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this post was submitted on 29 Aug 2023
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A Boring Dystopia
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The point is that less and less people are in this position. Middle class parents with savings? What is this, 1985?
Many people saved up a decent amount money during COVID in the States, so I think that the cultural shift towards having a good amount of saving in bank accounts is starting for middle class Americans, especially given the economic uncertainties right now.
A few thousand saved up because of government programs and policies that have now largely expired isn't gonna net you a house anywhere in the US afaik.
They’re just about through those savings. Inflation + “catch up” vacations are the culprits. Look at credit card debt and that is before student loan payments restarted.
https://www.economist.com/graphic-detail/2023/08/21/americas-pandemic-savings-are-running-out#:~:text=Research%20by%20Hamza%20Abdelrahman%20and,by%20the%20end%20of%20September.
That's a bit depressing, but good to know.