Jamie Dimon recently gave his thoughts again on a potential recession, inflation going on around the US and elsewhere, as well as what he might see in store for 2023.
Dimon noted that it should be celebrated that the United States is the strongest economy in the world today, so will things get as bad as people have been suggesting might be coming up for 2023 as far as a recession? Dimon noted that money and business is still coming in, consumers are still out there spending even if they might be spending in different areas.
Consumers, Dimon noted, have over $1 trillion in their accounts which he has touched on previously, is this supposed to mean that the average person is in a good situation? We know that millions of Americans are paycheck to paycheck, struggling to afford their bills, many are also living in food insecure households and skipping meals because things have gotten so expensive. This doesn't mean that all have been losers in this economy though, seeing their situation get worse, of course there will be winners on the other side.
Whether or not a recession is coming or here already is still being debated. Inflation is a reality that millions are currently dealing with though and that inflation has quickly eroded the standard of living for many around the world.
Where will rates stop? that's the question that many are asking, when will things take a turn? Is it a good sign that people are selling their blood even while working full-time just so that they can eat? Or that millions have taken on a second job, with many working a variety of side hustles just to afford basics?
On the quantitative tightening Dimon said we should be concerned with this because it is something in the history of mankind that hasn't happened before.
Right now there are millions of people around the world who are worried about inflation, along with the potential for war as well.
pics:
pixabay
This is not financial advice
Sources:
https://www.cnbc.com/2022/10/24/more-americans-live-paycheck-to-paycheck-as-inflation-outpaces-income.html
https://www.npr.org/2022/10/20/1130318787/a-new-poll-reveals-americans-are-stressed-out-by-inflation-violence-and-politics
https://www.cnbc.com/2022/05/18/rising-inflation-has-made-people-feel-anxious-here-are-ways-to-cope.html