I’ll believe the economics are better when I’m not paying markedly more for everything in my life and my salary increases.
The politicians are so wildly out of touch with the citizens.
This idea that the data is “mistrusted” or “unseen” is ridiculous to the point of incredulity. I don’t care what the data says, I know what my lived experiences are and everything is getting wildly more expensive except my labor, it seems. Show me any study you want, it won’t change that groceries are 30%+ more expensive, my rent keeps going up, restaurants and bars have gotten nearly 50% or more pricier and my wage hasn’t grown to match.
I’ll admit I’m a high income earner. I’ve never had to watch watch what I spend but recently even I’ve noticed increases in everything.
Groceries have doubled from what I paid in 2019. I buy almost the same thing every week and I compared.
Dining out has become much more expensive. Places I used to consider a good value are now expensive.
I ordered a basic meal the other day at a local place. A cheeseburger. Fries. Drink and my friend had a salad. It was almost 59 dollars. Six months ago it was around 30 dollars.
So now I have to watch my spending as everything has increased
Dining out is CRAZY now.
My wife and I were out and about last weekend and needed to eat so we hit a Burger King.
Meals for 2, nothing crazy, was $30… at freaking BURGER KING. We don’t even have a sales tax here.
$21 was the bill for 4 people to eat fast food for lunch in my part of the USA today.
Y’all are paying too much for fast food, it’s not worth that.
Workers wanted an increase in pay, so shareholders needed to offset that by even more. Workers can’t get a raise without shareholders getting a raise.
Inflation is majority driven by profit, not wages. Dems barely attack that angle. Republicans actively work against it.
I’m just below the median income for my area. Before the pandemic, I was comfortable. I largely didn’t have to worry about expenses, I could dine out a few times a month, cook meat more than once a week, buy a few hobby luxuries every few months. Could air travel for vacation once a year.
I drive a newish economy sedan, live in a decent area with one roommate, didn’t have all that much but the 401(k) looked good and I had all I wanted.
Now things are tight. Just the other week, went to a bar that sold a damn good burger for $9 with fries. Could have a beer with it and get out under $20. The damn hamburger is $18 now and the beer doubled in price. I try to buy meat twice a month to eat, but my diet is far more bean and lentil based now. Eggs, while doubly more, are still cheap enough to be a frequent protein. My vacations are all at home now. I’ve taken to enjoying fishing, which is admittedly great, but I used to fly to Europe or other parts of the US once a year.
I do not know how folks on minimum wage get by here. Without forming a support network of other minimum wage workers to pool for rent and groceries, it has to be an insane struggle.
If this is the “improving economy”, I don’t want any of it.
I eat out often for work and my company picks up the tab. Part of why I didn’t notice for awhile.
I went to buy eggs and they were like 12 dollars. I could have swore eggs were a lot cheaper in the past.
I eat more hamburgers than I should and that’s where I’ve started to notice the crazy pricing. Like you said you could get a burger and beer for under 20. I use to pay 20 with tip and the tip was over 20%.
I can’t do that anymore.
Me and a partner got fish and chips at a bar yesterday, one app, no drinks, cost us fucking $80. Good fish and chips but like not that good… When I first moved here I was making enough to eat out basically every day and not notice it. I’ve gotten two raises since then but everything is going up in cost so much if I go out twice a week I’m straining my bank account. I’m used to being poor this job was a complete game changer for me but I’m already noticing I’m starting to pick up habits again from when I was making like 1/3 as much as I do now.
Visiting Europe and prices are so freaking cheap for everything it feels like I’m in a different decade.
What country? Cause those prices seem ridiculously high for the US, unless those are fine dining prices these days
The economy is doing better precisely because regular people’s lives are harder. A “strong” economy means more and more off the backs of everyday laborers. Not to mention intentional raising of unemployment rates to combat inflation. The system is fucked. There’s nothing in it for me and you.
Food service workers haven’t gotten raises in decades. I finally quit when I threw my back out, but when I started in 96, I was making $20,000 a year as a line cook, and later $30,000 as a chef. When I went into management I got a whopping $36,000 as a GM. Meanwhile the prices on the menus have more than doubled. Dollar menus are non existent. It’s bullshit. I make more money working for myself a few hours a week growing flower and building computers than I ever would in food service.
I can see all my grocery store receipts in my app up to two years ago.
Many things have gotten a lot more expensive, but some things haven’t. I would put it at 20%, not 30+%.
Also, my mortgage didn’t go up. Renters are getting screwed, that’s for sure.
Finally, my wage definitely went up. Although many people did not have had their wages go up and they are getting screwed too
So I’m doing much better than two years ago.
The economy isn’t bad for everyone.
But for many people, it’s definitely bad.
To say that the numbers are wrong is a stretch though. The numbers just reflect averages.
I think a lot of it is living costs. If you were able to lock in a mortgage with low interest rates, and don’t have to rent or look for a place to live right now, then you’re probably doing a lot better than others and then the President’s analysis may make actual sense.
On the other hand, I’ve gotten a couple raises but it hasn’t felt like it. They’ve basically equaled out to inflation.
This idea that the data is “mistrusted” or “unseen” is ridiculous to the point of incredulity. I don’t care what the data says
Cannot believe you wrote this without a trace of irony.
Buddy they can say the economy is better until the cows come home, it doesn’t change that for a huge swath of people, it fucking ain’t, it’s far worse.
Individual impacts are always felt last. In 08, the average person didn’t experience the crisis until it had been underway for about half a year or more.
I am not arguing that every person is literally better off this moment but rather that economic messaging as a whole is not resonating with people.
Wages are going up. Hiring is through the roof. Things are turned around. Fundamentals are all rock solid, and even the Fed is saying that they will be easing off as they have essentially already achieved the “soft landing” with inflation.
The person I replied to is committing the same logical “sin” that the article bemoans.
That is because Americans are not seeing the benefits. CEOs and stock holders are.
Imagine a world where stock grants were a standard part of all employment contracts, not just for tech workers and the like.
Stock grants for tech workers are often not worth much unless they get in super early and they get lucky.
I got more from my accrued vacation time than I got from my stock options at the last three jobs I left.
Hard to believe it when strong economy doesn’t translate to food on the plate.
Tax the rich
Hey, stock market number and GDP go up. So that means we’re all doing better somehow. Right? RIGHT!?!?!!?!!
It’s like when they bail out corporations because they’re about to go tits up and then talk about how they “saved the economy.” No you saved a company that got way too big, was irresponsible, and is holding the country hostage.
Good news all, we paid the ransom!
If everyone says they feel like the economy is bad, but the metrics say the economy is good, maybe the metrics are wrong or measuring the wrong things!
Possible; it’s also possible they’re believing lies being told to them by people who benefit from others having false beliefs.
Information asymmetry often works to the benefit of employers and landlords, for example. If workers and tenants do have lots of options, but don’t believe they do, they’re more likely to settle for shitty jobs and housing.
There’s a common lie told by upper managers in a lot of industries: “Our business is perpetually in danger; so we can’t afford to pay you more because then we will go out of business and you’ll all lose your jobs anyway.”
If workers and tenants do have lots of options, but don’t believe they do, they’re more likely to settle for shitty jobs and housing.
If workers and tenants are settling for shitty jobs and housing, the economy is bad. It doesn’t matter if they technically have lots of options because the economy is structured to make them feel like they don’t.
Capitalism working as intended 👍
The weird thing is, these information asymmetries make capitalism less efficient than it would be with less asymmetry. They don’t serve the interests of capital; they serve the interests of management.
This. Wallstreet is doing great. The average US citizen not so much. But politicians really only care that CEOs are still getting their bonus checks, not that minimum wage workers are having to work multiple jobs to just barely scrape by. We need to reevaluate the metrics we use to drive policy decisions because they’re rewarding the people that need it the least.
GDP was invented during the great depression. The rich have figured out how to game the metric: wealth inequality. You can give more and more to an ever narrowing slice of the country and “average GDP” can still be going up…despite the fact that much of that went to Elon Musk so he can buy another PJ or whatever.
Does the definition of “economy” actually include people or are we just looking at corporation numbers because I can believe THAT economy is going strong but there’s no way I believe that the entire economy is doing just fine. You don’t need to look further than the grocery store prices to see that.
Er, what? Maybe it’s not relevant in every single location, but it’s definitely relevant for most of us right now. House prices in my area have almost doubled in the last 4-5 years, and rents are up similarly. Maybe it shouldn’t have to be relevant, but it definitely currently is. Even when zoning policies change, it can take years to have a meaningful impact on housing availability or prices because it takes time to build units or convert existing buildings.
People. Wages are also rising across the board, hiring is through the roof (hence rising wages), etc.
There is no person the economic turnaround is not directly benefiting.
You don’t need to look further than the grocery store prices to see that.
This is an ass-terrible measure of economic conditions.
There is no person the economic turnaround is not directly benefiting.
I call bs. I’m not suggesting it’s hurting anyone but there are definitely those who’s financial situation is no better. We need stronger social services, not just growth.
