The US economy is performing amazingly well, but as Bloomberg's Matthew Winkler notes, the public overall doesn't realize that. Why?
He alludes to the key reason for the public's lack of understanding, but doesn't make clear what it is, so allow me to be clear that "media narrative" doesn't explain who's primarily at fault.
The culprit is Big Journalism, again utterly failing to do its job.
The culprit is that the economy is performing amazingly well.
For some.
A shockingly large segment of the population is living paycheck to paycheck and borrowing every month.
Big Journalism can print whatever they want, it will make no difference to them.
@jwynia @dangillmor Yes, corporations layoff and now the market loves them. There is no growth in tech stocks just perceived growth by not having to pay people.
Also 120% debt to GDP is not doing well.
Some analysts think it will be a long time before qe reach the feds 2% inflation mandate
@dangillmor “The economy has expanded by more than $4.4 trillion in the first two years under Biden, about the same as the previous nine years combined” but people think we are in a depression and the stock market which is up 33% since Nov 2020 is somehow in free fall
Thanks to the mainstream media
So surprised to see your account is nothing but trollish replies. Blocked
I recently listed over a dozen Republican billionaire donors talk up "recession" in the business news.
They're orchestrating a recession, not guarding against one.
Definitely. They'll want to be sure the nation is mired in a recession come 2024. Treasonous bastards.
As do all economists.
Economics is a social science. People are more to do with it than the money.
Money likes to be moved This is what increases its value.
Economists like to get people to hoard money. They will encourage this by any means necessary.
@canusfeminacanis @Npars01 @dangillmor my experience of working with economists is that for a long time they assumed people were predictable and mostly greedy.
But actually since 2007/08 they have been cautious and frightened…they see that prices hardly ever come down after being hiked by inflation, they see their wages stagnate while CEOs and shareholders demand ever larger dividends. The wealth gap has never been larger.
What do economists have to say about this?
@JugglingWithEggs @Npars01 @dangillmor
"Let's raise our consultation fees"?
The clever economists would recognize that the lower income folk spend money more readily than the wealthy, often because they have no choice.
This has now developed into a problem of profiteering, as major corporations take larger slices of the pie, falsely creating shortages and leaving average people to get screwed.
@canusfeminacanis @JugglingWithEggs @dangillmor
Markets can be spooked into a "recession" by the public pronouncements of Republican billionaire donors.
Sam Zell is a real estate tycoon, not a qualified economist.
Republican donors want to have a recession for 2024.
@Npars01 @JugglingWithEggs @dangillmor
I have... issues with anyone in real estate. They've created a land-based ( as opposed to financial) recession, into which the greedy have plunged head first.
Of course the GOP want a recession for 2024. They pull this shit about every 15 years or so, when they can't get elected honestly.
@dangillmor generally speaking, if the general public doesn’t think the US economy is doing well, that’s because it isn’t doing well **for them**
How can anyone state that economy is doing amazingly well while at the same time acknowledging that most people aren’t feeling it? What does it mean that the economy is hot if most people are still feeling a crap economy? Is the economy doing well if most people aren’t being lifted up the economy?
@chucker @dangillmor @vmstan the answer is sadly yes. If "the economy" does well, that tells us nothing about how the individual members of the society fares.
In fact, the economy could do even better if they just outright ignored people who don't contribute as much to the economy. In fact, I'm sure the economy was doing really well in the society portrayed in William Gibson's Virtual Light.
There are other measurements that take these things into account, but for some reason they're not as popular.
@dangillmor we need to cut it out with the second derivative graph of inflation.
"The foot is still on the gas pedal of increasing prices, just not as hard."
@dangillmor @BrentInMasto statistics are an abstract, groceries are up 18%(more in some urban areas) rents have gone up and up, credit card rates have sky rocketed.
So yeah pretty hard to convince people the economy is doing great when the things that eat up the majority of their pay have jumped way, way up 🤷♂️
@dangillmor this ☝️didn’t age well…
“Beneath the surface, though, the market is telling another story—and it’s the story of a looming recession. The market’s worst-performing sectors are all “cyclical,” or exposed to the economy…”
https://www.barrons.com/amp/livecoverage/stock-market-today-050223
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