The recession watch is still on! We are told that the auto strike, or the end of the student loan repayment moratorium, or the likely government shutdown, or something else will cause it. Should we be concerned?
The unfortunate fact is that the dollar store economy runs on the spending of the wealthy and the upper middle classes, so economic changes that damage the interests of others make less difference than you might think. The wealthy don’t have to pay off student loans. What do they care if the moratorium is over?
Biden did his best to replace the dollar store with something better, but he was defeated by a lack of votes in the Senate and inflation. Ironically, his failure is currently operating in his favor. We will only have a recession if the wealthy lose confidence and stop spending, which will only happen if the value of their assets suddenly plunges. That could happen for a variety of reasons, but probably not for the ones the pundits are citing.