The only reason to care is if you siphon money from productive people.
A lot of people that follow this sub will NOT like this video…even if it is true. Keep in mind, it is the Fox News crowd that is trying to convince people that the economy sucks.
If you are the bottom 50% then this economy sucks because low wage workers need to be able to afford basic necessities like food, cars, homes, insurance and these things are high in price and when your only making $23 dollars an hour it’s hard to afford these things.
He’s correct in that it’s better that rates are high(er than zero). He’s incorrect about the strength of the economy.
The thing to remember is that GDP growth has a strong correlation with biosphere degradation. So, sure, the economy may be good (for some) in the short term, but is anathema to a functioning biosphere in the long term, and a functioning biosphere is a requirement for civilization.
The trend here is a bit worrying because unemployment is rising and just hit 4% and job numbers are falling.
If the trend continues we’ll be in for a world of hurt.
He can’t see outside of this single data point, look at the trend that’s appearing.
I think the problem is, while GDP is growing, I don’t think median GDP is growing.
Looking at this chart, which is updated anually, we can see where GDP is going, and where median GDP is going. https://fred.stlouisfed.org/graph/?g=mYUr
While the red line goes up, the blue line goes down. The data isn’t out for 2023, but I think we’ll see more of the same. More people than not aren’t seeing gains. Instead, they’re seeing lost purchasing power.
And if more than half of the people aren’t seeing gains, that is an indication of widening income inequality.
The economy is going great, the sharing of the benefits of the strong economy is incredibly out of whack.
But but but all the MAGAts on this subreddit say we are in the middle of the worst depression in world history.
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The only reason to care is if you siphon money from productive people.
A lot of people that follow this sub will NOT like this video…even if it is true. Keep in mind, it is the Fox News crowd that is trying to convince people that the economy sucks.
If you are the bottom 50% then this economy sucks because low wage workers need to be able to afford basic necessities like food, cars, homes, insurance and these things are high in price and when your only making $23 dollars an hour it’s hard to afford these things.
He’s correct in that it’s better that rates are high(er than zero). He’s incorrect about the strength of the economy.
The thing to remember is that GDP growth has a strong correlation with biosphere degradation. So, sure, the economy may be good (for some) in the short term, but is anathema to a functioning biosphere in the long term, and a functioning biosphere is a requirement for civilization.
The trend here is a bit worrying because unemployment is rising and just hit 4% and job numbers are falling.
If the trend continues we’ll be in for a world of hurt.
He can’t see outside of this single data point, look at the trend that’s appearing.
I think the problem is, while GDP is growing, I don’t think median GDP is growing.
Looking at this chart, which is updated anually, we can see where GDP is going, and where median GDP is going.
https://fred.stlouisfed.org/graph/?g=mYUr
While the red line goes up, the blue line goes down. The data isn’t out for 2023, but I think we’ll see more of the same. More people than not aren’t seeing gains. Instead, they’re seeing lost purchasing power.
And if more than half of the people aren’t seeing gains, that is an indication of widening income inequality.
The economy is going great, the sharing of the benefits of the strong economy is incredibly out of whack.
But but but all the MAGAts on this subreddit say we are in the middle of the worst depression in world history.