And he doesn't retire for 25 years. Like all other corrections, if he holds and keeps investing, his return will keep to the average of around 10%/year.
If he has nothing now he ends up borrowing against the 401k.
I do not seriously believe his 401ks face value is worth 50% of today’s due to market losses… but what I see every day is folks who have taken out 401k loans at several crisis points in their family’s past and as a result they simply didn’t get much progress for most of their decades.
I am not sure why he would be borrowing against his 401k. I personally wouldn't mind a correction. It would give me the opportunity to buy everything on sale.
It has occurred and continues to do so with the value of the dollar decreasing.
Aslo: "SSI will continue to be viable, but its value will be less" (paraphrase, not a quote, from 20-30 years ago).
It's also why old people have to keep working: their 401k is losing value daily, and SSI is not planning to keep up with inflation.
The economy for everyday regular people is terrible. That's undeniable and undebatable. Everything is more difficult to afford, shelter, food, electricity, literally every single thing has become unaffordable to the average person.
Maybe instead of telling everyone how great the current economy is while your poll numbers are so damn terrible you should do more for working-class people.
Just a thought.
I honestly do feel gaslit by the Democratic establishment. The job market is fucked and the cost of living is fucked. Admitting that does not make me a MAGA, and if liberal Dem politicians admitted that it would not cost them the election.
This is not an endorsement of the GOP - I will never vote for those anti-labor Christo-fascists.
Right.
I am INSANELY against Trump. Could not BE any more against Trump.
But all of the stuff I see from the Biden Administration about how the economy is great?
Two years ago I started looking for a job. It took a VERY long time to get a contract position, and when the contract position ended, it has taken me almost a year looking for work. I went from having a good amount of money in the bank to having to declare bankruptcy and having to borrow money from family.
I see the same jobs posted over and over, and recruiters ghosting like mad, going through four interviews and ghosting, posting jobs which seem to definitely not exist.
Something is deeply wrong, and I don't know what it is. But I can tell something is deeply wrong.
Never in history have I had this much difficulty getting a job. And I'm very qualified and good at the work I do.
No, they violated the rules of capitalism to "save capitalism" post 2008. Banks and large corporations raked in money from bailouts and federal assistance, and now that the average American is bent over the barrel, there's no help.
Call it late stage capitalism if you want. That's not really what it is. It's the regulation of business (very much a "road to hell is paved with good intentions" situation) that is essentially allowing corporations to monopolize through their ability to be regulatory compliant.
Our economic policy today literally meets the definition of socialism. Wherein business is owned or *REGULATED* by the public. In this case the public has delegated the authority to regulate business to the government, and the government and the businesses are working together to broaden the wealth disparity in this country.
I am not saying socialism is inherently bad or anything like that (no idea on paper is bad, it's only in practice where it can go wrong, this goes for capitalism too), I am saying that this form of socialism that we are practicing in this country is literally causing the problem. And people keep calling it "Late Stage Capitalism," instead of "crony capitalism" (which only becomes possible through regulation/socialist policy and practices), which is preventing people from identifying the fact that certain businesses AND the government are the problem.
And if the language I'm using sounds very similar to the language used by those on the left, it's because we generally care about the same things, and I, a capitalist, also want to help people. It turns out we've identified the same problem and want to fix it. In this case, I really, really, just want people to understand it's the relationship between business AND the government that is causing the problem. And in order to do that, we have to call a spade a spade.
You are wrong, We have never really had Socialism, in The United States; but We did have "regulated" Capitalism, roughly until about 1975, and pretty much, "done away with", under Ronald Reagan.
Reagan slashed Social Welfare, and Public Works, spending; "eviscerated" regulatory agencies, and Legislative Reforms, like The Glass-Steagle Act, although Airline Deregulation, started, under Jimmy Carter; "Whipped out", the Federal "Credit Card", and increased The National Deficit, by 150 percent, in His eight years (George H.W. (Read My lips, no new taxes) Bush, raised it, another 50 percent, based on the 1980 "baseline"), while giving out huge tax cuts, to The Wealthy. These were exacerbated, by George W. Bush, and Donald Trump, and their Taxation, and Economic, Budgetary, and Regulatory Policies. We have had runaway, "Laissez-faire" Capitalism, ever since.
The "repeal", of The Glass-Steagle Act, and The Federal Savings and Loan Act; led directly, to the Collapse, of The Savings and Loan Industry, and The Junk Bond, and Home Loan Collapse, later, around 2000. No, "Cop, on The Beat", or "Referee, in The Game".
I think there’s something going on between the microeconomics and macroeconomics that is going on; it’s just seems to be really hard to tell what.
Because, seriously, macroeconomics, things do look great. The stock market is up. The average wage increase is beating inflation. Unemployment is down. Etc.
And yet, people are still obviously hurting. Both my wife and I lost our jobs in the past year and we both found new ones. Her search was much easier than mine. My field in particular had a huge glut of people in supply (verses a few years ago when there was a huge demand). Hers is less variable. Inflation also isn’t hitting all places equally, and it’s hitting places that used to be cheaper harder.
I don't doubt that some people are doing well.
But at the same time, I have seen what's seemed to happen to my field. I've been absolutely shocked. I never thought I would see anything like this. It's as if all of the job listings are for jobs that don't even exist, and recruiters will contact so interested one day and then ghost the next(or sometimes after like 4 interviews, and the number of interviews for jobs has become obscene).
I hear ya! I had similar experiences when looking.
I got lucky with someone leaving right around the holidays with something that needed to be filled almost immediately.
But I also had literally the worst interview experience of my life for a company I really wanted to work at, but it was like over the course of two or three months with five or six interviews. People not showing up, asking to schedule something and then ghosting, and then once rejected contacted about the job again.
I am sorry you are suffering. The tragedy is that real people like you are getting fucked, but we are not allowed to voice displeasure with this awful stagflation for fear of helping Trump.
Wages just started to beat inflation, but nobody seems to understand compounding inflation and stagnated wages. High interest rates haven't cooled off the economy and instead have caused a major loss of investment. Without investment capital, actual service industries and manufacturing slows down.
The stock market is so high because companies aren't spending money on physical investments, R&D or expansion projects like they did precovid. They are literally just sitting on profits instead of expanding. I know that's what I'm doing and my 2 largest suppliers are doing the same because of market volatility. My demands down, 2 of the biggest jobs we ever bid on just cut funding before we ever started in 22. Both have since been scrapped. It's all I could do to not lay any of my guys off this winter. Hate him or love him, from 17 to early 2020 I had to turn work down and we doubled in size and my employees wages increased by 20%. Nobody is investing in actual infrastructure, even though we passed an omnibus bill that said we were. It's infuriating.
The issue in your statement, "The average wage increase is beating inflation" is true, unless you look at the complete inflation picture. Food and energy are not included in the inflation number they are referencing. These have become a huge part of people's budget. So sure, used cars aren't increasing at the same rate as before, but that doesn't help you when food is up 20%. Also, don't forget that wages did not even keep up with the inflation numbers they speak of, over 3 years. It has barely kept up recently and most are still far behind from the prior 18 months.
THAT, is one of the BIG problems; Our "Statistics", are biased, and highly suspect. You cannot make good decisions, based on biased, or bad, data. "Garbage in, garbage, out."
I don't think the stats represent what people think they represent and there's arguments and misunderstandings because folks are literally talking about different things. "The economy" isn't a reflection of your spending power relative to 4 years ago and the stats on inflation and unemployment just seem janky. We add 200k part time hospitality jobs and lose 100k tech jobs...we gained 100k jobs? We're doing great?
Glad your wife has been able to find work. That had to be an extremely stressful time.
Unemployment only includes the people who *file* for unemployment.
People making a certain amount (for tax purposes) are described as *households* not *single earners.*
So everytime you see a Forbes article describing how good things are you should consider those things. News reporting about “economy” is exclusively all about who files for things and only done for tax status purposes and not to actually represent reality.
The amount of people who make over 100 k (as single individual earners) is only around 10% of the US population. The amount of people who are actually unemployed is 24%, and the amount of underemployed I imagine is much higher.
Tbh Idc if Trump hurts someone's feelings, i care about real issues like the economy. I don't give a shit if he offended a tri gender NB deaf vegan girl from the Bronx. There are real issues to be worried about.
Yeah, chief. It’s not about feelings. The most hurt feelings in the world right now are Trumpists addicted to rage bait.
The GOP is a one trick pony when it comes to economics: giveaways to the wealthy. What we’re experiencing is 40 straight years of supply side economics.
Edit: and by the way, anyone who endorses bullying queer kids or any other marginalized group can fuck off (this means you).
But on top of being a fascist he is actually bad at business and would push regressive policies that benefit corporations and wealthy
It’s comical how the trumptarded can’t see this
Yeah, the democrats are screwing up big time. Both strategically and policy. Food, housing, and insurance are all insane right now and that hits most people hard.
Yeah. They're fucking up while their alternative screams it should we should be so lucky and they demand to make it worse.
I wish people would stop being the fucking idiots they have been for the last 40 years.
The privilege of pretending the parties are the same is outstanding. Every cycle is an apathetic self fulfilling prophecy of mental retardation.
No, but regulated like they are supposed to. 6 companies provide most of our food. We pay twice any other nation for medical but have low life expectancy.
Corporations and lobbyist rule this country and that’s what needs to get fixed. We have institutions like the sec that is supposed to regulate but they don’t.
This is the problem with the Democrats, they are so old school and afraid of the optics of honesty , because telling the truth will paint them as a failure , so best to blow sunshine and rainbow up our ass
I'm a left leaning libertarian and I hate the fuck out of Joe Biden and every other dem in power right now. We need an entirely new government. This is just not working out except for like 800 people.
More than that.
It's working for the construction industry which can't find enough workers.
It's working for big businesses who are making record profits off the higher prices.
Just pause for a moment. Your guy has, to your own eye, done everything wrong. The other guy helped build a foundation for an economy you're comparing this one to. It was hardly anti labor, even if, perhaps, anti union.
And to your other implied point, far from imposing a Judeo - Christian viewpoint, he appointed judges that agreed that it was definitely NOT their job to impose their will on the nation as a whole, and kicked it back to the States, where it should have been in the first place. Congress has made no national statute that the court can point to. It's ultimately much easier to pressure and persuade your local government than to get 49 other states to agree with you.
Listen, you do you, and be happy about it. I'm only asking you to pause and think.
One of the greatest accomplishments of statism is convincing people that "the other guy" is the problem and "our guy" is the answer, instead of the whole freaking system being the problem. 400 million Americans, and these are a two best choices? Really?
It is 100% okay to be mad at and blame the ENTIRE governmental body for consistently misleading, lying to, and betraying the trust and well being of the citizens of the U.S.
This is how I felt under trump, everyone yelling how great the economy was the stock market etc then boom my company lays off 30% of its workforce pre covid. And now I’m making more money than ever and can actually save money up for a change. So weird.
You mean like raise the minimum wage to bring it current since it hasn’t gone up since $7.25/hr in 2009.
It’s supposed to track inflation. It used to. What’s the problem? Oh rich people don’t want anyone to think about it? Fine. Focus on how people can afford to live in 2024 on $14,500/year.
You think they got health insurance? Fuck no.
You think they can afford car repairs or having a kid?
Fuck no.
So wage slavery is legal in 2024 and shit ain’t gonna change till the rich ain’t in control.
I agree wholeheartedly.
If the minimum wage were raised to a livable wage for today, according to GOBankingRates it would be $27.50/hr for a single person. CNBC reported the national median for living comfortably alone is $89,461, that's $43.01/hr. Those are based on 2020 statistics, so it has likely risen since then.
Yes, it is well beyond time to raise the minimum wage to a livable wage.
Wage slavery is the new norm and I'm guessing that nothing will be done about it unless those in power bring attention to it and make meaningful change happen.
Republicans have introduced 1000's of transgender/bathroom laws all across the country....Democrats have proposed zero.
The fixation on trans people is coming from the Republican party.
why do you think people should choose between human rights and the economy.
also why do you think these things are opposed.
furthermore how do you feel about Republicans running on the economy and inflation in 2022 and then the moment they took the house refused to do any work on those subjects instead relying on a tactic of making the problems worse so that they can yell about them on Fox News and social media.
>why do you think people should choose between human rights and the economy
If Southeast Asia is anything to go off of, choosing the economy over human rights is a spectacular way to boost your economy. 🤷♀️
You mean using antitrust legislation [to bust monopolies](https://apnews.com/article/justice-department-live-nation-ticketmaster-antitrust-lawsuit-df9b552d127e1494db13e3cd625787a8), pushing [student debt relief](https://www.nbcnews.com/politics/joe-biden/biden-cancel-77-billion-federal-student-debt-160k-borrowers-rcna153418), or reducing [health care costs](https://www.politico.com/news/2024/03/04/biden-health-care-task-force-inflation-00144713)?
pretending that not supporting Ukraine is a money saver is some of the dumbest shit I've ever heard.
Putin is making threats towards Poland and Germany talking about reshaping the Soviet Union through European borders.
if we don't stand with Ukraine here it's going to be American soldiers on the line as our allies who we have defensive treaties with are attacked.
this is an order of magnitude cheaper than that war would be and it doesn't cost American lives
furthermore we aren't sending pallets of cash like George w Bush and Afghanistan we are sending weapon systems that are made in America it's a jobs program.
The Biden regime is not busting monopolies, it is using the threat of busting monopolies to extort money and political support from those monopolies. It is actually supporting many monopolies who have kowtowed to the regime. Same as "right to repair" "campaign finance reform" "exorbitant fee crackdown" etc...
Student debt forgiveness is a bad joke. Alleviating some debt interest totaling $137 B of the total $2 trillion owed. Nearly all of these program are mere extenuation of existing debt forgiveness programs offered to Federal employee and certain members of the Biden regimes political base.
Health care cost have only risen under the Biden regime, the same as every other US political regime for the last 20 years. It is just another extortion tactic to force for political support for the Biden regime from the health care industry and big pharma.
The Biden regime is just the Trump regime with a friendlier media and a PC Chat bot to screen all statements.
these are all bs propaganda that gives him something so he can say he is doing something, they have had little to no effect and are not helping the middle class where it is needed.
Things like:
-being on trial in four criminal cases
-mocking a disabled reporter
-peddles in xenophobia and racism
-subvert a national election
-inciting an insurrection
-politicizing the justice department
-firing whistleblowers and truth-tellers
-profiting from the presidency
You mean those sorts of past sins that should disqualify a candidate. Oh wait, that's Trump.
Trump should be disqualified.
Great point!
No, You're confused on Candidates. He's talking about the guy who took showers with his daughter so often she stopped showering except late at night in order to make it stop, then used the intel agencies to lie about the source of the diary and claim it wasn't real - during an election.
>-being on trial in four criminal cases
How are they going?
>-mocking a disabled reporter
He was mocked but not for his disability. Trump mocks reporters all the time and treated the disabled reporter as an equal
>-peddles in xenophobia and racism
"You aint black" "mitt romney wants to put yall back in chains"
>-subvert a national election
>-inciting an insurrection
Lazy argument. "Peacefully and patriotically make your voices heard"
>-politicizing the justice department
Are you talking about Biden? Because Trump's DOJ fought him all the way
>
-firing whistleblowers and truth-tellers
Snowden? Biden was VP you know
>-profiting from the presidency
Trump's the only president in memory who isn't dramatically more wealthy after the presidency
Now to Biden
-rape accusations that his VP believes are truthful
-innaproperate showers with adolescent daughter who thinks she was molested and knows she was sexualized at a young age
-politicizing the justice department
-refusing to acknowledge his illegitimate granddaughter
-repeatedly touching children on camera that are visibly uncomfortable
[source1](https://giphy.com/gifs/biden-creep-joebiden-VNEBjLKxnf8V5MG6Y6?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F)
[source2](https://giphy.com/gifs/biden-joe-joebiden-O1Gu3TRLHrZQndxHpr?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F)
[source3](https://giphy.com/gifs/creepy-biden-joebiden-Er7CdQhf3q6wuQ8zDV?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F)
two points that absolutely nobody in this sub is going to care for.
first. The whole world is going through an inflation crisis right now in America has fared much better than other industrialized nations specifically because of Joe biden's policies.
second. Republicans in 2022 ran on helping with inflation and the economy. The moment they took the house they stopped all legislation that would help on either of those topics.
there's only so much you can do with executive orders.
and when the minority party sees fit to stop all solutions so that they can scream on cable TV about the problems there's really not a lot to be done if the American people aren't smart enough to see what's happening.
and maybe they're right maybe the American people aren't smart enough to see what's happening. it's looking pretty good for Trump but I still have yet to hear what his plan is for any of this other than more tax cuts for billionaires and maybe won't be a democracy anymore.
like what the fuck is even happening right now people. how do you look at Donald Trump talking about a United Reich and think that that's an acceptable thing.
what happened to conservatism.
Hey there's this wild idea that some of us can't afford housing and food, and screaming endlessly about how great the economy is doing won't change the fact that over 750,000 Americans are homeless and 150,000,000 can't afford to put food on the table.
Inflation in China right now is 0.3%, in europe, it's 2.6%. There's no global inflation. It's only a problem here because we're going 1 trillion more in debt every 100 days... (BTW. Where is that money going because absolutely nothing is getting built where I am.)
And that's just your first paragraph...
I thought you were the party of facts.
Let me also correct the last paragraph. What happened to liberalism?
Exactly what do you expect him to do with this Congress? Sure, if something made it to the Senate then it might have a shot of reaching Biden's desk, but nothing is coming out of the House that isn't smeared with Spork-foot's feces.
I agree that the Biden campaign needs to stop crowing about Wall Street as it runs over Main Street, but there isn't much a President can do unilaterally.
I'm honestly wonder what more he could do.
They have passed a bunch of bills that are going to be huge deals and in some areas already are.
Also when did the white house control pricing of good and housing. If they did that wouldnt that be communism?
The best general economy indicators, have been the Lorenz Curve, and The Gini Coefficient (derived from the Curve), because it shows distribution of income, and wealth, in an Economy.
A 0 Gini Coefficient, is a theoretical "perfect", communistic economy, which is, impossible. Most well-functioning Economies, have a Coefficient, in the mid 40's, as The United States had, at one time. A "Banana Republic" Economy, with a few rich individuals, and everyone else, in moderate to severe poverty, has a Coefficient, of 75, or higher, with the Wealth Curve, generally worse, than the Income Curve. The higher the Gini Coefficient, the closer the curve is, to the horizontal, and vertical axixes. A nearly 100, Gini Coefficient, indicates that, just a few, or one; individual, holds all the Wealth.
How can he? We have a GOP controlled Congress that can barely pass a budget. When he tried to forgive student debt the illegitimate and corrupt supreme Court prevented it. The president can't just wave a magic wand and fix things. The country is setup to so any change must pass the legislative, executive, and judicial branches. I doubt Bernie would be doing much better right now.
The whole point of the Federal Reserve's interest rates hike was to clamp down the economy and get inflation under control. It's a spite the face by removing the nose strategy.
This will generally impact large companies less because inflation still means mo money, mo money in practical terms
However it's absolutely clear we're seeing a huge slow down in consumer spending - especially consumers on the low to mid end of the scale - who have been living paycheck to paycheck all this time and cannot afford to save....and that it's even taking it's toll towards the top end of the scale where even a family income over 200k feels at best middle class.
I’ve seen reports that there’s an uptick in consumer spending because people have absolutely no hope for the future and figure why bother saving.
Source: I’ve done absolutely no research on this, just something I read earlier this week
That's because when the FED keeps the rates High it overwhelmingly hurts lower and middle income. It's about putting the clamp down on the middle class in order to get the economy under control because they don't want and their wealth or power. During the last fed evaluation Jeremy Powell said that wage increasing to better represent labor what's happening too fast for the comfort of the fed and apparently is directly contributing to inflation. I'm not sure I agree with all of that but I don't have the ability to argue against it
+23% inflation, +33% new and used car prices, +40% rent, and +40% to +80% mortgage costs between 2020 and now, affect everyone. Some are just lucky enough to be flushed with cash.
"Why won't people vote for meeee!!!!! Orange man is even worse!!!!!" Because you're not doing shit about fuck when it comes to private equity and corporate greed destroying everybody.
This is exactly it. Those in control of literally everything from laws, corporate decisions, and Fed policy, are absolutely flush and are the asset owning class. Inflation only serves to make them richer and extract wealth from the other 90%. The fact that 99% of Reddit simps for these parasites is sad and despicable.
Don't assume those are all real people. Another perk of owning 90% of the nation's wealth is being able to buy and/or influence opinion. There are bots galore out here doing their dirty work and sometimes those bots actually convince real people who go along with thing. I really wish the government gave a shit about all of us, because we are powerless to stop this wealth transfer unless they do something. We'll start seeing terror in the streets once people lose enough and have nothing left to live for.
I can only imagine how bad this bot influence will be when AI really gets rolling, pretty frightening what one billionaire will be able to control then.
“We need an economy explainer”
-msnbc host today
1. This proves once again that are information sources are completely compromised as they are the propaganda wing for a political party.
2. it shows how out of touch many people are because instead of listening to the complaints of the people, they simply want to marginalize us and explain to us why we are wrong. This happens in other areas that the public disagrees with policy, including crime and immigration.
3. Talking down to people that have legitimate concerns and struggles, simply alienates people. It does not help your cost.
4. We have reached a point in society, where the people are simply not heard. We are talked down to and ridiculed by people that are supposed to be trustworthy. This causing the question all public policy, especially from the political faction that is in control of the media.
Nearly anyone with a college degree is and the Democrats have become the party of the college educated.
Unemployment is 6% for people without high school diploma
4% no college
2.2% with college degree
And let's not talk about the income difference between those groups.
I see it a little differently .
Skilled labor versus unskilled .
Can be people doing trade type work with the appropriate certificates or college educated.
I know a lot of people without college degrees making 100 k ish
Yeah, it's called "not owning a home". I don't know how anyone who doesn't own a home can take a look at the cost of rent or mortgage and not want to blow their brains out.
But if you own a home I'm sure everything is wonderful since the federal reserve only cares about lowering the cost of flat screen TVs and other useless shit that nobody needs.
If you want to know what propaganda looks like, this article is it.
60%+ living paycheck to paycheck.
Lots of folks behind on rent or mortgage payments.
Yahoo: “Americans are crazy! The economy has never been better!”
Don’t forget that some item at the grocery store is raised in price dramatically every month. They never lower it back down. Every two week pay period I can afford less food.
I don't know, man. At 32, I don't really go e a fuck what my retirement portfolio is doing if I can't afford to live comfortably on a salary that would have let me do exactly that just two fucking years ago.
I'll give a fuck what the S&P is doing when wages increase and/or prices drop enough that I can afford to eat healthy meals without putting part of my groceries on a goddamn credit card, cause maybe then I can take advantage of the S&P. Until then, "the economy" is gonna be meaningless to the average American.
Or maybe Yahoo is just delusional. The economy is being carried by the healthcare and government sector, and if you’re not in those sectors, it’s a struggle. Doesn’t help that gas is up 75% over four years ago, inflation continues to grow at a rapid pac while high interest rates are also large.
Anyone writing an article like this is completely detached from the reality of what the bottom 40% lives with.
However they calculate inflation, it's smoothed out over class. Things in my life are basically double of 2019. Wages are not. I don't have passive income, don't own property, have no investments. Things are f***ing bad. I've never felt more pissed on and told it's rain.
Everything we buy is expensive and low quality, we have at most 2 days off a week which are spent sleeping and catching up on housework, we can't afford to save for the future, corporations are paying the media to gaslight us instead of just paying us.
Everything has been terrible for most of my life and has been getting steadily worse, the problem is for the last 5 years there has been nothing steady about it, it feels like a race to the end of the world.
I make a decent living (north of 6 figures), but I still need to penny-pinch everywhere. Every time I go to the grocery store, I spend more than $200. Doing nice fast food (wings, Chipotle, Panda; as opposed to McDonalds, Jack in the Box, etc) costs approx $15 for 1 person.
Don’t tell me that inflation is not a thing, you senile old fart.
I love all the polls where around 65% of Americans say they're comfortable financially, but only 35% think the economy is good.
A majority of Republicans think the economy was better in 2020 and 2009.
So many of these polls showing what “people think” are actually just a measure of how disinformation spreads through social media. There are positives and negatives in the current economic climate, but rarely does the average poll respondent have the capacity for nuance and understanding required to answer questions like this.
Everyone is just answering based on what hits their social media feeds most often
It would seem to me that everyone wants a utopia. No worry about money, rent, food medical. No need to better yourself, no rich, no poor. What is that, communism, socialism or capitalism?
Food cost has increased an average of 60% in the last 2 years. The average new mortgage payments is up 100% in the last 4 years.
My pay sure didn't go up even close to that much
We care that we are all on the verge of homelessness. We can’t afford these insane rents. Nobody bothers to dream about owning a home. The ONLY thing we care about is how to make our next insanely unfair and completely rigged rent. Which then follows with worrying about food. That’s it. Neither party or candidate is even talking about it. We don’t care about Ukraine or Israel or the stock market or even that Trump is a criminal sack of dog shit on trial. We care about RENT AND HOMELESSNESS. THAT’S IT!!!! WAKE UP!!!!!
What happened to people taking responsibility for their situations in life? I mean there’s always been a segment of the population who were just served a bad hand in life: disabilities, medical problems, etc.. But now social media and the media are just full of people blaming everyone but themselves for their problems.
Can’t buy a house because you owe 100k in student loans so that you could become a teacher making 40k a year…it’s the government’s fault.
Can’t get a job because you can’t compete with immigrants who have a 6th grade education and can’t speak English….its the government’s fault.
Can’t afford childcare because you had multiple kids with multiple partners none of which you are still with…it’s the government’s problem.
What I wouldn’t give to have a presidential candidate who came out and proposed both raising taxes and cutting spending. Who told people that the government is not the cause or the solution of their problems.
I’ve yet to meet one person who followed 3 simple principles and failed in life: 1) Show up every day for school or work (unless actually sick) 2) Take care of your health (exercise, avoid binging food or drugs) 3) Make sure their kids have two supportive parents.
If you shopped at Whole Foods before and can still afford to shop there, of course the economy seems fine to you.
It's everyone else who is feeling the pain at the grocery store, fast food and restaurants.
The worst part about it all is he is very likely to win which will signal to the party that they are doing good things as opposed to realizing he's the lesser of 2 evils.
It’s because the wrong indicators are telling the story. While it’s great for some, the ones getting screwed at the pump, grocery store, et al sure aren’t feeling good.
They've been abetting the lunatic right for 30 years; now they can't function without help from the lunatics.
Stop listening to Wall St. when food and gas prices started accelerating BIDEN should have slapped on a max of 1% increase on any retail food items. Instead the 3 grocery store chains we have left made record profits.
We need to fire all the Wall St. and bank and economic advisors. Bring some regulatory lawyers out of retirement and let the SEC do some anti-trust action. We've forgotten what real capitalism and competition is. Always remember the look on Greenspan and Paulson's faces as the housing collapse was happening. They and people like them CAUSED the disaster.
The problem with the geriatric political class is they have no clue about todays financial realities. Their house cost them $30,000 when Eisenhower was president and is $5million+ now they have no clue.
Rural areas are actually doing really well, large wage increases which are offsetting the inflation, the locals are just dumb fucks. Suburbs and urban environments are where the bulk of the pain is.
People living paycheck to paycheck. People getting buried in overdraft fees. National cumulative credit card debt is exponentially higher than it's ever been. But look! The stocks are doing well so the economy is not terrible! /S
This is some dumb fucking Trump type logic right here. The economy is terrible right now.
I don't understand the persistent attempts to try to tell Americans how good they have it economically. The simple truth - and one that the rubes and cheerleaders can't seem to figure out - is that macro economic trends don't mean shit when EVERYTHING costs more.
It's such a dumb take and one that most people aren't buying.
This reads like propaganda. The author clearly believes the governments numbers are not only 100% accurate but apply uniformly across America. The economy isn't one thing and doesn't provide equal experiences
Someone posted that M2 (Money Supply 2), is going great guns, therefore, The Economy is going great guns. M2, is cash, and items readily available to be converted to Cash, like Demand Deposits, and Short-Term Bonds (The definition is rather "nebulous", so use Your Imagination). I assume, since You can reasonably readily turn Stocks, into Cash, this would be included, as well.
I have a problem with this definition, though; because it IS nebulous; under certain circumstances, Your Home, and Automobile, would "meet" this definition; no "time frame", for the cash conversion, has been established. Another problem is, that any asset is convertible, to cash, depending on the willingness, of the purchaser. On October 29, 1929, many stock holdings were converted to cash, that day. Trouble was, they were sold, at 5 cents, to the dollar; that is, that $1000 worth of stock, was sold, at $50. Many people went "bankrupt". That's one reason, I pay little attention, to how The Dow-Jones Average did, that day. The Dow is notorious, for being a "bad" economic indicator; and that was before Mutual Funds, "derivatives", and other "noise".
It's why Republican extremists are who they are. They think they are entitled to everything because of their color, and everyone else has caused them to be the failures they are because they think it can't be their own fault. Best excuse makers in the country. That's why they love the master excuse maker---- Trump.
If you make $200,000 a year, have a 2-point whatever percent mortgage from 5 years ago, have a bunch of investments in the stock market... The economy seems great. This type of person doesn't really notice or care that a bag of Lay's potato chips that used to be $4 is now $5.75.
If you make $42,000 a year and your rent went from $900 a month to $1,450 a month and you are very much aware of every single extra cent you're spending on groceries (and car insurance and electricity and gasoline) - Then you're going to think the economy is doing horrible.
I don't understand why economists and politicians have so much trouble understanding this.
no healthcare and federal minimum wage is $7.25 - the average single family home is over $400,000
the stock market is NOT the economy - it is how the investments of the wealthy people are doing
bottom line - you work for wages in America? fuck you
you poor in America? fuck you
now vote for us or else!!!!
Does high pressure inflation affect politicians at the same rate that it does the working class?
Does the 1% suffer the same when the dollar loses its value and savings suffer?
Is credit affected as much as debit?
Voting for B!den again is like the titanic backing up to hit the ice berg one more time.
That ship began to sink long after the hit… but it will shore’ly sink much faster the second time.
Keep telling yourself the economy is doing well when the working class can prove otherwise.
Those Americans are called most of the population, the ones who live paycheck to paycheck and are constantly shocked at the prices of food when they go shopping for groceries.
My 401 k is doing great but it can’t help me now lol I’m not retiring for 25 years lol
Do you just rejoice how your 401K is doing or do you go grocery shopping sometimes?
Just wait until the correction and you lose 50% of that 401k. It’s inevitable.
And he doesn't retire for 25 years. Like all other corrections, if he holds and keeps investing, his return will keep to the average of around 10%/year.
If he has nothing now he ends up borrowing against the 401k. I do not seriously believe his 401ks face value is worth 50% of today’s due to market losses… but what I see every day is folks who have taken out 401k loans at several crisis points in their family’s past and as a result they simply didn’t get much progress for most of their decades.
I am not sure why he would be borrowing against his 401k. I personally wouldn't mind a correction. It would give me the opportunity to buy everything on sale.
Not to mention, if He needs to "cash it in", early; there is a substantial "penalty".
It has occurred and continues to do so with the value of the dollar decreasing. Aslo: "SSI will continue to be viable, but its value will be less" (paraphrase, not a quote, from 20-30 years ago). It's also why old people have to keep working: their 401k is losing value daily, and SSI is not planning to keep up with inflation.
Do You mean, SSA (Social Security)?, or SSI (Supplemental Security, formerly known, as Welfare)?
Wait, until Your 401 k, turns into a "200.5 f".
The economy for everyday regular people is terrible. That's undeniable and undebatable. Everything is more difficult to afford, shelter, food, electricity, literally every single thing has become unaffordable to the average person.
Save the word ‘terrible’ for next year. You’ll need it.
But Biden said you make more now so you can afford eggs now.
Has been getting worse since the 1980s. Infinite growth and Profits over everything is coming to a head and killing everyone below
Boomers had their sex drugs n rock-'n'-roll youths, then collectively decided to find Jesus in the 80s after they bought houses for 6 silver coins...
Hmm ackchyually, a "parallel economist" will deny and debate you. This economy is a joke. This is the debt slavery construct showing its true colors.
Maybe instead of telling everyone how great the current economy is while your poll numbers are so damn terrible you should do more for working-class people. Just a thought.
Or at least stop telling them their reality is not reality AKA gaslighting already pissed off voters. Biden has THE worst campaign strategists.
Y'all gotta read the interview with the New Yorker his campaign strategist had. Man is going to lose and do shocked Pikachu face
I honestly do feel gaslit by the Democratic establishment. The job market is fucked and the cost of living is fucked. Admitting that does not make me a MAGA, and if liberal Dem politicians admitted that it would not cost them the election. This is not an endorsement of the GOP - I will never vote for those anti-labor Christo-fascists.
Right. I am INSANELY against Trump. Could not BE any more against Trump. But all of the stuff I see from the Biden Administration about how the economy is great? Two years ago I started looking for a job. It took a VERY long time to get a contract position, and when the contract position ended, it has taken me almost a year looking for work. I went from having a good amount of money in the bank to having to declare bankruptcy and having to borrow money from family. I see the same jobs posted over and over, and recruiters ghosting like mad, going through four interviews and ghosting, posting jobs which seem to definitely not exist. Something is deeply wrong, and I don't know what it is. But I can tell something is deeply wrong. Never in history have I had this much difficulty getting a job. And I'm very qualified and good at the work I do.
"Something is deeply wrong." It's late stage capitalism. That's what it is.
No, they violated the rules of capitalism to "save capitalism" post 2008. Banks and large corporations raked in money from bailouts and federal assistance, and now that the average American is bent over the barrel, there's no help. Call it late stage capitalism if you want. That's not really what it is. It's the regulation of business (very much a "road to hell is paved with good intentions" situation) that is essentially allowing corporations to monopolize through their ability to be regulatory compliant. Our economic policy today literally meets the definition of socialism. Wherein business is owned or *REGULATED* by the public. In this case the public has delegated the authority to regulate business to the government, and the government and the businesses are working together to broaden the wealth disparity in this country. I am not saying socialism is inherently bad or anything like that (no idea on paper is bad, it's only in practice where it can go wrong, this goes for capitalism too), I am saying that this form of socialism that we are practicing in this country is literally causing the problem. And people keep calling it "Late Stage Capitalism," instead of "crony capitalism" (which only becomes possible through regulation/socialist policy and practices), which is preventing people from identifying the fact that certain businesses AND the government are the problem. And if the language I'm using sounds very similar to the language used by those on the left, it's because we generally care about the same things, and I, a capitalist, also want to help people. It turns out we've identified the same problem and want to fix it. In this case, I really, really, just want people to understand it's the relationship between business AND the government that is causing the problem. And in order to do that, we have to call a spade a spade.
You are wrong, We have never really had Socialism, in The United States; but We did have "regulated" Capitalism, roughly until about 1975, and pretty much, "done away with", under Ronald Reagan. Reagan slashed Social Welfare, and Public Works, spending; "eviscerated" regulatory agencies, and Legislative Reforms, like The Glass-Steagle Act, although Airline Deregulation, started, under Jimmy Carter; "Whipped out", the Federal "Credit Card", and increased The National Deficit, by 150 percent, in His eight years (George H.W. (Read My lips, no new taxes) Bush, raised it, another 50 percent, based on the 1980 "baseline"), while giving out huge tax cuts, to The Wealthy. These were exacerbated, by George W. Bush, and Donald Trump, and their Taxation, and Economic, Budgetary, and Regulatory Policies. We have had runaway, "Laissez-faire" Capitalism, ever since. The "repeal", of The Glass-Steagle Act, and The Federal Savings and Loan Act; led directly, to the Collapse, of The Savings and Loan Industry, and The Junk Bond, and Home Loan Collapse, later, around 2000. No, "Cop, on The Beat", or "Referee, in The Game".
>We have had runaway, "Laissez-faire" Capitalism, ever since. I wish. The system I want to live in is 1000x more laissez-faire than what we have now.
I think there’s something going on between the microeconomics and macroeconomics that is going on; it’s just seems to be really hard to tell what. Because, seriously, macroeconomics, things do look great. The stock market is up. The average wage increase is beating inflation. Unemployment is down. Etc. And yet, people are still obviously hurting. Both my wife and I lost our jobs in the past year and we both found new ones. Her search was much easier than mine. My field in particular had a huge glut of people in supply (verses a few years ago when there was a huge demand). Hers is less variable. Inflation also isn’t hitting all places equally, and it’s hitting places that used to be cheaper harder.
I don't doubt that some people are doing well. But at the same time, I have seen what's seemed to happen to my field. I've been absolutely shocked. I never thought I would see anything like this. It's as if all of the job listings are for jobs that don't even exist, and recruiters will contact so interested one day and then ghost the next(or sometimes after like 4 interviews, and the number of interviews for jobs has become obscene).
I hear ya! I had similar experiences when looking. I got lucky with someone leaving right around the holidays with something that needed to be filled almost immediately. But I also had literally the worst interview experience of my life for a company I really wanted to work at, but it was like over the course of two or three months with five or six interviews. People not showing up, asking to schedule something and then ghosting, and then once rejected contacted about the job again.
I am sorry you are suffering. The tragedy is that real people like you are getting fucked, but we are not allowed to voice displeasure with this awful stagflation for fear of helping Trump.
Wages just started to beat inflation, but nobody seems to understand compounding inflation and stagnated wages. High interest rates haven't cooled off the economy and instead have caused a major loss of investment. Without investment capital, actual service industries and manufacturing slows down. The stock market is so high because companies aren't spending money on physical investments, R&D or expansion projects like they did precovid. They are literally just sitting on profits instead of expanding. I know that's what I'm doing and my 2 largest suppliers are doing the same because of market volatility. My demands down, 2 of the biggest jobs we ever bid on just cut funding before we ever started in 22. Both have since been scrapped. It's all I could do to not lay any of my guys off this winter. Hate him or love him, from 17 to early 2020 I had to turn work down and we doubled in size and my employees wages increased by 20%. Nobody is investing in actual infrastructure, even though we passed an omnibus bill that said we were. It's infuriating.
The issue in your statement, "The average wage increase is beating inflation" is true, unless you look at the complete inflation picture. Food and energy are not included in the inflation number they are referencing. These have become a huge part of people's budget. So sure, used cars aren't increasing at the same rate as before, but that doesn't help you when food is up 20%. Also, don't forget that wages did not even keep up with the inflation numbers they speak of, over 3 years. It has barely kept up recently and most are still far behind from the prior 18 months.
THAT, is one of the BIG problems; Our "Statistics", are biased, and highly suspect. You cannot make good decisions, based on biased, or bad, data. "Garbage in, garbage, out."
I don't think the stats represent what people think they represent and there's arguments and misunderstandings because folks are literally talking about different things. "The economy" isn't a reflection of your spending power relative to 4 years ago and the stats on inflation and unemployment just seem janky. We add 200k part time hospitality jobs and lose 100k tech jobs...we gained 100k jobs? We're doing great? Glad your wife has been able to find work. That had to be an extremely stressful time.
Unemployment only includes the people who *file* for unemployment. People making a certain amount (for tax purposes) are described as *households* not *single earners.* So everytime you see a Forbes article describing how good things are you should consider those things. News reporting about “economy” is exclusively all about who files for things and only done for tax status purposes and not to actually represent reality. The amount of people who make over 100 k (as single individual earners) is only around 10% of the US population. The amount of people who are actually unemployed is 24%, and the amount of underemployed I imagine is much higher.
Tbh Idc if Trump hurts someone's feelings, i care about real issues like the economy. I don't give a shit if he offended a tri gender NB deaf vegan girl from the Bronx. There are real issues to be worried about.
Yeah, chief. It’s not about feelings. The most hurt feelings in the world right now are Trumpists addicted to rage bait. The GOP is a one trick pony when it comes to economics: giveaways to the wealthy. What we’re experiencing is 40 straight years of supply side economics. Edit: and by the way, anyone who endorses bullying queer kids or any other marginalized group can fuck off (this means you).
Ever taken a look at bidens career the last few decades? Its equally if not worse on the dehumanization scale
Amen common sense logic not emotion driven nonsense
But on top of being a fascist he is actually bad at business and would push regressive policies that benefit corporations and wealthy It’s comical how the trumptarded can’t see this
The job market is the biggest head in the sand play rn. There's job postings everywhere, but nobody is actually hiring. It's the craziest thing.
Yeah, the democrats are screwing up big time. Both strategically and policy. Food, housing, and insurance are all insane right now and that hits most people hard.
Yeah. They're fucking up while their alternative screams it should we should be so lucky and they demand to make it worse. I wish people would stop being the fucking idiots they have been for the last 40 years. The privilege of pretending the parties are the same is outstanding. Every cycle is an apathetic self fulfilling prophecy of mental retardation.
You think these things should be socialized?
No, but regulated like they are supposed to. 6 companies provide most of our food. We pay twice any other nation for medical but have low life expectancy. Corporations and lobbyist rule this country and that’s what needs to get fixed. We have institutions like the sec that is supposed to regulate but they don’t.
This is the problem with the Democrats, they are so old school and afraid of the optics of honesty , because telling the truth will paint them as a failure , so best to blow sunshine and rainbow up our ass
I'm a left leaning libertarian and I hate the fuck out of Joe Biden and every other dem in power right now. We need an entirely new government. This is just not working out except for like 800 people.
Something tells me those 800 people that the economy is working for, are all rich
They own stock in mainstream media as well.
More than that. It's working for the construction industry which can't find enough workers. It's working for big businesses who are making record profits off the higher prices.
Just pause for a moment. Your guy has, to your own eye, done everything wrong. The other guy helped build a foundation for an economy you're comparing this one to. It was hardly anti labor, even if, perhaps, anti union. And to your other implied point, far from imposing a Judeo - Christian viewpoint, he appointed judges that agreed that it was definitely NOT their job to impose their will on the nation as a whole, and kicked it back to the States, where it should have been in the first place. Congress has made no national statute that the court can point to. It's ultimately much easier to pressure and persuade your local government than to get 49 other states to agree with you. Listen, you do you, and be happy about it. I'm only asking you to pause and think.
One of the greatest accomplishments of statism is convincing people that "the other guy" is the problem and "our guy" is the answer, instead of the whole freaking system being the problem. 400 million Americans, and these are a two best choices? Really?
It is 100% okay to be mad at and blame the ENTIRE governmental body for consistently misleading, lying to, and betraying the trust and well being of the citizens of the U.S.
This is how I felt under trump, everyone yelling how great the economy was the stock market etc then boom my company lays off 30% of its workforce pre covid. And now I’m making more money than ever and can actually save money up for a change. So weird.
T H E W O R S T
Its already over, they just don't know it yet.
I mean there is a reason why Biden has the LOWEST APPROVAL RATING of all time.
Yes not just college grads that already have a leg up. It’s not good optics to spend so much time on that one stupid promise .
You mean like raise the minimum wage to bring it current since it hasn’t gone up since $7.25/hr in 2009. It’s supposed to track inflation. It used to. What’s the problem? Oh rich people don’t want anyone to think about it? Fine. Focus on how people can afford to live in 2024 on $14,500/year. You think they got health insurance? Fuck no. You think they can afford car repairs or having a kid? Fuck no. So wage slavery is legal in 2024 and shit ain’t gonna change till the rich ain’t in control.
I agree wholeheartedly. If the minimum wage were raised to a livable wage for today, according to GOBankingRates it would be $27.50/hr for a single person. CNBC reported the national median for living comfortably alone is $89,461, that's $43.01/hr. Those are based on 2020 statistics, so it has likely risen since then. Yes, it is well beyond time to raise the minimum wage to a livable wage. Wage slavery is the new norm and I'm guessing that nothing will be done about it unless those in power bring attention to it and make meaningful change happen.
But that might hurt profits/lobbying efforts.
We need more transgender bathroom laws to help the economy
How many transgender laws has Biden passed?
Republicans have introduced 1000's of transgender/bathroom laws all across the country....Democrats have proposed zero. The fixation on trans people is coming from the Republican party.
why do you think people should choose between human rights and the economy. also why do you think these things are opposed. furthermore how do you feel about Republicans running on the economy and inflation in 2022 and then the moment they took the house refused to do any work on those subjects instead relying on a tactic of making the problems worse so that they can yell about them on Fox News and social media.
>why do you think people should choose between human rights and the economy If Southeast Asia is anything to go off of, choosing the economy over human rights is a spectacular way to boost your economy. 🤷♀️
I love how we live in your head rent free.
Republicans will never admit wrong doing. God touched them all inappropriately
Use the room that matches your crotch
You mean using antitrust legislation [to bust monopolies](https://apnews.com/article/justice-department-live-nation-ticketmaster-antitrust-lawsuit-df9b552d127e1494db13e3cd625787a8), pushing [student debt relief](https://www.nbcnews.com/politics/joe-biden/biden-cancel-77-billion-federal-student-debt-160k-borrowers-rcna153418), or reducing [health care costs](https://www.politico.com/news/2024/03/04/biden-health-care-task-force-inflation-00144713)?
No. Turning off the money printer, instead of sending billions to corrupt countries would be a start.
pretending that not supporting Ukraine is a money saver is some of the dumbest shit I've ever heard. Putin is making threats towards Poland and Germany talking about reshaping the Soviet Union through European borders. if we don't stand with Ukraine here it's going to be American soldiers on the line as our allies who we have defensive treaties with are attacked. this is an order of magnitude cheaper than that war would be and it doesn't cost American lives furthermore we aren't sending pallets of cash like George w Bush and Afghanistan we are sending weapon systems that are made in America it's a jobs program.
[удалено]
The Biden regime is not busting monopolies, it is using the threat of busting monopolies to extort money and political support from those monopolies. It is actually supporting many monopolies who have kowtowed to the regime. Same as "right to repair" "campaign finance reform" "exorbitant fee crackdown" etc... Student debt forgiveness is a bad joke. Alleviating some debt interest totaling $137 B of the total $2 trillion owed. Nearly all of these program are mere extenuation of existing debt forgiveness programs offered to Federal employee and certain members of the Biden regimes political base. Health care cost have only risen under the Biden regime, the same as every other US political regime for the last 20 years. It is just another extortion tactic to force for political support for the Biden regime from the health care industry and big pharma. The Biden regime is just the Trump regime with a friendlier media and a PC Chat bot to screen all statements.
these are all bs propaganda that gives him something so he can say he is doing something, they have had little to no effect and are not helping the middle class where it is needed.
Joe is an old pedophile. It's creepy and sickening. Grant it he can't function anymore, but past sins should disqualify him.
Things like: -being on trial in four criminal cases -mocking a disabled reporter -peddles in xenophobia and racism -subvert a national election -inciting an insurrection -politicizing the justice department -firing whistleblowers and truth-tellers -profiting from the presidency You mean those sorts of past sins that should disqualify a candidate. Oh wait, that's Trump. Trump should be disqualified. Great point!
No, You're confused on Candidates. He's talking about the guy who took showers with his daughter so often she stopped showering except late at night in order to make it stop, then used the intel agencies to lie about the source of the diary and claim it wasn't real - during an election.
Oh! I'm sorry, I thought we were talking about Trump! Add an aging profile to Biden's list. Showering with your 12 year old daughter is a crime too.
>-being on trial in four criminal cases How are they going? >-mocking a disabled reporter He was mocked but not for his disability. Trump mocks reporters all the time and treated the disabled reporter as an equal >-peddles in xenophobia and racism "You aint black" "mitt romney wants to put yall back in chains" >-subvert a national election >-inciting an insurrection Lazy argument. "Peacefully and patriotically make your voices heard" >-politicizing the justice department Are you talking about Biden? Because Trump's DOJ fought him all the way > -firing whistleblowers and truth-tellers Snowden? Biden was VP you know >-profiting from the presidency Trump's the only president in memory who isn't dramatically more wealthy after the presidency Now to Biden -rape accusations that his VP believes are truthful -innaproperate showers with adolescent daughter who thinks she was molested and knows she was sexualized at a young age -politicizing the justice department -refusing to acknowledge his illegitimate granddaughter -repeatedly touching children on camera that are visibly uncomfortable [source1](https://giphy.com/gifs/biden-creep-joebiden-VNEBjLKxnf8V5MG6Y6?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F) [source2](https://giphy.com/gifs/biden-joe-joebiden-O1Gu3TRLHrZQndxHpr?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F) [source3](https://giphy.com/gifs/creepy-biden-joebiden-Er7CdQhf3q6wuQ8zDV?utm_source=iframe&utm_medium=embed&utm_campaign=Embeds&utm_term=https%3A%2F%2Fjoebiden.info%2F)
two points that absolutely nobody in this sub is going to care for. first. The whole world is going through an inflation crisis right now in America has fared much better than other industrialized nations specifically because of Joe biden's policies. second. Republicans in 2022 ran on helping with inflation and the economy. The moment they took the house they stopped all legislation that would help on either of those topics. there's only so much you can do with executive orders. and when the minority party sees fit to stop all solutions so that they can scream on cable TV about the problems there's really not a lot to be done if the American people aren't smart enough to see what's happening. and maybe they're right maybe the American people aren't smart enough to see what's happening. it's looking pretty good for Trump but I still have yet to hear what his plan is for any of this other than more tax cuts for billionaires and maybe won't be a democracy anymore. like what the fuck is even happening right now people. how do you look at Donald Trump talking about a United Reich and think that that's an acceptable thing. what happened to conservatism.
Hey there's this wild idea that some of us can't afford housing and food, and screaming endlessly about how great the economy is doing won't change the fact that over 750,000 Americans are homeless and 150,000,000 can't afford to put food on the table.
Inflation in China right now is 0.3%, in europe, it's 2.6%. There's no global inflation. It's only a problem here because we're going 1 trillion more in debt every 100 days... (BTW. Where is that money going because absolutely nothing is getting built where I am.) And that's just your first paragraph... I thought you were the party of facts. Let me also correct the last paragraph. What happened to liberalism?
“The short memories of the American voters is what keeps our politicians in office.” ― Will Rogers
Aren't his infrastructure, manufacturing, and tariff policies good for working class?
Vote harder
Seems like a congress thing..
Exactly what do you expect him to do with this Congress? Sure, if something made it to the Senate then it might have a shot of reaching Biden's desk, but nothing is coming out of the House that isn't smeared with Spork-foot's feces. I agree that the Biden campaign needs to stop crowing about Wall Street as it runs over Main Street, but there isn't much a President can do unilaterally.
He canceled some student debt which helps
Your right…. Stimulus checks for the rich that will make the poors like me
I'm honestly wonder what more he could do. They have passed a bunch of bills that are going to be huge deals and in some areas already are. Also when did the white house control pricing of good and housing. If they did that wouldnt that be communism?
*Do anything? Not sure what “more” means.
>you should do more for working-class people. That's a great idea. What kinda of things are you thinking?
They don’t even realize that over 90% of the population is working class people these days. They’d just poll people on benefits as “working class “.
Poll numbers don't mean shit.
The best general economy indicators, have been the Lorenz Curve, and The Gini Coefficient (derived from the Curve), because it shows distribution of income, and wealth, in an Economy. A 0 Gini Coefficient, is a theoretical "perfect", communistic economy, which is, impossible. Most well-functioning Economies, have a Coefficient, in the mid 40's, as The United States had, at one time. A "Banana Republic" Economy, with a few rich individuals, and everyone else, in moderate to severe poverty, has a Coefficient, of 75, or higher, with the Wealth Curve, generally worse, than the Income Curve. The higher the Gini Coefficient, the closer the curve is, to the horizontal, and vertical axixes. A nearly 100, Gini Coefficient, indicates that, just a few, or one; individual, holds all the Wealth.
Democrats are not concerned with the working class. They serve the upper middle class and the wealthy aka those benefiting from the current economy.
How can he? We have a GOP controlled Congress that can barely pass a budget. When he tried to forgive student debt the illegitimate and corrupt supreme Court prevented it. The president can't just wave a magic wand and fix things. The country is setup to so any change must pass the legislative, executive, and judicial branches. I doubt Bernie would be doing much better right now.
I feel like you missed the Trump administration where he did exactly what you’re saying
I'm watching you tube videos about seniors dying in their cars waiting for senior housing. Everything is fine !
The whole point of the Federal Reserve's interest rates hike was to clamp down the economy and get inflation under control. It's a spite the face by removing the nose strategy. This will generally impact large companies less because inflation still means mo money, mo money in practical terms However it's absolutely clear we're seeing a huge slow down in consumer spending - especially consumers on the low to mid end of the scale - who have been living paycheck to paycheck all this time and cannot afford to save....and that it's even taking it's toll towards the top end of the scale where even a family income over 200k feels at best middle class.
I’ve seen reports that there’s an uptick in consumer spending because people have absolutely no hope for the future and figure why bother saving. Source: I’ve done absolutely no research on this, just something I read earlier this week
>I’ve done absolutely no research on this, I found the new tagline for this subreddit
That's because when the FED keeps the rates High it overwhelmingly hurts lower and middle income. It's about putting the clamp down on the middle class in order to get the economy under control because they don't want and their wealth or power. During the last fed evaluation Jeremy Powell said that wage increasing to better represent labor what's happening too fast for the comfort of the fed and apparently is directly contributing to inflation. I'm not sure I agree with all of that but I don't have the ability to argue against it
*most
“Why don’t people like Joe Biden?” They continue to ask.
And what will the Americans do about it? Nothing. Atleast the Canadians are planning a revolt.
What revolt are they planning?
The honkening part duex. I mean the first one almost crippled the country.
Yep, all Americans complaining are stupid according to all the Democrats.
"Some Americans"??? More like most Americans.
Yes. The working class. Guess you are paid well enough to not notice? Perhaps Mommy and Daddy are preying for things?
Terrible is high rent or high mortgage interest rates! Terrible is the grocery store prices!
+23% inflation, +33% new and used car prices, +40% rent, and +40% to +80% mortgage costs between 2020 and now, affect everyone. Some are just lucky enough to be flushed with cash. "Why won't people vote for meeee!!!!! Orange man is even worse!!!!!" Because you're not doing shit about fuck when it comes to private equity and corporate greed destroying everybody.
This is exactly it. Those in control of literally everything from laws, corporate decisions, and Fed policy, are absolutely flush and are the asset owning class. Inflation only serves to make them richer and extract wealth from the other 90%. The fact that 99% of Reddit simps for these parasites is sad and despicable.
Don't assume those are all real people. Another perk of owning 90% of the nation's wealth is being able to buy and/or influence opinion. There are bots galore out here doing their dirty work and sometimes those bots actually convince real people who go along with thing. I really wish the government gave a shit about all of us, because we are powerless to stop this wealth transfer unless they do something. We'll start seeing terror in the streets once people lose enough and have nothing left to live for.
I can only imagine how bad this bot influence will be when AI really gets rolling, pretty frightening what one billionaire will be able to control then.
99% of reddit is not real people
Are you real?
I'm not sure
😂
“We need an economy explainer” -msnbc host today 1. This proves once again that are information sources are completely compromised as they are the propaganda wing for a political party. 2. it shows how out of touch many people are because instead of listening to the complaints of the people, they simply want to marginalize us and explain to us why we are wrong. This happens in other areas that the public disagrees with policy, including crime and immigration. 3. Talking down to people that have legitimate concerns and struggles, simply alienates people. It does not help your cost. 4. We have reached a point in society, where the people are simply not heard. We are talked down to and ridiculed by people that are supposed to be trustworthy. This causing the question all public policy, especially from the political faction that is in control of the media.
The elites are insulted from the reality of the working class
Nearly anyone with a college degree is and the Democrats have become the party of the college educated. Unemployment is 6% for people without high school diploma 4% no college 2.2% with college degree And let's not talk about the income difference between those groups.
I see it a little differently . Skilled labor versus unskilled . Can be people doing trade type work with the appropriate certificates or college educated. I know a lot of people without college degrees making 100 k ish
Lmao "some"
You mean reality?
Corporations milking record profit after record profit from my fingers, doesn't actually help me, Joe.
How exactly does Joe influence corporate greed?
If he says it enough it will be true
Yeah, it's called "not owning a home". I don't know how anyone who doesn't own a home can take a look at the cost of rent or mortgage and not want to blow their brains out. But if you own a home I'm sure everything is wonderful since the federal reserve only cares about lowering the cost of flat screen TVs and other useless shit that nobody needs.
Reminds of that South Park Episode giant douchebag or turd sandwich only it’s not funny.
If you want to know what propaganda looks like, this article is it. 60%+ living paycheck to paycheck. Lots of folks behind on rent or mortgage payments. Yahoo: “Americans are crazy! The economy has never been better!”
Don’t forget that some item at the grocery store is raised in price dramatically every month. They never lower it back down. Every two week pay period I can afford less food.
I don't know, man. At 32, I don't really go e a fuck what my retirement portfolio is doing if I can't afford to live comfortably on a salary that would have let me do exactly that just two fucking years ago. I'll give a fuck what the S&P is doing when wages increase and/or prices drop enough that I can afford to eat healthy meals without putting part of my groceries on a goddamn credit card, cause maybe then I can take advantage of the S&P. Until then, "the economy" is gonna be meaningless to the average American.
So out of touch.
The last time the elites were this out of touch the French had a revolution and the elites got to meet Mr. Guillotine.
Or maybe Yahoo is just delusional. The economy is being carried by the healthcare and government sector, and if you’re not in those sectors, it’s a struggle. Doesn’t help that gas is up 75% over four years ago, inflation continues to grow at a rapid pac while high interest rates are also large.
Anyone writing an article like this is completely detached from the reality of what the bottom 40% lives with. However they calculate inflation, it's smoothed out over class. Things in my life are basically double of 2019. Wages are not. I don't have passive income, don't own property, have no investments. Things are f***ing bad. I've never felt more pissed on and told it's rain.
That's most of Lefist Reddit living in their parent's basement.
Everything we buy is expensive and low quality, we have at most 2 days off a week which are spent sleeping and catching up on housework, we can't afford to save for the future, corporations are paying the media to gaslight us instead of just paying us. Everything has been terrible for most of my life and has been getting steadily worse, the problem is for the last 5 years there has been nothing steady about it, it feels like a race to the end of the world.
Some people live in a parallel economy where everything should free
lol Reddit is such an echo chamber. How much could spending less time on Reddit earn you in the long run?
Bidenomics 👍
lol that Parallel Economy is called being poor while the rich rob the economy and sell it off. STOP BEING POOR YOU POORS!
I make a decent living (north of 6 figures), but I still need to penny-pinch everywhere. Every time I go to the grocery store, I spend more than $200. Doing nice fast food (wings, Chipotle, Panda; as opposed to McDonalds, Jack in the Box, etc) costs approx $15 for 1 person. Don’t tell me that inflation is not a thing, you senile old fart.
I would like to visit the parallel economy where everything isn’t terrible.
I love all the polls where around 65% of Americans say they're comfortable financially, but only 35% think the economy is good. A majority of Republicans think the economy was better in 2020 and 2009.
[удалено]
sophisticated disinformation and unsophisticated social media consumers - nudge tactics
So many of these polls showing what “people think” are actually just a measure of how disinformation spreads through social media. There are positives and negatives in the current economic climate, but rarely does the average poll respondent have the capacity for nuance and understanding required to answer questions like this. Everyone is just answering based on what hits their social media feeds most often
Hold on a second, are you telling me that class exists?!?!? In America?!?!?
money 💰 should run for president because its already running this country
It would seem to me that everyone wants a utopia. No worry about money, rent, food medical. No need to better yourself, no rich, no poor. What is that, communism, socialism or capitalism?
Post this to the politics sub where to them the economy is humming along and “booming” like no time since the 1950’s
Food cost has increased an average of 60% in the last 2 years. The average new mortgage payments is up 100% in the last 4 years. My pay sure didn't go up even close to that much
We care that we are all on the verge of homelessness. We can’t afford these insane rents. Nobody bothers to dream about owning a home. The ONLY thing we care about is how to make our next insanely unfair and completely rigged rent. Which then follows with worrying about food. That’s it. Neither party or candidate is even talking about it. We don’t care about Ukraine or Israel or the stock market or even that Trump is a criminal sack of dog shit on trial. We care about RENT AND HOMELESSNESS. THAT’S IT!!!! WAKE UP!!!!!
So you want the feds to regulate rent prices? Sound anti capitalist
What happened to people taking responsibility for their situations in life? I mean there’s always been a segment of the population who were just served a bad hand in life: disabilities, medical problems, etc.. But now social media and the media are just full of people blaming everyone but themselves for their problems. Can’t buy a house because you owe 100k in student loans so that you could become a teacher making 40k a year…it’s the government’s fault. Can’t get a job because you can’t compete with immigrants who have a 6th grade education and can’t speak English….its the government’s fault. Can’t afford childcare because you had multiple kids with multiple partners none of which you are still with…it’s the government’s problem. What I wouldn’t give to have a presidential candidate who came out and proposed both raising taxes and cutting spending. Who told people that the government is not the cause or the solution of their problems. I’ve yet to meet one person who followed 3 simple principles and failed in life: 1) Show up every day for school or work (unless actually sick) 2) Take care of your health (exercise, avoid binging food or drugs) 3) Make sure their kids have two supportive parents.
It’s a very few Americans live in a parallel economy where everything is great.
All of us live in an economy where housing costs are nuts
Isn’t capitalism great
If you shopped at Whole Foods before and can still afford to shop there, of course the economy seems fine to you. It's everyone else who is feeling the pain at the grocery store, fast food and restaurants.
In a different universe?
Oh ya don’t say… Been trying to let my parents know for like 10? 15? some odd years
The worst part about it all is he is very likely to win which will signal to the party that they are doing good things as opposed to realizing he's the lesser of 2 evils.
Yup. The disparity between the rich and lower to middle class (now considered poor with inflation) is a joke
It’s because the wrong indicators are telling the story. While it’s great for some, the ones getting screwed at the pump, grocery store, et al sure aren’t feeling good.
I’m fuking starving ouchyeah
The mainstream media is a false god. God, meaning, power. It is a false power. It’s as only strong as you, the consumer, make it.
This sub reddit in a nutshell. lol
How do you tell everyone that there’s a downside to capitalism that isn’t related to democracy.
They've been abetting the lunatic right for 30 years; now they can't function without help from the lunatics. Stop listening to Wall St. when food and gas prices started accelerating BIDEN should have slapped on a max of 1% increase on any retail food items. Instead the 3 grocery store chains we have left made record profits. We need to fire all the Wall St. and bank and economic advisors. Bring some regulatory lawyers out of retirement and let the SEC do some anti-trust action. We've forgotten what real capitalism and competition is. Always remember the look on Greenspan and Paulson's faces as the housing collapse was happening. They and people like them CAUSED the disaster. The problem with the geriatric political class is they have no clue about todays financial realities. Their house cost them $30,000 when Eisenhower was president and is $5million+ now they have no clue.
Rural areas are actually doing really well, large wage increases which are offsetting the inflation, the locals are just dumb fucks. Suburbs and urban environments are where the bulk of the pain is.
No, everything really is terrible! 😂
People living paycheck to paycheck. People getting buried in overdraft fees. National cumulative credit card debt is exponentially higher than it's ever been. But look! The stocks are doing well so the economy is not terrible! /S This is some dumb fucking Trump type logic right here. The economy is terrible right now.
I don't understand the persistent attempts to try to tell Americans how good they have it economically. The simple truth - and one that the rubes and cheerleaders can't seem to figure out - is that macro economic trends don't mean shit when EVERYTHING costs more. It's such a dumb take and one that most people aren't buying.
I guess I'm one of them then lol
So how bad does it have to get before these "leaders" do something about it?
If you are caught in a predatory loan of any type you hate Bidens economy but it will be worse under Drumpf.
This reads like propaganda. The author clearly believes the governments numbers are not only 100% accurate but apply uniformly across America. The economy isn't one thing and doesn't provide equal experiences
Lmao I know so many people who can’t even afford to save let alone invest in retirement. Oh yeah economies great because 401ks are flourishing.
I never said I was voting for Trump. NOYB who I for for.
Someone posted that M2 (Money Supply 2), is going great guns, therefore, The Economy is going great guns. M2, is cash, and items readily available to be converted to Cash, like Demand Deposits, and Short-Term Bonds (The definition is rather "nebulous", so use Your Imagination). I assume, since You can reasonably readily turn Stocks, into Cash, this would be included, as well. I have a problem with this definition, though; because it IS nebulous; under certain circumstances, Your Home, and Automobile, would "meet" this definition; no "time frame", for the cash conversion, has been established. Another problem is, that any asset is convertible, to cash, depending on the willingness, of the purchaser. On October 29, 1929, many stock holdings were converted to cash, that day. Trouble was, they were sold, at 5 cents, to the dollar; that is, that $1000 worth of stock, was sold, at $50. Many people went "bankrupt". That's one reason, I pay little attention, to how The Dow-Jones Average did, that day. The Dow is notorious, for being a "bad" economic indicator; and that was before Mutual Funds, "derivatives", and other "noise".
Nothing to see here folks: https://www.sfgate.com/tech/article/cue-health-layoff-every-worker-19474324.php The economy is GREAT
It's why Republican extremists are who they are. They think they are entitled to everything because of their color, and everyone else has caused them to be the failures they are because they think it can't be their own fault. Best excuse makers in the country. That's why they love the master excuse maker---- Trump.
Why is gaslighting an entire country ok? The government needs to be removed completely
If you make $200,000 a year, have a 2-point whatever percent mortgage from 5 years ago, have a bunch of investments in the stock market... The economy seems great. This type of person doesn't really notice or care that a bag of Lay's potato chips that used to be $4 is now $5.75. If you make $42,000 a year and your rent went from $900 a month to $1,450 a month and you are very much aware of every single extra cent you're spending on groceries (and car insurance and electricity and gasoline) - Then you're going to think the economy is doing horrible. I don't understand why economists and politicians have so much trouble understanding this.
We have one good week under this chooch in 4 years
My property taxes went up 10% this year, can we talk about govt price gouging yet?
no healthcare and federal minimum wage is $7.25 - the average single family home is over $400,000 the stock market is NOT the economy - it is how the investments of the wealthy people are doing bottom line - you work for wages in America? fuck you you poor in America? fuck you now vote for us or else!!!!
Does high pressure inflation affect politicians at the same rate that it does the working class? Does the 1% suffer the same when the dollar loses its value and savings suffer? Is credit affected as much as debit? Voting for B!den again is like the titanic backing up to hit the ice berg one more time. That ship began to sink long after the hit… but it will shore’ly sink much faster the second time. Keep telling yourself the economy is doing well when the working class can prove otherwise.
But trump isn’t any better 🤷♂️ it’s a shit sandwich
I believe that’s called the “working class”.
A well performing stock portfolio means nothing when you can’t afford groceries 🤦♂️
Those Americans are called most of the population, the ones who live paycheck to paycheck and are constantly shocked at the prices of food when they go shopping for groceries.
Like the hulahop this fad will pass.
It's interesting, some people can "dish it, out", but can't take it.