TheSporkDec 5, 2022
Sarah Taber

RT @[email protected]

People are slowly, very slowly, coming to the realization that any system in which "More people have jobs" and "Wages went up" are treated as bad news is a deeply, irrevocably broken system. https://twitter.com/kaileyleinz/status/1598670973091323909

🐩🔗: https://twitter.com/edburmila/status/1598719479176785928

Kailey Leinz on Twitter

“WOW. 263k on payrolls, blows past the estimate. Fed's not gonna like that and the market doesn't either”

Twitter
Dec 4, 2022 at 12:39amWeb
Show threadh100gfldDec 4, 2022
@sarahtaber my puts were treating that as good news
Show threadAdron đŸ€˜đŸ»Dec 4, 2022

@sarahtaber @marick that’s disingenuous. The problem is the increasing prices which are inherent in the other indicators. 😑

What’s the point of being disingenuous about that? Prices keep going up and that’s the greater concern at the moment. I know that doesn’t push a political narrative though, that’s just how things tend to work.

Show threadSarah TaberDec 4, 2022

@adron @marick Prices aren't just ~mysteriously going up,~ at least half of it's being driven by corporate rent-seeking [charging higher prices strictly bc they can due to lack of competition, not bc supply chains & labor are more costly.]

So trust busting, for ex, would be a great solution. It's not just prices magically going up LOL

Show threadAdron đŸ€˜đŸ»Dec 4, 2022

@sarahtaber @marick well, it’s not mystery but it’s also not *just* rent seeking. It’s long logistics times, longer times to market, underlying costs have gone up, and the cavalcade continues. The *greed* aspect is one thing, but it is only one thing.

But also, I’m not disagreeing with that. My contention is to paint the “let’s make fewer jobs to stave off inflation” narrative like it’s a real thing is disingenuous.

Obviously


Show threadAdron đŸ€˜đŸ»Dec 4, 2022
@sarahtaber @marick what we want is high demand for jobs so seekers have power, but also to not have continually spiraling prices. The tool they have at the immediate moment is the stupid Fed Reserve interest rate. No politician seems even slightly brave enough to get into trust busting and cracking down on *greed* right now. I agree with ya, some trust busting and monopoly smack around would do good right now

Show threadAdron đŸ€˜đŸ»Dec 4, 2022
@sarahtaber @marick I just don’t think painting the narratives hyperbolically or disingenuously help push real change. Albeit I could be wrong, Trump got elected and I didn’t see that inane bullshit happening either. 😞
Show threadAccordionBruceDec 4, 2022

@sarahtaber
Long ago read how the stock market rising usually means wages are falling, and that governments “setting interest rates” basically controls how many people have jobs

But “business” reporters always act like “the market” going up is a good thing

People who are unemployed should be paid because they are providing a public service to the wealthy

Show threadSarah TaberDec 4, 2022
@AccordionBruce Yeah seems like if we're paying farmers not to farm bc of the market benefits that brings, paying workers not to work isn't really that weird
Show threadAndy CooperDec 4, 2022
@sarahtaber @AccordionBruce except when they are executives, then I'd argue that it is always weird and wonder why we keep on doing it.
Show threadAccordionBruceDec 4, 2022
@sarahtaber
It’s kind of what the dole is I guess, but we don’t make stockbrokers prove they’re looking for useful work
Show threadSeanDec 4, 2022
@AccordionBruce @sarahtaber The system was developed assuming a large middle class and affordably priced luxuries (like houses), so control interest rates and you control spending, more or less. And it was specifically designed to preserve class division by slamming on the brakes as soon as lower class folks started doing too well (tracked by the unemployment rate). So we don't have the conditions anymore where that plan worked, and also the plan sucked from the start.
Show threadKevin V, Twitter RefugeeDec 4, 2022
@sarahtaber makes you wonder who the economy’s for: capital or people?