Pre-1983, mortgage costs were in the CPI as were car payments pre-1998. Now, price indexes do not include borrowing costs. Thus, when interest rates jumped last year, official inflation did not fully capture the effects it would have on consumer well-being
-Lawrence Summers
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Bourgeois science moment
What if instead of consumer price index it was consumer piss index and it measured the level of piss consumed from trickle down economics?
The median income can't afford the median rent anywhere in my state.
Because rent is 50% of my income. Next question please
If this how Krugman defines economy, it would explain quite a lot.
He's actually got an annoying "Well, actually..." redditor thing going on.
I bet you don't even know the status of the leading, lagging, and coincident economic indicators. Well - you actually believe that your financial situation is the "economy".
It would have been perfect if this article had been right next to Krugman's on the homepage...
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I'm in the part of Debt where Graeber holds Smith down and gives him a swirly while explaining that "The Economy" is bullshit and Smith made it up bc he wanted to be a smart science guy like Newton and Hooke.
Honestly it looks like a valid question, I honestly though that more people would be in a position of "if Im in a good situation the economy must be doing fine". Also 61% saying they are doing good seems quite high.
Yeah "the economy" might mean a different thing depending on who you ask so I dont think you can reach a broad conclusion, but I still find it interesting.
"if Im in a good situation the economy must be doing fine"
As part of the wider phenomenon of "problems don't exist if they don't affect me personally."
