General Politics XII World • Page 279

!!!

 

I have an idea. Stay with me. We could call it a second bill of rights.

The right to earn enough to provide adequate food and clothing and recreation;
The right of every family to a decent home;
The right to adequate medical care and the opportunity to achieve and enjoy good health;
The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;
The right to a good education.

 

billionaires, grocery store CEOs, landlords,

 

I tried this before, but he doesn't buy it. The things that determine whether the economy is good are the things that economists say determine the economy is good as far as David is concerned. There is nothing that would ever inspire him to consider that new metrics should be used to determine this.

 

Was there not a government report that got released recently that pushed back on this economy good idea and why it's not translating to be true for regular folks?

 

part of me is toying with posting this on facebook to see if anyone gets it and who argues violently with me

 

Well this goes back to what people were saying the night of the election about the recovery and how politicians are going to respond to recessions going forward--the lesson learned is going to be people will tolerate millions losing their jobs moreso than they will inflation, so when the next recession hits, congress will probably let the economy tank and millions lose their jobs because it will result in deflation. Americans blamed Joe Biden and dems for inflation, and they think Trump is going to bring lower prices. What will be interesting to see is how many are still falling for the con of that promise when prices don't ultimately go down until there's a recession, and if his cult of personality can keep them hanging on until then or not.

 

I see Kari lake is still down with 69% reported, is there an actual chance she loses?

 

The US presidential election: part one – the economy

So why is the candidate of the incumbent Democrat administration, Kamala Harris only neck and neck in the polls with the Republican former president Donald Trump? Indeed, the betting world reckons that Trump will win. How can this be the case if the US economy is going so well?

...

I would argue that the reason for this is two-fold. First, the US real GDP may be growing and financial asset prices booming, but it is a different story for the average American household, hardly any of whom own any financial assets to speculate with. Instead, while rich investors boost their wealth, under the Trump and Biden administrations Americans have experienced a horrendous pandemic followed by the biggest slump in living standards since the 1930s, driven by a very sharp rise in prices of consumer goods and services.


Average wage rises failed to keep pace until the last six months or so. And officially prices are still some 20% plus higher than before the pandemic but with many other items not covered by the official inflation index (insurance, mortgage rates etc) rocketing. So after tax and inflation is accounted for, average incomes are pretty much the same as when Biden came into office.


...
Indeed, when you look more closely at the much heralded real GDP figures, you can see why there is little benefit going to most Americans. The headline GDP rate is driven by healthcare services, which really measure the rising cost of health insurance, not better healthcare, and that cost has rocketed in the last three years. And then there are rising inventories which means stocks of goods unsold, in other words, output without sale. And then there is increased government spending, mainly for arms manufacturing, hardly a productive contribution.

...

The administration and the mainstream proclaim the low US unemployment rate. But much of the net increase in jobs has been in part-time employment or into government services, both federal and state. Full-time employment in important productive sectors that pay better and offer a career has been lagging. If a worker has to take on a second job to maintain his or her standard of living, he or she might not feel so bullish about the economy. Indeed, second jobs have increased significantly.

 

What else should be used besides prices, employment, and GDP? I would maybe add "inequality" to the list, but even that improved under Biden!

 

as someone that lives here…Ding ding ding

 

see above

 

you asked and you shall immediately receive

 

@David87 is in fact correct. the economy is in fact good, as in number go up.

but is the general population's experience with the economy good? no!

that's why saying that the economy is good, which is basically saying everything is actually fine, is stupid.

 

No we just take a break to argue about the economy instead lmao

 

can people pay their rent and other bills and have any money left over for pleasure without being a little stressed and/or sad about it

 

Why wouldn't still argue about whether the democrats are those things

 

From personal experience absolutely fucking not

 

hasn't officially been called but from i've seen all indications are that she will lose

 

Even that points out that after adjusting for inflation, people's incomes were basically the same--in other words, their financial situation didn't actually get worse, it stayed the same. But I think this gets into what someone pointed out about the psychological effect of the covid money ending.

The 2nd job thing is a bit misleading--much like every other metric, the % of people with two jobs simply rebounded to where it was pre-Covid, and that stuff is accounted for in UE reports. Why that's a big deal re: what people think of the economy is...well, look at that the approval rate for the economy pre-covid lol.

 

saw this tweet so now the rest of you need to see it was well

 

Exactly. Most people measure "the economy" by their own spending power, while economists measure "the economy" by macroeconomic factors.

 

Right. This leads to a disconnect and people feeling like the Democrats/MSM are full of shit. "Sure, stock market looks great. I have no stocks. I'm living paycheck to paycheck, and my paychecks aren't getting bigger while my cost of living is. How is the economy doing well?"