The cool thing about inflation "plummeting" is that it doesn't undo the damage high inflation already did. Food is still massively more expensive than it was a year ago, weirdly enough that bothers people.
Something so many people miss lmao
"Inflation is down" Ok and? Damage is still done from the insane rate it was at, and thanks to the austerity measures the admin took (like raising interest rates), things are arguably worse
: "You want prices to go down? you trying to ruin my invooooooooostments!?! Learn some economics!"Also 3,0% inflation =/= 3,0% on food. It's probably caused by fuel prices going down, skewing the statistic, while the essentials keep going up?
yeah but wages went up by 5% - person trying to argue what a great job Biden has done.
They didn't seem to get why people are still doing poorly in the economy
I know someone like this, and it's weird because he is not doing well in this economy. I don't get how people lie to themselves about how economics work.
Just do more derivatives until numbers start looking good.
The jerk, snap, crackle, and pop of inflation are lookin' really good!
Being forced to learn partial differential equations and command economics to fuck with Libertarians "but muh calculation problem" is a curse because it illustrates just how badly the lanyard class fails to understand their own economic arguments for maintaining power.
Wasn’t the calculation problem only a “problem “ when humans didn’t have quantum computing and hadn’t been exposed to exponentially increasing rates of processing power?
The “calculation problem” is absurd because it’s equally true for a market system anyway since any Turing system is only capable of what any other Turing system is also capable of.
The idea that a central planner lacks complete information about an economy is true, but it’s equally true for any market. A market cannot have complete information about itself even in aggregate across the entire market. Provably true via the Turing argument but also empirically obvious since prices in any and every true market are constantly fluctuating even in the absence of events that should affect prices and never reach anything that even resembles an equilibrium.
Further, it’s empirically proven that higher “allocative efficiency” is achieved under administered rather than dynamic systems.
The first flaw in the “calculation problem” is that it implicitly assumes that markets achieve economic equilibrium… which is absolute horse shit they obviously do not achieve equilibrium prices. So it’s wrong in the sense it’s equally true for markets.
The second flaw is that empirically it’s demonstrably false since it’s been shown empirically that planned systems do in fact achieve higher allocative efficiency. So it’s wrong in the sense it is contradicted by actual observation.
The third flaw is that it makes the enormous conflation of assuming that because perfect efficiency is impossible that a system is therefore impossible. E.g. because you can’t swim at an Olympic level you’re going to drown in a pool. Actually perfect efficiency isn’t required for a system to function, obvious because perfect efficiency has never been achieved and yet we are still able to eat food.
The nail in the coffin of the “calculation problem” is that it believes that only markets can approach efficiency since only the market in aggregate can have perfect knowledge about an economy so a price mechanism approaches efficiency… but that’s exactly what linear programming does too - it constantly moves towards while never reaching perfecting efficiency in polynomial time - and in fact linear programming provably (in both the mathematical and empirical senses) approaches efficiency far faster than a “drunk-walk” market mechanism.
You don’t need super advanced computing to do this. GOSPLAN did it using pen and paper. Linear programming isn’t actually difficult mathematics.
All of the above points were made about one hundred years ago and the “calculation problem” has never been taken seriously as even existing as a problem outside of the Mises institute, which is exactly why Reddit dweeb fascists love to cite it.
People talk about “Econ 101”, but even in my actual Macro 101 course, taught by a libertarian professor, we had good discussions about how broad metrics like “GDP growth”, “inflation”, or “unemployment” in themselves can be distorted or meaningless without drilling down and really understanding the numbers. The example the prof used was talking about a low unemployment rate but if a lot of people have just given up looking for work then just looking at that one rate will tell you very little about what’s really going on.
I just think it’s that libs know the economy sucks and are scared shitless because a bad economy means Trump wins.
The whole “econ 101” bit has always been hilarious to me because in any other field of study I feel like the general understanding is a “101” course, undergrad whatever, is going to be intentionally simplified for the purposes of teaching broader ideas but as you learn more you find these explanations are inadequate on many levels. With economics however that surface level understanding is apparently enough to allow you to speak with confidence
With economics however that surface level understanding is apparently enough to allow you to speak with confidence
surface level understanding is all i need. Checkmate tankieExactly. This is the level of understanding employed by those saying that the economy is doing well. It's a cynical tactic to paint it in a rosy light as the wage workers struggle.
Also, I've only been through 100 level econ classes and it's clear that the economic metrics in use are not particularly meaningful.
I just think it’s that libs know the economy sucks
Many will admit it, but they believe it is either unavoidable or delayed effects from Trump (may be partially true)
As well, the natural cycle of capitalist crisis leads people to think that a downturn is in fact a good thing because it means the recovery is already coming. It shields systemic flaws and corruption from any attention because obvious wrongs are construed as natural.
A 5% unemployment rate is "optimal" iirc and record low unemployment is actually a bad economic indicator according to the federal reserve.
The 5% unemployment goal is to ensure there's a reserve army of labor to depress wages. You're absolutely right that libs are ignoring the cognitive dissonance of ignoring that part of their ideology.
Because they believe his unconventional rhetoric as leading to policy that's harmful for the nation - meanwhile those who love him think it's the exact needed strategy to Make America Great Again
They know Trump isn't different; it's a question of perceived strategic differences.
Trump is doing nazi dog whistling and his cabinet members will be less competent and probably have worse traits like some of them thinking America needs to be a Christian state.
I think federal spending on things that directly help people will be higher under Biden [source I made it up]
Trump actively spreads a message of hate and intolerance by telling his fans that minorities are bad, so giving him a bigger platform would be a bad thing
Those are some of the reasons bouncing around in my head of why trump is worse
The example the prof used was talking about a low unemployment rate but if a lot of people have just given up looking for work then just looking at that one rate will tell you very little about what’s really going on.
That's something everyone in Italy and Poland knows lol, the joys of long economic crises.
if a lot of people have just given up looking for work then just looking at that one rate will tell you very little about what’s really going on.
And this is exactly what's going on. Why are people going to even bother applying when
is so picky? If everyone "only hires the best" and I'm not "the best" why should I even bother applying?https://citationsneeded.medium.com/episode-150-how-economic-jargon-and-cliches-make-cruel-anti-poor-policies-sound-sterile-and-da4019040bec
God, I always forget how much he sucks when he's not doing Kelly
I've heard he's a lib, but was not really expecting whatever the fuck this is supposed to be
Wait...that's Kelly? Wearing my sickos shirt's gonna be awkward.
I choose to believe that Ward Sutton's cartoons under his own name are a bit he's doing. I'd rather believe he's mocking typical liberal editorial cartoons than face reality. I refuse to believe that the guy behind Kelly is some Biden defending, Ukraine flag liberal dork who deserve a wedgie. I instead choose to believe Ward Sutton is another character, the inverse of Kelly. His dark shadow if you will
Like I've already been through enough in my life by seeing what happened to William Gibson and Jello Biafra. How those two are liberals will always perplex me. I refuse to lose Kelly too. In the deep recesses of my heart lives a sicko from today until eternity
I haven't read anything about jello in the recent years I just have let's lynch the landlord on repeat in my head I
Plot twist; his Kelly comics are his actual real views and his Ward Sutton persona is the parody.
argh i don't know about William Gibson and i don't want to 😭
None of that shit matters.
Rent is up, food costs more, pay isn’t going up.
Most people are worse off than end of 2022.
Dems should be constantly attacking republicans for making things worse.
Exactly this. I'm sick of people saying "The Economy™" is doing so damn well. Never has it been clearer that there are many economies, 2 of which are the economy of the investor and the economy of the working class*. The absolute tone deafness of statements about "perception mismatch" only serves to illustrate the brutality of class conflict. It's not a misperception of reality, we're living in 2 different realities.
*Also the economy of the impoverished and the black market among others.
Inflation plummeted from 'apocalyptic levels' to merely 'terrible', why won't you vote for Genocide Joe?
Bit idea: convince liberals that bourgeois media is lying about Biden's economy as a capital strike to sabotage the most pro-labor president in history, and that's why we need to nationalize the media companies.
Much like Warhammer 40K Orks, the economy is only broken if you believe it's broken. As long as you keep saying "this is the best the economy has ever been", everything will keep working just fine.
Recession “averted” by kicking the can without any fundamental change in the time they bought
They spent TRILLIONS kicking that can down the road and the road is coming to a dead end soon.
People somehow forget the economy was due for a recession under Trump until COVID hit and resulted in the whole 'Steve Mnuchin unsupervised handout of $500B leveraged 10-to-1 into $5T' happened. Not to mention the PPP loan program.
*averted by big profits for the arms industry and its suppliers.
Still trying to understand how inflation can be 9% June 2022-June 2023 but 3% dec-dec.
If it weren't merely fucking with the numbers, it could be explained by massive inflation in 2022 and stabilising peices in 2023. As much as this is partially true, western governments really pushed the calculations to not get double digits in 2022, then to get optimistic numbers, healing and all that shit in 2023.
Also cats can usually survive a hundred foot fall with just a bit of luck (a flat, somewhat soft surface)
It means prices are (supposedly, I am not American so don't know the situation there) rising slower (but still rising) - bourgeois economists believe prices rising by 1,5% to 3% every year is a good thing, who cares if the wages don't?
But alas, their job is to make businesses happy, not proles.
Understandable, but it's really just fucking with numbers.
“Supercore” inflation ignores food, housing, and energy.
Because capitalism is an extremely rational system.
Naughty Kelly!
We must edit this. Make it right.
What would you put on the speech bubbles and gifts?
Biden: “i didn’t bring any piss this year” Rest of the speech bubbles: remain unchanged
This trash can still be mined for emojis
:biden-empty-sack: would be a good one
in the window
