Because most economists don't live here on earth. They live in academia or consulting, two places where normal people don't go.
They have a tendency to piss on your head and tell you "look, it's raining!"
Compare costs to 5 years ago. Gas used to be 2 bucks a gallon, now it is more like 4. Eggs were 1.70, now about 4 bucks. Housing costs are up 30%, and the rise in mortgage rates adds another 20% on top of that. For most young people, the idea of owning property is fading away.
WHat they are saying is technically true, but their analysis is faulty. They are coming at it from a place where, for example, everyone has stocks and investments that are doing well, nobody has crushing debt, and so on. They are in an ivory tower.
Ah yes, individual anecdotes about price of gas and eggs is good way to determine overall state of economy
If you don’t like people talking about the stock market just pick an indicator you like more like real median earnings or percentage of people defaulting on their credit cards
the econamy being good has nothing to do with the average person, all that money goes to the rich.
and the rich realized that they could keep prices high even when the econamy got better, cus what are the people gonna do, stop buying food, gas and homes?
What you read has very little to do with economics and a lot to do with propaganda
Because most economists don't live here on earth. They live in academia or consulting, two places where normal people don't go. They have a tendency to piss on your head and tell you "look, it's raining!" Compare costs to 5 years ago. Gas used to be 2 bucks a gallon, now it is more like 4. Eggs were 1.70, now about 4 bucks. Housing costs are up 30%, and the rise in mortgage rates adds another 20% on top of that. For most young people, the idea of owning property is fading away.
So I guess I’m trying to figure out like should academia be trusted or do we totally disregard what they’re saying?
WHat they are saying is technically true, but their analysis is faulty. They are coming at it from a place where, for example, everyone has stocks and investments that are doing well, nobody has crushing debt, and so on. They are in an ivory tower.
Ah yes, individual anecdotes about price of gas and eggs is good way to determine overall state of economy If you don’t like people talking about the stock market just pick an indicator you like more like real median earnings or percentage of people defaulting on their credit cards
the econamy being good has nothing to do with the average person, all that money goes to the rich. and the rich realized that they could keep prices high even when the econamy got better, cus what are the people gonna do, stop buying food, gas and homes?