It’s Booming! Part 2: Another Term to Explain It All Away
3/15/24
They call it “money dysmorphia.” Yeah, I’m not kidding. It is a new word that has been added to the lexicon of wokeism. It basically means social media is making young adults feel financially inadequate when in fact the economy is actually working well for them! In the article, “Nearly half of young adults have ‘money dysmorphia,’ survey finds. Here are the symptoms.” it states that, “The average household’s net worth has soared in recent years, rising 37% between 2019 and 2022, according to the survey of consumer finances from the Federal Reserve.” (Dickler, 2024) And yet people aren’t feeling well-off. How can that be? Money dysmorphia! Still, the author later admits that, a “prolonged period of high inflation and instability has chipped away at most consumers’ buying power and confidence. Instagram is also partly to blame.” (Dickler, 2024) Notice how the article starts off by admitting that things like inflation have something to do with people’s feelings of financial inadequacy then it pivots to blaming social media. Attacks on social media are being ratcheted up recently. Now, according to the article, the pressure to impress strangers online has warped our perception of financial reality as well.
Then, the article goes on to say that “more than half of Americans earning more than $100,000 a year say they live paycheck to paycheck, another report by LendingClub found.” (Dickler, 2024) Apparently, the cost of living is so high where these people live that it eats away at their income until they have no discretionary income. And really isn’t that what feeling rich is about? The means to have your will met? Isn’t that what really causes people to do the things listed in the article like going on expensive trips and buying things they don’t need? They want to feel powerful and in control? And apparently when they had discretionary income — when the cost of living was less — they felt that way. The media can call this reality whatever they like; they can blame it on a need to impress other people on social media, but in the end I don’t see how telling people they have enough money and implying they are nuts not to see it is going to work. As long as they can’t do as they please whenever they please they aren’t going to feel rich.
Dickler, J. (2024, March 13). “Nearly half of young adults have ‘money dysmorphia,’ survey finds. Here are the symptoms.” CNBC. https://www.cnbc.com/2024/03/13/nearly-half-of-young-adults-have-money-dysmorphia-survey-finds.html
jenniferalicechandler 