these articles usually make sense if you globally replace "economy" with "corporate profits", but profits have definitely been higher before
I think it's literally just stonks line go up
apparently an asset bubble is the same thing as a strong economy
https://web.archive.org/web/20240520142845/https://www.theatlantic.com/ideas/archive/2024/05/biden-economy-election/678431/
Joe Biden is, at the moment, losing his reelection campaign. And he is doing so while presiding over the strongest economy the United States has ever experienced.
Why is the link between the economy and political sentiment fraying?
ctrl f genocide, Gaza, Israel, Palestine, war - 0 results. Gee I wonder why Biden is doing so bad in the polls
I think the focus on the economy is correct -- far more people care about that then Palestine -- but the problem is conflating the stock market with how ordinary people experience the economy.
Also an over reliance on data from averages which basically buries the truth that most people aren't seeing any benefit from anything. They continue to trot out wage growth being high but never seem to cite the data that proves it. Because it's damning, with it overwhelming coming from rich wage earners commanding higher wages while poor working class continue to not see any gains at all unless they have a union, in which case Biden is not given credit because he didn't do shit, the workers did that for themselves and Biden wants credit for workers striking while Biden offer striking workers contempt at best for daring to slow down his economy.
To bring in some anecdotal horseshit, my buddy in tech has nearly doubled his salary over the last three years, but they also fired 20% of their workforce. And he barely works, maybe takes two or three calls a day. This is in comparison to factory jobs in the area maybe rising about 20%, most of which has been eaten by inflation. We can buy electronic toys and tools (things that come from China hint hint) more easily, but you can't eat a Milwaukee.
I've heard this liberal line, too. It's "the economy is doing great and inflation has slowed down to really record lows!" and you point out that bread and milk are still like 2x or more than they were 4 years ago and the response is, "well yeah food, housing, power, and education are still inflated" well what do you think people really need in life? Nobody gives a shit if the iPad x279 is still the same release price as the iPad x278. We need to eat, be sheltered, have heating, and send our kids to school.
Shit's terribly expensive yeah but inflation never reverses. You're not gonna get a regression back to the prices of yore, and the central bank will literally see to it that that stays true for reasons i won't get into.
Bread and milk are still 2x what they were, and it's as good as law that they won't come back down.
yup the only way to counteract the deleterious effect inflation like that has on working people is a proportional increase in wages
the owners of capital dont want that because inflation combined with wage increases across the board demolishes any gains they make on interest on debt, effectively it wipes out the value of debt so they will fight tooth and nail against whether or not it is bad for the country as a whole
so as always death to capitalism death to america death to the great satan
guess where Jeffrey Goldberg, who runs The Atlantic, used to be a prison guard https://www.huffpost.com/entry/the-evolution-of-jeff-gol_b_562212
The sad thing is that he is only 45. Imagine how ethnocentric and terrified he will be at 60.
Jul 4, 2010, 05:12 AM EDT
Thanks for the link, I knew about this piece of shit's past because
mentioned it in an interview a month or 2 ago but it's always good to have a real source I can link to
I’m not fucking reading that but I can tell you right now that’s not fucking true, that would be the post-war era where the US was the only country whose industrial capacity wasn’t completely annihilated
it's true for the top 15% or so, and that's what really matters
Also Canada which went from a serious up and comer to a backwater laughing stock
the government works in the interest of the people that it represents
There have never been more dollars than ever at this very moment, therefore it is the largest and strongest economy ever. I am an economist.
"This rock in my hand is named The Economy, and The Economy is strong! Why do you fools not respect The Economy? How do people keep getting basic details about The Economy wrong?"
This is the logical conclusion of seeing raw GDP per capita as the most important metric.
They have no choice but to double down at this point.
poor people are just paid crisis actors and yelling "NUH UH" in response to their lived experience will make them vote for Hitler
this is why we need infinity percent tariffs on all chinese tech exports
I'm not American so I'm not aware of the context. How does the economy feel right now to be there?
But how does the terrible economy make itself known in everyday life? Is it rising grocery prices? Anything else?
It's the cost of everything. But it's especially noticeable in food prices for me. Eating out, ordering takeout, groceries, bars. I had some people over this weekend and went to Costco. I got food and seltzers and stocked on things for me. It was $350. And I fed people ribs, chicken and sausage. We weren't eating steak. I definitely got too much. But that is still ridiculous.
The job market is terrible, I'm holding on to my job as best I can, they just announced furloughs. I've applied to probably 30 jobs and haven't received any interest.
There are homeless camps in every city.
If only Biden could do the same thing literally Nixon did and institute some price controls
