Credit losses are rising as US consumers shift spending to basic needs and away from purchases that aren’t vital, according to Citigroup Inc. Chief Financial Officer Mark Mason.

https://archive.is/UKTW6

  • Infamousblt [any]
    ·
    3 months ago

    This is the Free Market at work deciding that the healthiest state for an economy is one where people can barely afford basic needs with no money left over for anything else.

    • Beaver [he/him]
      ·
      3 months ago

      But I thought it was supposed to create property and plenty for everyone curious-marx

    • DragonBallZinn [he/him]
      ·
      3 months ago

      “Not to worry, rich people will do all the consumer spending that keeps our economy afloat FOR US! That’s right, the most miserly demographic will consume for the economy, so don’t worry your pretty little heads and enjoy having less money, peasant! Porky needs it!”

      • Isopod_Activities [any, any]
        ·
        3 months ago

        the future of the economy is the last five living humans, all billionaires, taking turns buying and selling the world's last megayacht

  • Frank [he/him, he/him]
    ·
    3 months ago

    Local communist struggles to type "who could have forseen this" from beneath cloud of dispirited ennui

  • marxisthayaca [he/him,they/them]
    ·
    3 months ago

    $1500 in daycare a month, because my mom is too broke and she needs to get an actual job - the money i was paying her was not enough for her own bills.

    We haven't gone to a restaurant in weeks.

  • vovchik_ilich [he/him]
    ·
    3 months ago

    Consumers shift

    Funny how they give action to consumers for this. "Consumers shift", not "the market forces consumers to only acquire staples"

  • SummerIsTooWarm [any, undecided]
    ·
    3 months ago

    We need better education for consumers. They should realize that the economy is better stimulated by spending investing their money in treats rather than waste it on low margin basic goods.

    In my opinion the small government should decide where the money of the bottom 70% of households goes. That would teach them how to spend money responsibly smug-explain