A Boring Dystopia

16782 readers

656 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

356

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

[–] Tetragrade@leminal.space 1 points 1 hour ago* (last edited 1 hour ago)

This is true but generally that money is still functionally real because it can be spent, even if in some sense it's "socially constructed". Similarly banks don't have all the cash on hand, but no one would argue that the money in your account isn't real.

To put it clearer terms: when the markrt cap goes up, stock owners can buy more stuff. Where's the stuff coming from?