The main issue is income inequality. If you take that $320,000 and spread it evenly, we would be the happiest country on earth. Likewise, average wealth in the US is over a million. If that were divided evenly, people would have much less reason to complain.
All of that said, that’s not new. That’s the basic US economic system which features extreme inequality. The *economy* is things like GDP, stock prices, unemployment rates, etc. The economy has a big problem with high prices, particularly for housing, but it’s actually doing alright. GDP growth is strong, stock prices are high, unemployment is low. It’s really the economic system that is the problem, not the current economy.
We have high interest rates but the government just keeps spending obscene amounts of money. They’re undermining the Fed’s monetary tightening policy with loose fiscal policy so they can keep the economy propped up until after the election.
Thanks Biden
Lol. Zerohedge
Interesting that it’s mostly rent/housing and services now.
But construction industry is wiping into a building frenzy as of last year, so supply may soon deflate that some.
>Prices have never been higher
Yes. That’s how it works. It was the same thing in 2018, 2019, 2020, 2021 and so on
>Zero job growth for Native born Americans
The unemployment rate for US born is consistent with pre-COVID. The labor force participation rate is consistent as well. Native-born working-age population has declined by ~1 million. That’s why it looks like there zero job growth
I think people are asking the wrong questions. Who is the economy terrible for and who is it working for? As we all know, the government cares most when it’s working for those who already have enough.
Stop it. Bidenomics is working. You will all be taken care of. Just vote for more Bidenomics faster.
Bazinga
Aight this is some advanced propaganda. I want people here to identify what’s going on here. I’m not going to nit pick the data. In fact I’m going to believe it whole cloth.
THE ISSUE is that the one’s presenting the data is making no normative claims as to *what* the data means. He [zerohedge] is listing 4 completely real things. And then asking the viewer, the ones being presented the information, a question either rhetorically, implicitly or explicitly. The question IS ALWAYS, “your instinct about the economy or political prescription is real and justified” and then implies it’s the reasons you think it is.
That “reasons you think it is” is directly supposed to imply your biased and uninformed reasons/prescriptions/beliefs are actually justified by the information presented. No claims about what do experts say on this information (whether you trust those experts or not is not important, notice how NONE are presented their opinions on the data).
…
Look at option 3.) Looking at the jobs available for Native vs Immigrant labor. Already the implicit “justifications” the presenter is supposed to be presented is immediately on nationality and race. Not “what is an Immigrant” or if they are an Immigrant, are they legal and naturalized citizens, ect. because (and this is important) the state interprets [Native Citizens to be naturalized citizens.](https://www.uscis.gov/citizenship/learn-about-citizenship/citizenship-and-naturalization) Many immigrants live in America for decades before they are naturalized as American Citizens. In many cases they interpret themselves not as immigrants but as Native citizens. My step father was one of them from Spain, and lived (still does) for 13 years before he became a citizen. If I were to ask him he’d say he’s an American citizen a natural born one even though he originated from Spain. But fuck my anecdote, *the state interprets it like that*.
*It doesn’t matter. * The point isn’t that it’s to persuade the presenter to think its about “the other” to put a specific prescription as the reason for the data. Don’t fall for it.
We can argue about what this data means and what’s the “real issue for this disconnect from what the state says and what economists say and what i say”. I don’t care. I just don’t want the guy who promotes the conversation like this to be that one. He’s trying to make the conversation that it’s about a specific racial reason.
This creates engagement, and he can then say “it’s not about that, how dare you, it’s always about race with you guys,” (plausible deniablity) but then can still *imply* that’s what he’s getting at.
>I didn’t bring that up, but now that you mention it, it does make some interesting sense
…
This is BRILLIANT propaganda 👏 On a very political subreddit too. Nothing was “forcing” an agenda onto the consumer (us) but it’s entirely designed to make us come to a conclusion. The information is factual, but no effort has been made to help what this information means to the discourse trying to be made or how they achieved this data. I’m still dumbfounded that this data is specifically chosen to create a conversation and then absolutely nothing has been made to justify it. It’s all prescriptions about WHY does it matter, as if the description of the data is enough to JUSTIFY IT AT ALL.
>Hume found that there seems to be a significant difference between positive (or descriptive) statements (about what is) and prescriptive or normative statements (about what ought to be), and that it is not obvious how one can coherently transition from descriptive statements to prescriptive ones. Hume’s law or Hume’s guillotine is the thesis that an ethical or judgmental conclusion cannot be inferred from purely descriptive factual statements.
The only thing that he or OP in this case can defend his position is if he doesn’t believe in the fact-value distinction in epistemology. It’s the only way. Literally, Wikipedia has his only response to this criticism there. That or “Too long not reading that.”
But record profits!
Bidenomics
Maybe we were born with it? maybe it’s a mirage.
Biden says it’s the best in the last 30 years
Man I’m not sure you understand what a terrible economy feels like it may not be what it seems but terrible it ain’t
17 comments
Source: https://twitter.com/zerohedge/status/1763289583200997569
There’s a lot going on here.
For one thing, the economic system is absolutely terrible for some people. It’s really incredible that the US has such a high [child poverty rate](https://www.science.org/cms/10.1126/sciadv.adg1469/asset/3d01f78a-88ac-4b91-b484-fd47160489fc/assets/images/large/sciadv.adg1469-f3.jpg), for example, when the average GDP for a family of four is [$320,000 per year](https://fred.stlouisfed.org/graph/?g=1hCuf).
The main issue is income inequality. If you take that $320,000 and spread it evenly, we would be the happiest country on earth. Likewise, average wealth in the US is over a million. If that were divided evenly, people would have much less reason to complain.
All of that said, that’s not new. That’s the basic US economic system which features extreme inequality. The *economy* is things like GDP, stock prices, unemployment rates, etc. The economy has a big problem with high prices, particularly for housing, but it’s actually doing alright. GDP growth is strong, stock prices are high, unemployment is low. It’s really the economic system that is the problem, not the current economy.
We have high interest rates but the government just keeps spending obscene amounts of money. They’re undermining the Fed’s monetary tightening policy with loose fiscal policy so they can keep the economy propped up until after the election.
Thanks Biden
Lol. Zerohedge
Interesting that it’s mostly rent/housing and services now.
But construction industry is wiping into a building frenzy as of last year, so supply may soon deflate that some.
>Prices have never been higher
Yes. That’s how it works. It was the same thing in 2018, 2019, 2020, 2021 and so on
>Zero job growth for Native born Americans
The unemployment rate for US born is consistent with pre-COVID. The labor force participation rate is consistent as well. Native-born working-age population has declined by ~1 million. That’s why it looks like there zero job growth
I think people are asking the wrong questions. Who is the economy terrible for and who is it working for? As we all know, the government cares most when it’s working for those who already have enough.
Stop it. Bidenomics is working. You will all be taken care of. Just vote for more Bidenomics faster.
Bazinga
Aight this is some advanced propaganda. I want people here to identify what’s going on here. I’m not going to nit pick the data. In fact I’m going to believe it whole cloth.
THE ISSUE is that the one’s presenting the data is making no normative claims as to *what* the data means. He [zerohedge] is listing 4 completely real things. And then asking the viewer, the ones being presented the information, a question either rhetorically, implicitly or explicitly. The question IS ALWAYS, “your instinct about the economy or political prescription is real and justified” and then implies it’s the reasons you think it is.
That “reasons you think it is” is directly supposed to imply your biased and uninformed reasons/prescriptions/beliefs are actually justified by the information presented. No claims about what do experts say on this information (whether you trust those experts or not is not important, notice how NONE are presented their opinions on the data).
…
Look at option 3.) Looking at the jobs available for Native vs Immigrant labor. Already the implicit “justifications” the presenter is supposed to be presented is immediately on nationality and race. Not “what is an Immigrant” or if they are an Immigrant, are they legal and naturalized citizens, ect. because (and this is important) the state interprets [Native Citizens to be naturalized citizens.](https://www.uscis.gov/citizenship/learn-about-citizenship/citizenship-and-naturalization) Many immigrants live in America for decades before they are naturalized as American Citizens. In many cases they interpret themselves not as immigrants but as Native citizens. My step father was one of them from Spain, and lived (still does) for 13 years before he became a citizen. If I were to ask him he’d say he’s an American citizen a natural born one even though he originated from Spain. But fuck my anecdote, *the state interprets it like that*.
According to the state, if you’re naturalized it’s [as if you’re born here](https://www.uscis.gov/laws-and-policy/legislation/immigration-and-nationality-act) under title III.
…
SO DOES THAT 3rd OPTION ACCOUNT FOR THAT?
*It doesn’t matter. * The point isn’t that it’s to persuade the presenter to think its about “the other” to put a specific prescription as the reason for the data. Don’t fall for it.
We can argue about what this data means and what’s the “real issue for this disconnect from what the state says and what economists say and what i say”. I don’t care. I just don’t want the guy who promotes the conversation like this to be that one. He’s trying to make the conversation that it’s about a specific racial reason.
This creates engagement, and he can then say “it’s not about that, how dare you, it’s always about race with you guys,” (plausible deniablity) but then can still *imply* that’s what he’s getting at.
>I didn’t bring that up, but now that you mention it, it does make some interesting sense
…
This is BRILLIANT propaganda 👏 On a very political subreddit too. Nothing was “forcing” an agenda onto the consumer (us) but it’s entirely designed to make us come to a conclusion. The information is factual, but no effort has been made to help what this information means to the discourse trying to be made or how they achieved this data. I’m still dumbfounded that this data is specifically chosen to create a conversation and then absolutely nothing has been made to justify it. It’s all prescriptions about WHY does it matter, as if the description of the data is enough to JUSTIFY IT AT ALL.
This is verbatim the [Is-Ought problem of normative ethics. ](https://en.m.wikipedia.org/wiki/Is%E2%80%93ought_problem)
>Hume found that there seems to be a significant difference between positive (or descriptive) statements (about what is) and prescriptive or normative statements (about what ought to be), and that it is not obvious how one can coherently transition from descriptive statements to prescriptive ones. Hume’s law or Hume’s guillotine is the thesis that an ethical or judgmental conclusion cannot be inferred from purely descriptive factual statements.
The only thing that he or OP in this case can defend his position is if he doesn’t believe in the fact-value distinction in epistemology. It’s the only way. Literally, Wikipedia has his only response to this criticism there. That or “Too long not reading that.”
But record profits!
Bidenomics
Maybe we were born with it? maybe it’s a mirage.
Biden says it’s the best in the last 30 years
Man I’m not sure you understand what a terrible economy feels like it may not be what it seems but terrible it ain’t
23 straight month’s of negative real wage growth.
We are ALL worse off than we were in 2020