The one joke I remember from Colin Jost’s address to the 2024 White House Correspondents’ Dinner is that online gambling and Taylor Swift are all that’s keeping the economy afloat. It plays to Americans’ locked-in impression that the economy is terrible and that’s why they have soured on Joe Biden.
The reality behind this contorted belief is that Americans’ own spending habits have created and are sustaining this economy. Their continued spending is what propels corporations to keep raising prices. Their gambling and speculation in crypto despite previous busts is inflating markets to new highs. Their bloated retirement investments are making asset managers richer and richer—and that money is going directly into further speculative pursuits, especially anything related to AI.
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