The economy is working perfectly fine for the people that own it.
this post was submitted on 09 May 2024
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Real wages are up for three straight years; they were unmoved or negative for nearly four decades before that. Your feelings about the economy don't matter when the data all goes in the other direction
People are (sometimes willfully) confusing "the current status quo is fucked" with "there is no improvement resulting from the measures taken by the administration". The former is true - the latter is not.
Current status quo is the economy that's better than ever
Aren't you asking for too much? Take a small win
Peasants, We have increased your daily crumb rations by 1.2%. Be grateful for that.
Lol
Look, peasants, wages have gone up by slightly less than 1% for reasons having nothing to do with the government, be grateful!
They went down in the 1970s and 1980s, and stagnated in 2000s, the last decade of growth hasn't been seen since the 1990s
I definitely agree with you about the data, but people's feelings do matter, that's why we're currently experiencing a vibecession.
Why would people's feelings matter when the economy is actually good? The vibecession is literally a Conservative psyop
Are they? I got a 3% ‘raise’ again this year and that doesn’t seem like it’s keeping up with inflation. And yes yes get a different job, blah blah.
Your example is N=1
But inflation is also around 3% so why would you expect a bigger raise?
Are you seriously asking why someone would expect a bigger raise than just keeping up with inflation?
Serious question: are they up higher than inflation if you adjust for the last three years?
Yes, that's what real wages mean, adjusted for inflation
Your feelings about the economy don’t matter when the data all goes in the other direction
Except its not "all the data". Its "the data we've always used to measure this up to now".
The disconnect is that classic measurements of national economic health used to reflect the earning and spending power of average Americans. So using the same basket of measures and things that can affect those was a valid approach. In recent years those measurements don't reflect average Americans anymore. Inflation has eaten away at the value of savings impacting older Americans. High interest rates are now acting as a double whammy for young Americans that need borrow for higher education as well as first time home buyers, but the costs of both have risen sharply in the last 20 years. So while the high cost has been a problem, the now high interest rates are a force multiplier stepping on the necks of young Americans.
I don't disagree that Biden's actions have improved classic measurements. Those are still valid and useful for where they apply. I disagree that those measurements still reflect the experience of regular Americans. Thats a problem that extra economic measures should be included when looking at the experience of regular Americans.
This. Buying power of the average American has decreased drastically. If you worked for the last five years and your pay has changed you've technically made less money every year as the power of the dollar has diminished. If you're on a fixed income it feels even worse.
They seem to be pretty thorough
There are plenty of problems with CPI, one of which is the very issue of “feelings”. Owners equivalent rent is absolutely irrelevant to actual rent costs. It’s just how much a homeowner says they would charge if they were to rent out their place. These are not the people renting out units…they’re just someone who happened to have enough money to buy a house. WTF do they know.
Your feelings about the economy don’t matter when the data all goes in the other direction
Except its not "all the data". Its "the data we've always used to measure this up to now".
I hear you saying an apples-to-apples comparison to show a point is ... somehow bad.
Sometimes I just don't know what people want.
I hear you saying an apples-to-apples comparison to show a point is … somehow bad.
You're gonna have to grow out of just thinking there are only two outcomes: "good" and "bad". The world is more complicated than that. The classic indicators don't reflect the modern average American experience anymore. They were chosen in a different time under different circumstances. They were chosen when a college education cost a couple of thousand dollars a year, a average blue color worker could buy a brand new car every two years, and a small house was easily affordable for a single income earner with the other staying at home raising kids. Clearly you can see how this is now out-of-date with modern American life.
They're fine as a useful apples-to-apples comparison to national economic health, but today fail to show what average Americans experience.
Sometimes I just don’t know what people want.
Introduce some nuance into your worldview and that may help you understand.
TBF even if you don't agree that the economy is getting better under Biden, that still doesn't say anything about his fiscal policy. His policies might not have a tangible effect for a decade. He's not a king, he doesn't decide who sells what and for how much.
Capitalism is strangling us. Any candidate who doesn't admit that is unacceptable.
That's literally their goal. Wealthy elites and corporations want to bury the middle and lower classes.
What's your solution?
My ideal solution really doesnt matter. When you are being strangled, to extend the analogy, you dont really care who gets the guy off you.
If capitalism wants to protect itself, it better stop the strangling.
So you want competent legislation to make strangling illegal via a series of complex regulatory standards and campaign finance reform?
I don't think that would hurt. I certainly would go further.
The point is that on the path we are currently heading, people will take any alternate system better or not. So if capitalism wants to in its own self-interest, stick around, then it's going to have to throw the little guy some bones.
When people are desperate enough, they'll look for any savior.
Public demand and competition drove prices down. Since Covid reset prices, and stockholders demand growth, companies will continue to price gouge until customers say it's enough.
This is just what capitalism looks like.
The problem is where things are getting the most expensive, that being food and housing, the markets are captured. You can't just say no to having food and housing.
This is where regulation is supposed to step in.
Food tracks the general inflation closely, it hasn't actually gone up faster than the inflation in any meaningful way
Neoliberalized Democrats wouldn't say better. This why people doesn't trust and believe in them anymore. They became neolib like every others and they are chasing the myth of the middle voter.
One result is abstention. The second is people voting for the far right.