The mainstream narrative says that the economy is doing okay, not growing super fast, but solid.
Wages have been climbing, inflation might be a tad too low, and generally speaking everything is headed in the right direction, with a big Thanks(!) to the Fed for their careful and masterful stewardship.
The other narrative is that the Fed has really only shoveled money into financial markets that has mainly benefited the already rich. The Fed MBS program sought to drive up house prices and it succeeded. Inflation has been raging for people who have to rent or buy homes, and for anybody paying into or utilizing the sick-care system.
Which narrative to believe?
Well, I think it’s as simple as using one’s own eyes. Remember a recession is when your neighbor loses their job, a depression is when you also lose yours.
For the people in the video of a quick trip through downtown LA the depression is already here. Collapse has happened. It’s right there to be seen with your own eyes.