Many young Americans are using humor on social media to deal with their growing concerns about a possible recession. While economists look at serious signs like rising unemployment rates and lower spending, CNBC says that Gen Z and Millennials are joking about everyday things—like cheaper clothes on resale apps, more ads for online colleges, or people financing fast food—as their own “recession indicators.” Interestingly, experts call this kind of humor “gallows humor,” which means it is a way to cope with stress.
These posts are meant to be funny, but they show just how worried young people are about inflation, job security, and the economic decisions being made under the current administration. Many young adults today grew up during the 2008 financial crisis and became adults during the COVID-19 pandemic. Now, they’re dealing with high housing costs, rising debt loads, and uncertain economic policies. Data shows that confidence among people ages 18 to 34 has dropped more than 6% this year, even as other age groups feel more hopeful.
In fact, many are worried about losing their jobs and think the American Dream is getting harder to reach. Even though these social media jokes are lighthearted, the concerns are serious. Treasury Secretary Scott Bessent recently said there’s “no guarantee” that the U.S. will avoid a recession. As a result, Google (GOOGL) searches for “recession” are at their highest in years, and expectations about the future are the lowest in over a decade.
Is SPY a Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on the SPDR S&P 500 ETF Trust (SPY) based on 410 Buys, 87 Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average SPY price target of $689.35 per share implies 24% upside potential.
