In the shadows of economic prosperity, a quiet crisis brews as tens of millions of Americans succumb to “Doom Spending.” This phenomenon, where one spends beyond their means to cope with stress, is not just a financial dilemma but a reflection of broader societal shifts.
Especially pronounced among the younger generation, this trend tells a story of forsaken dreams. Young Americans, instead of investing in homes or starting families, are opting for instant gratification like cruises, signaling a departure from traditional aspirations.
The erosion of the Middle Class, a slow burn spanning 25 years, finds its roots in economic policies that replaced tangible growth with money printers. Now, under the lens of Bidenomics, this decay appears to be accelerating.
Stress, economic anxiety, and a bleak outlook on the future grip the nation. A staggering 96% of consumers express concern about the economic trajectory, with over half of Americans feeling that things have worsened in the last six months.
Living paycheck to paycheck has become a harsh reality for 56% of Americans, and a quarter of them have no savings at all. Zoomers and Millennials, in particular, bear the brunt, with 35% and 43% respectively admitting to spending beyond their means to cope.
The dreams of investing in the future, owning homes, and achieving financial stability seem to be fading away, with 25% of young people resorting to moving back in with their parents.
In this detailed exploration, we uncover the raw realities of Doom Spending, laying bare the societal consequences of economic shifts. It’s not just a financial concern; it’s a narrative of vanishing dreams, looming economic anxieties, and a questioning of the promises made by the current economic landscape.
Sources:
https://www.cnbc.com/2023/11/29/americans-are-doom-spending-heres-why-thats-a-problem.html
Tens of millions of Americans "Doom Spending" their way to oblivion — one in four.
Especially the young, who are apparently giving up on buying a house or starting a family and taking cruises instead.
The gutting of the Middle Class has been going on for 25 years now — ever… pic.twitter.com/u0OArdjU0Y
— Peter St Onge, Ph.D. (@profstonge) January 30, 2024