It’s the worst news ever. From the Associated Press (AP),
As US stock market hits new highs, 2 of 3 Americans are cutting back on spending, survey shows.
The construction of the headline implies causality, rather than coincidence. Stock market records are producing widespread suffering amongst the general populace, as fat cats grow ever richer.
It is a truth universally acknowledged that when a Republican occupies the White House, stock market records illustrate the sheer cruelty of capitalism. When Democrats occupy the White House, stock market records provide additional evidence, as if any were needed, as to the sheer brilliance of Democratic economic policies.
AP reports on the dark clouds inside the silver envelope,
Consumer sentiment is mostly gloomy even as the economy is still growing and the unemployment rate has stayed low. Some economists argue that the gap reflects inequality in a “K-shaped” economy, with higher-income Americans benefitting from rising stock prices and still spending while lower-income households struggle.
Tuesday’s consumer confidence survey showed that confidence grew among households with incomes at or above $100,000, while it fell for most others.
Help me with the math here,
Gas prices have soared to a nationwide average of $4.49 a gallon from $2.98 just before the war began at the end of February, and have been at or above $4.50 a gallon for nearly all of May.
If gas prices “have been at or above $4.50” “for nearly all of May,” how can they just now have “soared” to $4.49?
From CNBC today,
The S&P 500 and Nasdaq Composite rose to fresh intraday all-time highs on Tuesday, led by technology, as traders weighed the prospects of a potential U.S.-Iran deal being reached to end the war.
The broad market index gained 0.61% and ended at 7,519.12, while the tech-heavy Nasdaq gained 1.19% to 26,656.18. Both indexes also closed at records.
As mentioned, the S&P 500 index set a new closing record, and a new all-time intraday high above 7,539. The index is up almost 10 percent for year-to-date 2026.
But don’t worry, certain disaster is near at hand. I hear Ebola is back.
