a 'trapped in place' economy
The Economy Is Fantastic — Unless You Want A New Job, A New Home, Or A New Car
High mortgage rates, expensive auto loans, and a static labor market make it hard for people to move up the economic ladder.
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The Lede
If you like your situation right now — your job, your house, your car — you can keep it. If you aren't so satisfied, well, tough luck, because you might have to keep it anyway. Making a major life change, especially an upgrade, is going to come at a cost — one that many Americans would rather avoid, if they can manage it. Welcome to the "trapped in place" economy.
Key Details
- While there's been improvement on a macro level, on a micro, day-to-day level, there's a real sense of stasis.
- Take the housing market. Home sale prices have come off of their 2022 peak, but they're still 47 percent higher than they were in 2019.
- In a consumerist society that encourages people to want more and a culture that prizes itself on economic mobility, this level of stillness is uncomfortable.
