All this robustness, yet the buying power of my $$ is less than it was in January, prices continue to spiral and there’s seemingly no end in sight. 🤷🏻♂️
Don’t forget that no one wants to work anymore and all of the “completely necessary” layoffs this year.
30% of my company got laid off three weeks ago.
I’m sure their opinion of the economy doesn’t match “reality.”
Congratulations to your business for figuring out exactly who didn’t want to work and allowing them to leave. Really great stuff to see.
/s
Those two things are related.
The market is a measure of how much money can be squeezed out of the working class, prices go up, you have to spend more. You spend more, and people with almost all the money make a little more.
As a Hungarian, I must unpolitely ask you to not complain about 3,7% inflation while other places have 16%. To us, the economy of North–West Europe and the US look like absolute miracles.
“As someone suffering more, please stop complaining about your suffering.”
sorry, but minor inflation doesn’t come across as suffering to me? Not challenging you, but if you can provide me with concrete examples I might just realise how probably stupid I am.
You asked people to not complain about their inflation suffering because it is small compared to others/to you?
yet the buying power of my $$ is less than it was in January,
Weve only had one or two points of deflation since the 1950s, so this is basically always true.
prices continue to spiral
What does this even mean? While inflation is still higher than target rates, it’s well down from the peak.
Your whole post just reads as empty parroting of banal talking points. I’m not suggesting you aren’t struggling, but your personal experience does not seem to reflect the reality of how people in the us are spending.
Well if it’s banal and repetitive, it may due to it being common. Parroting maybe, but I will say that the personal experience of many people seems to coincide with the confidence figures being in the red. People are spending more, and the economy is growing. What seems to be happening is further concentration of wealth to fewer people with less social mobility.
Or one way, yeah we’re spending more, and it fucking sucks because we the consumer doesn’t get anything else for it. We just get to continue existing, but with less savings and a smaller retirement. Smaller retirement for those who even have one, that is.
Maybe if you weren’t parroting the same old insipid bootlicker trope, you wouldn’t find remarks about unhappiness with this economic growth banal.
Let it be noted that you didn’t even answer the question, avoided the point, put words in my mouth, and then pulled out the tired trope of “bootlicker.” It’s embarrassing how often that dumb ad hominem is pulled out whenever a weak point is challenged.
I get that it sucks for some people. There is no doubt. But the general sentiment and the behavior of people is not lining up, and your claims (which you didn’t actually expand on when asked about it) are not reflective of reality. It just seems like you are living in a dream world, I apologize for living in the real one.
I wasn’t answering any question, just calling out your rather weak scab-ass statement that boils it down to “sucks for you, but times are good, just get with it”
At least you acknowledged that you made a weak point that got challenged, but you sure seem salty and defensive for being called a bootlicker. That’s fine though, keep those rich toes in your mouth and just suckle their foot-sweat for your existence.
I wasn’t answering any question
I could tell. Which is why I called you out on it. You don’t want to defend your position. I get it at this point. You just want to continue to repeat the only thing you can do: suggest I’m subservient to the rich.
just calling out your rather weak scab-ass statement that boils it down to “sucks for you, but times are good, just get with it”
As I said, putting words in my mouth. We’ve already covered this. Better to just make up my position because that’s easier to debate. But, again, not reality. Sorry that’s so hard for oyu.
At least you acknowledged that you made a weak point that got challenged
lol. Wut? Go re-read my post and then explain how this makes any sense.
Ok, let’s step through this since you like to do the quote thing.
oDDmON states as follows in part of his comment:
prices continue to spiral
To which you demand:
What does this even mean? While inflation is still higher than target rates, it’s well down from the peak.
First off, just because you asked SOMEONE ELSE a question, doesn’t mean that the next person who responds to you is answering your question. I really don’t give a shit that you asked a question, since your question isn’t even an inquiry. It’s a thinly veiled inflammatory response to something commonly inferred, which is really just someone being frustrated with inflation to which you respond “the inflation isn’t as bad as it was before”.
Let’s unpack that, you’re an asshole. Why are you an asshole? Just because it’s a softer impact for YOU doesn’t mean it’s any less of an impact for others who see inflation outpacing raises. Many people got a paltry 3% increase, if any increase at all. So while 4% is indeed < 8% from where it was at peak, what you’re doing is dismissing something that really impacts many people. So, fuck you.
Next off, you’re saying I’m putting words in your mouth, when what I’m really responding with is a “I’m hearing XYZ” type of statement because I just don’t know how else to interpret your insinuation that we should just accept economic issues as “well it could be worse”.
I accuse you of bootlicking as a pushback against the notion that we should just be ok with the economy as it is. I say, fuck you, eat the rich, and let’s fight for a more equitable slice of the pie. Bootlickers and scabs can fuck off with their bullshit. Billionaires are very fortunate that they’re not being publicly butchered right now.
commonly inferred
Sorry, I disagree. They made a statement about what inflation is doing and where it is going, both of which don’t reflect the reality of it. If you are going to challenge good economic news with false claims about another economic indicator, it’s best to be ready to defend your position. Unless, of course, this is all just a “woe is me” circle jerk.
Just because it’s a softer impact for YOU doesn’t mean it’s any less of an impact for others who see inflation outpacing raises.
I explicitly noted this multiple times. Your ability to miss it is quite impressive.
So, fuck you.
So, basically, you’re the asshole you claim I am. No surprises, projection is very common.
I accuse you of bootlicking as a pushback against the notion that we should just be ok with the economy as it is.
At what point did I say or imply anyone should be okay with it? Why is it so hard for people to not view things as black and white? Just because I accept the facts that inflation is not currently out of control and is coming down towards historical norms does not mean I think everything is perfectly fine.
If you want people to take your positions seriously, they should be fact based, and you certainly should call people bootlickers simply because they challenge bs claims about the facts.
Smoke and mirrors. The average American can point to no improvements in their daily lives. My dollar buys less every day, my wages stagnate, but hey, corporations are using inflation to claim year-over-year growth, so I guess that’s good news for shareholders?
And it means absolutely nothing as long as voters see their grocery, gas, goods so high… He needs to confront this problem head on.
By doing what?
The climate is collapsing around us, but yeah, let’s focus on the economy.
Given that essentially all climate emissions are related to the economy in one way or another, it might be worth giving it some attention.
Yeah, I’m sure the dinosaurs were super concerned about the economy when an asteroid impact caused their extinction.
It’s all the same problem though, isnt it?
Same people squeezing the economy dry are the ones ultimately responsible for fucking up efforts to unfuck the climate.
Keeping lenses on multiple issues maintains clarity on what’s at the root of them.
Good luck with that. It’s a fight that is unwinnable for the foreseeable future.
You’re right, only climate news is allowed from now on
i mean, if that’s what it would fucking take, tbh.
Describing something as akin to “blockbuster” makes me think of failure.
I guess I’m old.
Did he also do the rampant inflation that is likely driving these numbers?
What?
deleted by creator
The Economist says the pandemic has “broken” people’s perceptions about the economy.
“Although Americans report being worried about their finances, they are behaving as flush as ever—and in economic forecasting, actions speak louder than words. When used to project future spending rather than consumer sentiment, the same battery of economic variables has fully maintained its forecasting power since 2020. In contrast, since Covid began, the correlation between sentiment and both current and future spending has vanished.”
Jonathan Last: “I hear every person who says that times are tough for them and I honor and respect that. But in the aggregate, people’s views are not just a little bit off. They are wildly out of sync with reality
I hear every person who says that times are tough for them and I honor and respect that. But in the aggregate, people’s views are not just a little bit off. They are wildly out of sync with reality.
“The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.”
Sure, your whole life has consisted of a once-in-a-lifetime economic disaster every 6 years, the last one lasted for 3 years and killed over a million of us before we stopped counting and declared victory, and you watched the people in charge actively discredit and disrupt mitigation efforts but that was like minutes ago. You stupid poors don’t get it: everything is great. You’re actually having a wonderful time.
I suppose you also think numbers lie.
The American economy is hotter than I have seen since the 90s. People are buying like crazy. Just look how many people are buying new iPhones. Don’t say times are tough if you are shopping for the latest luxury item.
Just look how many people are buying new iPhones. Don’t say times are tough if you are shopping for the latest luxury item.
Trade-ins are probably a big part of people buying new iPhones. My carrier gave me $800 for my 3 year old iPhone which covered the vast majority of the cost of a new one.
Smartphone sales are decreasing lol.
look how many people are buying new iPhones
https://www.statista.com/statistics/263437/global-smartphone-sales-to-end-users-since-2007/
Even if smartphone sales had actually gone up rather than peaking in 2019, my response would be “Neat. Now do food and housing.”
People are keeping phones longer for sure.
They will be eating Ramen for months but at least they have the latest iPhone!
Fuck this economy
I can’t read the article, but isn’t some of that booming economy simply because wages are stagnate and prices are rising? That isn’t more spending in a number of sales. A company could be selling less yet making more this way.
It’s based largely on loans. Those with money are spending like crazy.
This is the best summary I could come up with:
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates.
Economists say it’s clear that recent investments in infrastructure are paying off: Robust manufacturing construction and government spending drove much of last quarter’s growth, and households have continued to benefit from historic job gains.
U.S. households spent freely in the third quarter, doubling down on necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation.
In Cincinnati, Dominique Walker just made her first student loan payment in more than three years — which means she’s rethinking all sorts of other expenses, including manicures, massages and morning coffees.
The original article contains 1,294 words, the summary contains 198 words. Saved 85%. I’m a bot and I’m open source!
I guess a political movement demanding better metrics / KPIs wouldn’t be all that sexy, huh.
Catastrophic natural disasters increase GDP.
As long as climate change is a thing, the economy might improve at an increasing rate until it doesn’t.
