[jussij]

What you're describing is a fairly universal phenomena found in many developed economics around the world. Over the last decade or more many countries have seen a hollowing out of their middle class, with stagnant wages growth and rapidly rising house prices. However, I find it hard to believe the majority of the US population are currently experiencing recession like living conditions, only because the latest US quarterly GDP came in at a whopping 5.2% That GDP figure shows the vast majority of the US population has money to spend, and they are happy to spend it.

[reducesuffering]

No recession came when everyone suspected it. A recession will come when everyone isn’t suspecting it.

“Be fearful when others are greedy and be greedy only when others are fearful.” -Buffett

[qp11]

Its all beautiful until you look at growth in debt level. But lets not scare the kids.

[nojster]

Precisely! Once you do that, you realize that public debt on the US has quadrupled since the financial crisis of 2008.

https://fred.stlouisfed.org/series/GFDEBTN/

Meaning that much is simply kicking the can a little further.

With interest payments hitting $1tn this year, it is, in my opinion, unrealistic that this is sustainable.

[jussij]

High debt with high growth is still much better than high debt with low growth. And Trump record on handling debt issue is no better than Biden. Trump added $USD 7.8 trillion to the debt during his term in office, whereas Biden's has added about $USD 5.4 trillion. Like Trump, a big chunk of Biden's debt was COVID relief.