Economic Outlook May 2023

The current economic situation is posing several challenges for working people. Despite contributing to their 401k plans for 2.5 years, the values have remained stagnant, wiping out any extra savings that they could have had. This has left many people feeling frustrated and helpless, especially those who had hoped to have some financial cushioning for the future.

Inflation is another significant factor affecting people's finances. Inflation rates are so high that even those with incomes well over $100k are feeling the pinch. The high cost of goods, services, and basic necessities is making it difficult for people to make ends meet. This is leading to increased debt, which further exacerbates the problem.

Additionally, while home values have increased in recent times, the lack of available inventory and skyrocketing interest rates and new construction costs have made rent and mortgages unaffordable for everyone except top earners. This has caused many people to feel that owning a home is no longer a feasible option, which is a significant disappointment for those who had hoped to establish a stable and secure future for themselves and their families.

Overall, the current economic assessment reveals that there are significant challenges facing working people. The stagnant 401k values, high inflation rates, and unaffordable rent and mortgage costs are just some of the issues that people are grappling with. It is essential to keep a close eye on these developments and look for ways to mitigate their impact on people's lives. The other question is, will it get better or worse?

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