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The Worst Consumer Sentiment Report Ever
Good news! The marquee gauge of consumer sentiment in the US improved in the final estimate for Nove
I don’t think the rich people you talk about here are Trump voters, the others mostly were, maybe not now.
Readers here are, by and large, convinced of the meritocracy narrative because they don’t want to admit that their lot in life is (far) more luck of the draw than it is a product of their own ingenuity or hard work. Failure to come to terms with that makes it impossible for the well-to-do to understand how so many people could vote away their own democracy. There are a lot of reasons people vote for Trump, but one of them is the simple fact that the system’s broken and by now people would rather just hand it over to a grifting charlatan out of sheer spite (or burn it down entirely) than they would spend another day listening to lucky people explain how if only they’d worked a little harder, they’d have stocks too.
(Apologies for the original reply, by the way — i.e., for the one I briefly posted before I wrote the one above. At first I misunderstood what you meant by “here.”)
Heisenberg, it seems that you are a fan of the “vibe-cession” theory named by Kyla Scanlon, and that this survey would suggest that we remain in the deepest throes of. However, how do you determine when we shift from being in a “vibecession” for the 80-90%, or just detail that we are in the early stages of neo-serfdom for all but the more affluent in society? Or am I just a fool and the only difference between vibecession and neo-serfdom is that one word is palatable for the media and the other isn’t?
Agreed. Vibesession gives the impression that things will change. In reality, we know this a globalization trend set off decades ago, the logical conclusion becoming even more apparent, and spilling over with the ai narrative.
I have seen numbers that showed the top 10% of American households own closer to 93% of the S&P 500. An absolutely stunning number. It means that 89% of Americans have seen virtually none of the record gains made these past few years. It truly epitomizes the “K-shaped” economy.
Outside of AI capex and the upper parts of the “K”, the rest of the US economy is starting a recession. That’s what I believe, even if the government data doesn’t fully support it – yet. So, more than merely vibes.