Because we’ve had about 90 years of decline in the power of labor, and everyone knows they’re being exploited all the time and there’s no way to get ahead if you don’t already have money.
Maybe it’s that the “US economy” and it’s metrics are severely detached from the American people. Unless we’re still on this corporations are people too bullshit
Maybe is Maybeline
Or
Maybe is that the wealthiest 10% of Americans own 89% of all U.S. stocks
So very much all of this. Just because corpo America, the 1% and the
fake numbersstock market are doing good means nothing for the average American.Our wages are stagnate. Our healthcare either kills you or bankrupts you. Our housing is prohibitively expensive. Our food is to expensive to eat. Our education system doesn’t educate and is slowly privatizing. And our police are killing us in lieu of protecting us.
But we’ve got guns for tot’s, piles of dead school children, an insurrectionist running for president, insurrectionists in congress facing zero consequences, a fading separation of church and state. Rising hate crime numbers. And a corrupt Supreme Court openly accepting bribes to destroy democracy.
Yeah Joey everything is sunshine and rainbows.
Back when Joe was a kid he had to walk to school shootings and it was uphill, both ways!
That healthcare bit hit home. Been trying to get treatment for 9 months. Docs spent a lot of my money doing nothing. I got tired of trusting, read peer journals, put together my own plan using promising options, have the first actual sustained relief I’ve seen since last May.
$100 OTC versus like $6000 in tests, scans, and fuckery.
I guess it beats the NHS, partner can’t even get seen for a fractured vertebrae. “Do PT first.”
Economy Good: The majority of people work their asses off to make a handful even richer.
Economy Bad: The majority of people suffer even more so the handful of people does not have to suffer a bit.
Because most Americans can’t afford to loose a week of pay?
Because it’s a zero-sum game and most Americans are losing so rich fucks can have their “good economy”.
Biden is so fucking out of touch it’s embarrassing.
On the contrary, the fastest growth in real income right now is among those in the lowest quintile. Which means income inequality is actually decreasing for the first time in decades.
“Fastest growing in real income” sounds really fancy.
But it’s a bit misleading. I assume you’re looking at percentage gains. For someone working 40 hrs/week 42 weeks a year, a dollar raise (which is huge for that “lowest quintile”), would equate to a bit more than 2,000 per year.
At federal minimum wage of $7.25/hr, that dollar gain represents an increase of 13%. At 15 an hour, its a 6% gain. At 200k/year? Barely a percent. For Walmart CEO, for example, who’s salary is 24.1 million is barely even worth mentioning at .08%.
Said another way, Walmart has 2.2 million “associates” which iirc, is everyone whose not a manager. Let’s say 3 million people who aren’t corporate because I don’t care to go get the accurate stats and frankly want to keep the math easy.
So if they gave them all a 1 dollar raise, that would cost Walmart 3 million dollars. Last year, Walmarts annual gross profit was 147.568 billion, with a 2.65% increase over ‘22. An increase of 3.8 billion dollars.
You know the difference between a million and a billion? About a billion. That hypothetical dollar increase would have been a rounding error on their financial statements.
So if they gave them all a 1 dollar raise, that would cost Walmart 3 million dollars.
I think your numbers are off. It would cost $3m to give 3m workers a bump of exactly one dollar on exactly one paycheck. That’s not a 13% increase. It’s not even a 0.01% increase.
If you actually wanted to increase the wage of 3m full time workers from $7.25 to $8.25, it would cost $6 billion.
Walmarts annual gross profit was 147.568 billion
This isn’t really relevant. Gross profit is Walmart sales minus what it paid manufacturers for its products. So if it buys a TV for $200 and sells it for $300, that’s $100 in gross profit.
Gross profit is used to pay employees, rent, utilities, advertisers, etc. The amount left over after paying the bills is the operating income. Then they pay taxes on that, and the actual earnings (aka net income) are left over.
Nearly all of Walmart’s gross profit was used to pay employees, etc. Their operating income was $23 billion in 2023, which is a decrease of 20% from the previous year. Of note, this coincides with pay increases for Walmart’s hourly workers, from $17.50 to $18/hr.
After paying taxes, they were left with $12 billion.
Nearly all of Walmart’s gross profit was used to pay employees, etc
That’s a mountain sized “etc” covering mainly shareholder dividends and artificial profit minimizing for tax avoidance purposes.
The publicly reported profit margins are always AFTER those things and as such as informative about reality as having literally no information.
No, operating income does not take dividend payments into account.
The fact is that employee payroll/salaries is one of Walmart’s biggest expenses by far, and gross profit does not include it. So you cannot use gross profit to argue that Walmart could afford to give its workers a raise.
It’s the equivalent of looking only at someone’s salary and then saying they should put more away for retirement. You are ignoring their expenses.
Maybe in a few decades people will feel better about it.
Well said! Very well said.
That just shows that the economy is not “booming” as they say in the capitalist media - the needle may be moving in the right direction, but we need to acknowledge that the current position of that needle is deep in the gutter, with a lot of improvement still needed before the voting public feels like the economy is actually working for them. Claiming that the economy is doing well, when the people are not doing well economically except for a handful of ultrawealthy, causes feelings of resentment and alienation in people who are currently working hard and still unable to afford basic necessities, ie the majority of Americans. It makes the journalists and the politicians they appear to be hyping seem out of touch and unaware of the problems the voters are dealing with, and therefore it does not inspire hope that those problems are being worked on.
Showing that the needle is moving in the right direction is an important component of effective messaging, but so is demonstrating a clear eyed view of the problem. Articles that talk about how ‘strong’ the economy is fail on the latter.
Polling suggests this is not the case. In December there was a poll of swing states that showed the people were split 50/50 on whether what they saw in their own lives, their local or city economy, was heading in the right direction but when asked about the national economy, something they have to rely upon the media for rather than their own experience, only 1 in 4 thought things were heading in the right direction. People are constantly fed negative economic propaganda but don’t see it in their own communities so they assume it’s happening everywhere else.
Yeah, but have you met anyone from Wisconsin?
Went to a wedding in Milwaukee last summer, it wasn’t terrible. I wouldn’t want to be there in the winter, I’m content to stay in California. I was on the college side, but it seemed like a slightly larger Redding/Chico area. A lot more brick, closer to a major city, and with more local national level sports teams. The locals seemed nice enough, I enjoyed the first generation immigrants running their cafes.
Does anyone under the age of 50 respond to polling calls/emails? Polls are shit for actual representation nowadays and are mainly used as a way to influence rather than gauge.
Polling is opinion, and they all have varied (and usually terrible) reasons for their opinions. But some telling statistics?
nearly half of Americans have little to no savings , while 89% of Americans save, the average savings is ~1000, and 60% don’t have a retirement account
60% of Americans are living paycheck to paycheck.
About 50% of people under 65 have trouble affording healthcare- with insurance
All while corporations are netting record profits despite all this.
I get my credit score up through tricks of the trade, get whatever procedure I need on credit, and then don’t pay at all, because I can’t afford basic medical even though I work, for above minimum wage no less. They want too much for essential medical treatments, so now I have to do this to survive, I just hope that between every 2 years when my credit tricks work again, that I don’t get mysteriously ill with no way to pay. I tried everything. I work 40 hours and live in a very basic tract home built in the 90s with roommates, I sell things on the side, my old man does repairs/handyman services, we don’t shop, or go on dates, or get to enjoy life really at all outside the home, hell, I’ve even tried selling porn; but apparently I’m not hot enough to pull that off either. And to top off this absolutely lack of sundae; I work enough to not qualify for any assistance despite all the above details keeping me stuck renting/working a shit job until something breaks or I get sick or somebody dies. I know some of y’all are gonna hate me for this, but I didn’t create this broken economy where $10-$30 a month for insurance is an unaffordable expense on top of copays and deductibles and all the BS to make sure you never use the service they’ve made you purchase… When is enough gonna be enough? Then our leaders have the balls to ask why we’re upset? Give me a damn break.
You should be one of Biden’s economic advisors.
Oh no, more negative propaganda! Better hide it before it shows up in the polls! 🙄
That does seem to be what his rhetoric is pointing at:
“But for all we’ve done to bring prices down, there are still too many corporations in America ripping people off. Price gouging, junk feeds, greedflation, shrinkflation,” Biden added.
“bring prices down”? Does Biden think we’re in a deflationary period or is he intentionally misleading people?
It’s not allowed to discuss “bring wages up.” Only impossibilities of putting the genie back in the bottle such as this. That way Biden can continue to deliver on his most important promise to donors - nothing will fundamentally change.
The latter or both.
The jobs market is robust
Which is why every big corp is doing layoffs right now, with hire freezes, wage increase freezes, and shoddy layoff schemes designed to avoid having to pay unemployment.
Even ignoring all the insane foreign policy and fake as hell local policy that will never see the light of day much like the Obama administration, exactly what metric are these fools using to evaluate the economy?
Because if it’s the Federal Reserve, then of course those banking moguls are having a hell of a time.
There’s always layoffs going on to some extent, overall the labor market has been great though. Unemployment has been consistently low, something like 14 million new jobs have been added over the past few years. The tight labor market has been pushing up the median wage, which is exactly what you want to see. We’re basically at full employment and people are finally starting to see real wage growth that beats inflation. The layoffs recently get disproportionate media coverage because of who they impact (and for political reasons) rather their overall economic significance.
“Jobs” might be the worst metric to look at overall. How many of those jobs are part-time? How many of those jobs include health insurance? How many of those jobs pay a living wage? How many people have to have two or more of those jobs out of necessity?
Hell, how many of those “jobs” are listings that companies never intend to fill? I’ve seen countless listings for high qualification jobs offering poverty wages with no benefits.
The way they calculate the unemployment number makes that metric even worse. If everyone looking for a job gave up the unemployment rate would fall to 0, because it only counts people who are looking for work.
shareholders raking in more money
Prices are still ass for the average American expenses
“The economy is doing great why you feel bad?”
EDIT: This is actually the media screwing us over here, Biden actually touches on why, bad headline
“Your corporate masters are happy, why aren’t you slaves smiling?”
Well, I don’t know. What a mystery!?
You can never be critical enough on the party that supposed to represent the people doesn’t do a fucking thing to help. Fascism vs. indignation. What a fucking country we live in.
Because COVID let everyone see what live would be like without having to work shitty jobs, and Biden got everyone back to those shitty jobs. It is like that Greek myth of the person in hell that is surrounded by undrinkable water that gets a drip of water on his tongue as mercy, only to have that memory be even more tourturios.
You got to stop working? I just worked from home.
I continued to work in fast food through the height of the pandemic. I was able to take a couple months off while I was between jobs, but food wasn’t gonna buy itself.
Some of us “essentials” pretended that nothing was going on at all and kept going to work because an actual shutdown of core parts of society would have been a total disaster. I’m totally for WFH situations where it makes sense, but some jobs require a physical presence even in a pandemic, otherwise the wheels stop for everyone.
Getting back to those shitty jobs was inevitable. COVID was destined to downgrade to endemic status, and business owners being stuck in the 80s mindset of “grind in a cubicle until you die” is not Biden’s fault at all.
Funny how out of touch, these questions are from the out of touch.
‘We got it back to the same as it ever was. Why are you upset?’. smh
@return2ozma That’s not my economy.
Some companies raised prices and made greedy money. And those companies don’t want to lower the prices back.
Shameful.
Let’s see this fucker live on minimum wage and try to afford an apartment.
I mean, dude currently lives in public housing, what more do you want? (I kid)
Ohhhh I’d love to see any president spend a month in some of the run down slum lord apartments I’ve been in.
Leaders should have suffered more to understand the plight of their constituents. Though I suspect a lotta those rich old men simply don’t have the constitution to survive a normal life.
Real wages have been growing in the past year, especially for those in the lowest quintile. In fact, there are almost no adults making the federal minimum wage any more.
Half joking response- but wouldn’t the survivorship bias mean those who were surviving only on minimum wage alone didn’t survive for very long?
I think you’re on to something, but in reality people will quit a job that doesn’t provide enough to live on. In other words, the job is the one that doesn’t survive, not the worker.
So you might expect a rise in unemployment, but in fact we are seeing low unemployment. This suggests that employers respond to vacant minimum wage jobs by increasing the wage. And in fact there are plenty of well-known employers (e.g. Wal-Mart) where nobody works for minimum wage any more.
I’m also not sure how relevant my experience is to this whole thing since my work experience is 100% contract work in a specialized field instead of salaried or employer scheduled. From my perspective everything is becoming gig work, but that might not be the case. I think it’s hard to budget for groceries getting more expensive if one year I make 85k and the year after, I make 25k. Employers just don’t seem to have as much money to spend on advertising as they used to, so finding work is hard unless you take less than what you’re used to taking.
All my peers seem to be having issues with finances nowadays unless their parents are helping them out or have a partner making quite a bit as well. Combine that with businesses forcing the end of work from home means we have to move back to expensive cities. It’s looking pretty bleak even from my pretty privileged vantage point.
One thing to keep in mind is that you may not be in the bottom quintile. And if you’re not, then you may have a very different view of the economy.
Income inequality is decreasing right now, but many people don’t understand that this necessarily involves some zero-sum adjustments. You cannot reduce inequality if everyone grows at the same rate, something must be transferred from the upper X% to the lower X%. And if you’re in the upper X%, then the economy might feel worse to you than it really is.
I’d be interested to see a source on if income inequality is decreasing because I haven’t seen any articles about that tbh. In fact, since 2020 when I last looked at graphs on it, it’s seemed like the gap is just getting wider and wider every year.
And if I was told things would get harder for me and other people in my bracket to make it easier for people making less than me, I’d be fine with it, but I’m not seeing an indication that that is what’s happening. But to be honest, so long as I’m seeing record profits for corporations and billionaires continuing to breathe, I’ll continue to think income inequality is continuing to get worse regardless of a study that states the contrary.
Reduction in income inequality started under Biden, after 2020
But there’s some pretty good news that doesn’t readily appear in the steady stream of government data released each week. After decades in which the gap between the richest and poorest Americans grew by leaps and bounds, the strange rebound from the pandemic has led to something different: a slow reduction in inequality across the economy. Incomes of people in the bottom half of income distribution grew by 4.5% in the last calendar year, much faster than the 1.2% average income growth of all Americans
people will quit a job that doesn’t provide enough to live on
Or they’ll get a second job. Or a third job. Or start doing gig work.
Especially if the job provides them with health insurance.
Either way, they aren’t working any minimum wage jobs.
Okay but they’re still living off ramen and putting off medical treatment and hoping their car doesn’t blow up
The solution to all those problems involves increasing real wages. Which is what has happened for the last year, especially for the lowest quintile.
Dude. Rents are skyrocketing, grocery prices are insane, everything is wildly more expensive and wage growth isn’t keeping up for a lot of people. This kinda “well look at the data” thing that the Democrats constantly do is not helpful. They always fail to account for some part of reality and it shows just how disconnected these rich fucks are from the common person.
They have no clue what it’s like to walk a day in a normal person’s shoes.
No doubt many people are suffering. But wages for the lowest quintile have been outpacing inflation for the past year. Which means that overall, most of those in the lowest quintile are better off now than they were a year ago. Of course, doing better is not the same as doing well.
They were still in a horrible situation a year ago, so they’re better off but still bad.
Meanwhile the CoL has only gotten worse year on year, every year.
This isn’t new. The cost of living always goes up. It’s supposed to. Because when it goes down, you are in a recession and probably about to lose your job.
This is as detached from actual people’s lives as the DNC’s messaging
most of those in the lowest quintile are better off now than they were a year ago
Yes, and on average each human has roughly 0.98 testicles.
The goal of public policy is to benefit the public as a whole. So the average will always be a more useful metric than the experience of an individual, or even a hundred individuals.
By that logic, Medicare for All would only cover less than one testicle
Except testicle coverage is a policy, not a valid metric. A valid metric is the outcome of a policy, like average deaths from testicular cancer.
This is the best summary I could come up with:
That disconnect looms large over Biden’s political prospects, with White House advisers and campaign officials acknowledging that how Americans feel about the economy could be decisive in determining whether the president can win a second term in November.
But one senior adviser to the president told CNN the one thing they have not offered Biden is a prediction for when the American public’s psychology about the economy will have meaningfully improved.
There is also a delicate balancing act for the president to execute: Touting economic progress while being publicly sympathetic to the reality that many Americans still feel burdened by high prices, including on rent, housing and food.
To that end, Biden has started testing out lines that point the finger at some corporations that he says are taking advantage of the fact that prices were at record highs for so long.
And as Biden addressed culinary union workers at a hotel cafeteria in Las Vegas on Monday morning, he pointed to a classic American candy bar to gripe about shrinkflation.
A recent New York Times op-ed by the chief economist of UBS Global Wealth Management that used the price of Snickers bars to examine why so many Americans are still unhappy – despite falling inflation – had caught the president’s eye.
The original article contains 858 words, the summary contains 212 words. Saved 75%. I’m a bot and I’m open source!
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I really wish we could get universal healthcare in this country. It is just insane I spend $5k on health insurance that I never use because I’m afraid a visit to the doctors is going to result in some stupid high bill that for some reason united healthcare will weasel their way out of paying.
Yo I am in the exact situation and mindset you are. I got really lucky in regards to jobs, buying a home, and living in a low cost area. I do have a ton of recent medical debt because I broke my ankle and leg and needed surgery to fix it. I was off of work for 3 months so shit sucked for a while. I’m paying back my debt with $5-$10 a month because they can’t do jack shit if it looks like I’m attempting to pay. These fuckers don’t deserve more than that.
This is a very good synopsis. I, too, have an experience similar to yours, and while I don’t feel it in my bank account, I see Republicans, Fundigelicals, and Conservatives being allowed to run amok and cause all kinds of localized damage. It does not feel good to know that businesses are currently getting away with greedflation, churches are getting away with tax fraud, and Conservatives are successfully robbing the government via fraudulent PPP loans and school vouchers.
The Biden Administration might have a general handle on the economy, but they still seem to be operating under the illusion that the above groups have some basic decency and decorum. And it’s that “boys will be boys” attitude towards them that makes a lot of people worried about the future, in spite of economic improvements.
The focus on the economy is the problem. The average American cares about the cost of living and the quality of life. An economy that fails to deliver those is worthless to most of us.
I’m in a similar spot as you. Doubled my income over the pandemic (though I got laid off in December), bought a house at 4.99%, and moved to a slightly lower cost of living city that’s still in range of Seattle.
I’m mad for all the same reasons.
Same, but I snagged a 3.125% right at the end of 2020, could not have been better timing. I got approved to move from the east coast back to my home town while keeping my current job (at the time), and was super lucky to find my house when I did. I also got laid off in March 2023, but thankfully rebounded quick and although my new job is also remote, it doesn’t pay as much as I’m qualified for in experience.
But I’m also mad for the same reasons and also mad that my friends in similar fields have not been so lucky and are still struggling to even afford a house.
