A few months ago, I wrote about the state of the economy after Fed president Powell had stated that it was "solid", something he just repeated at Jackson Hole this past weekend. So what has changed since? Nothing. The stock market has continued to soar, despite stock market futures volumes at lowest levels seen since the Christmas holiday, and despite yet another warning from the fed that asset prices are elevated.
Fast forward to today, where the Associated Press has out out yet another article stating how dire of a situation it is for the average American, with an article titled "Despite Strong Economy, many Americans struggling to get by". As per my last article, where I talked about how Americans literally couldn't afford to cover a emergency of $500 and have less than $1000 in savings, today's AP article states that 40% of American families struggled to meet at least one basic need like food, healthcare, housing or utilities. Yes you read that right, 40% of those polled! The AP also stated that 23% struggled to feed their family at some point, and that is with SNAP participation still near the highs.
The AP also stated that many Americans won't go seek medical attention when they need to because they literally cannot afford to with the sky high cost of healthcare.
"While startling data to some, it comes as no surprise to those Americans who are struggling to get by."
No, it's only startling to those economists at the Fed, high up in their ivory towers, who still cannot believe that their failed experiment of QE and ZIRP has yet to trickle down to the Average American family. Maybe the trickle down will finally happen when the DOW climbs to 100,000...........