its challenges, the subreddit r/FluentInFinance is the place to jump into. With 326K members, this vibrant community is a hub for insightful discussions, advice, and, most importantly, memes on all things money.
#1 Income Over $1 Billion Be Taxed 100%. Agree Or Disagree?
Image credits: YOU_ARE_MY_FRIENDS
#2 How Can We Fix This?
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These memes illustrate some of the most important monetary questions that we ask ourselves on a regular basis: Are you better or worse off financially than you were a year ago? Do you think you’ll be better off a year from now? And where do you see the country headed in the next five years?
The University of Michigan also raises them (and other similar ones) to calculate the Consumer Sentiment Index, an economic indicator measuring how people feel about the economy.
#3 What's Destroying The Middle Class?
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#4 Taxing The Rich Is Our Best Solution Until We Can End Capitalism In This Country
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#5 So Much This. It’s Not Minorities. It’s The 1%
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"It's a measure that we can compare over time and get a pulse on the attitudes of consumers," says Joanne Hsu, director of the Surveys of Consumers at the University of Michigan. “Which is important given that consumer spending is over two-thirds of GDP."
That survey and others demonstrate there is a pervasive sense of disconnect between the overall economic picture and how people feel about the economy.
Despite slowing inflation, a healthy labor market with record-low unemployment, and stocks that remain in a bull market, consumer sentiment remains below pre-pandemic levels.
#6 But I Thought Money Can't Buy Happiness?
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#7
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#8 He’s Not Wrong. Very Depressing. Crazy To Think About
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#9 Tax Breaks For The Ultra Rich Are Not A Fix
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The University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 65.6 this month, compared to 69.1 in May.
(Economists polled by Reuters had forecast a preliminary reading of 72.0.)
Before the coronavirus pandemic, the index stood at 101.
#10 Would You Quit Your Job To Flip Burgers For $350,000 A Year?
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#11 Is The American Dream Dead?
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#12 What Other Common Sense Ideas Do You Have?
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#13 Mom Said It's My Turn To Post This
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In 2024, the Pew Research Center also asked Americans to share their views of the nation's economy, and about three-in-ten (28%) rated them as excellent or good, while a similar share (31%) said they are poor and about four-in-ten (41%) view them as "only fair."
#14 It's Bullshit!!!
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#15 Should There Be A Wealth Tax? Smart Or Dumb?
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#16 Just To Be Clear, Food Stamps Are Not In Fact, Bad
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However, people usually see their country's economy through their personal financial circumstances — and those can vary widely.
The top tenth of households by wealth are worth $7 million on average, while the bottom half hover around $51,000 on average, according to the Institute for Economic Equity at the Federal Reserve Bank of St. Louis.
#17 Being Poor Is Expensive — Agree Or Disagree?
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#18 $1,900,000,000,000,000,000?
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#19 How Do You Handle Unexpected Bills?
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A recent Brookings Institution analysis suggested the tone of news coverage can also have a strong influence on the disconnect between actual economic performance and how individuals perceive it.
Since 2018 — including during and after the recession sparked by COVID-19 — economic reporting has taken on an increasingly negative tone, despite economic fundamentals strengthening in recent years, the analysis found.
#20 Supply And Demand Bro.. It’s Simple.. Don’t Buy That Thing You Need!!!¡!
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#21 Don’t Let Them Fool You
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#22 What's The Worst Money Advice You've Ever Gotten? I’ll Go First:
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#23 The Rich Shouldn't Pay More Taxes. The Government Should Spend Less. Disagree?
Image credits: YOU_ARE_MY_FRIENDS
We would all like to hear that tomorrow is going to be brighter than today, but the aforementioned J.P. Morgan paper concluded that elevated trade tensions with China, the ongoing Russia-Ukraine war, and conflicts in the Middle East all point to continued uncertainties and risks heading forward.
#24 Millions Of Cattle "Investing" In Brutal Corporate Oligarchy / Slaughterhouses, Occasionally Wondering Why Record Slaughterhouse Profits Entail Higher Costs And "Inflation"
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#25 Are We All Being Scammed?
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#26 What Advice Would You Give This Person?
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#27 He’s Not Wrong ?♂️
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#28 Smart Or Dumb To Get A Tax Refund?
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#29 Why Is Inflation Still High?
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#30 Rent Should Count Towards Your Credit Score. Agree?
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#31 “Trickle Down” Reaganomics Created A Plutocracy
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#32 First Place In The Wrong Race
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#33 Can’t We Just Have An Economy That Works For Everyone?
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#34 Should Tips Be Shared?
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#35 Where’s The Lie
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#36 Should It Be Illegal To Post Jobs Like This?
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#37 So Many Zoomers Are Anti Capitalist For This Reason
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#38 What's The Best Career Advice You've Ever Got? I’ll Go First:
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#39 $19,000,000
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#40 The American Taxpayer
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