economic anxiety

Doomspending, a term for frivolous spending without concern for future financial consequences, is rising among young westerners. A 2024 Credit Karma survey found 27% of Americans, 37% of Gen Z, and 39% of millennials engage in it to cope with economic and global anxiety.

Kevin Hassett, the White House economic director, downplays economic anxiety despite higher prices and inflation. He states that real income is increasing.