A Boring Dystopia

16782 readers

659 users here now

Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.

Rules (Subject to Change)

--Be a Decent Human Being

--Posting news articles: include the source name and exact title from article in your post title

--If a picture is just a screenshot of an article, link the article

--If a video's content isn't clear from title, write a short summary so people know what it's about.

--Posts must have something to do with the topic

--Zero tolerance for Racism/Sexism/Ableism/etc.

--No NSFW content

--Abide by the rules of lemmy.world

founded 2 years ago

MODERATORS

givesomefucks@lemmy.world

357

As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows (apnews.com)

submitted 1 day ago by FlashMobOfOne@lemmy.world to c/aboringdystopia@lemmy.world

69 comments fedilink hide all child comments

WASHINGTON (AP) — U.S. consumer confidence declined slightly this month as gas prices stayed high and inflation remained elevated, a sharp contrast to soaring stock prices hover near record levels.

The Conference Board’s consumer confidence index slipped 0.7 points to 93.1 in May, the first decline after three months of gains. The measure hasn’t fallen as much this year as other gauges of consumer attitudes, but it has been stuck at a low level since the pandemic. Before COVID-19, it regularly reached 130.

A separate gauge of consumer sentiment released last week by the University of Michigan fell to a record low this month. Soaring gas and food costs have worsened inflation that is outpacing the average growth in paychecks, reducing most Americans’ purchasing power. Americans have soured on President Trump’s economic policies, polls show, potentially creating problems for Republicans heading into the midterm elections.

you are viewing a single comment's thread
view the rest of the comments

[–] Aceticon@lemmy.dbzer0.com 2 points 4 hours ago

Yeah, I've seen that in the UK (were I worked in Finance) and The Netherlands were both governments changed the legislation to make any Retirement Savings above a certain point have to go via Retirement Funds (which mostly ended up in the stockmarket) in order for that money not to be taxed - all that money was propping up the stock market, paying for some serious shenanigans in the Funds part of the Industry (like Fund Managers sending tons of money to Investment Banks in the form of things like trading fees and later moving to highly paid positions in said Investment Banks) and pretty much being the part of the market regularly fleeced by big professional players with advantages such as insider info, which was mainly Investment Banking Prop Trading desks (anybody who thinks the Chinese Walls between Client Desks and Prop Desks actually works have never worked in that side of the Industry, actually get paid to hold and spread such beliefs and/or still believe in Santa Claus and the Tooth Fairy).

Some people who do check how much money is their Retirement Fund worth complain that their Retirement Fund levels have barelly gone up faster than the money they put in but most people are only going to notice just how seriously screwed they're being by that whole system in a couple of decades when they try to retire, which is why politicians and their ("thankful", very, very materially "thankful") mates in Finance are getting away with it.

In summary, Retirement Funds (and, I assume the US equivalent: 401k) not only prop-up stock markets because they're a huge slice of the saved wealth from regular people, they are also the prime sheep in the markets that get regularly fleeced by the Finance Industry and people are only going to notice what's happenned decades from now, by which time everybody involved in the scam will have walked away very rich.

This is probably one of the main pathways via which the wealthy (and quite a lot of parasites) plunder the wealth of the Middle Class at levels which are far beyond anything since the late XIX and early XX centuries.

I didn't mention any of this in my previous post because it would just add and extra dimension and hence confusion to the point I was making, but I definitelly have a very strong insight (or so I like to think) on the subject.