President Biden criticized news coverage of the U.S. economy as he faces growing backlash from voters over his handling of inflation. In brief remarks Saturday before boarding the presidential heli…
Because it’s a very common misunderstanding to write it like that. It is more properly either “the Dow” or “the DJIA” but tickers are generally where “the Dow” is seen and those are often all caps.
I’m confused. Wages are growing faster than inflation now. Unemployment is back down. Every metric for WORKERS (not stocks, markets, etc.) is on the up.
Do you have evidence I can read about this part time phenomena?
While I know things are generally bleak from a general late-stage capitalism point of view, and things cant be all good for everyone, but things are looking good or better, at least for most people. What benefit is there in denying this? It’s the same FUD the media is spreading, I feel.
Specific inflation, like rent and food, are not down and not being beat by wages. Also the official inflation numbers don’t include food.
Furthermore, there’s decades of slippage to make up for, just in the official numbers. There is a 139 percent gap since 1974. (The first year for which numbers are easily accessible) That means that the inflation added up every year beats median wage change added every year by 139 points.
A couple months of beating core inflation isn’t going to solve something that’s been problematic since the mid 2000’s.
Good points! Isn’t decreasing runaway inflation still a boon? Also, what metric for inflation are you using? I thought the CPI included average essentials a person would buy, like food. It seems that measure is also decreasing:
How does one beat core inflation, though? Deflationary and austerity measures typically end poorly, right? I guess companies would have to pay up so that productivity gains match real wage gains.
Totally! In the context of Biden’s economic policies, generally, I think it reflects favorably for him.
I would like to see corporations banned from purchasing single family homes, massive rent control measures, etc. But these aren’t things I can expect Biden to achieve unilaterally or quickly.
They really only included a quick blurb. What about Biden’s other efforts?
Brainard [one of Biden’s top economic advisors] described “lowering costs and increasing access to housing for Americans” as “one of the most important issues in the President’s economic agenda.”
and
He has backed several affordable housing bills and action plans in 2023 — including the Neighborhood Homes Investment Act, which would produce 500,000 starter homes in under-resourced communities over the next decade
They need to shout about these efforts more. And I’d like to see actionable results and not just endless studies. The Democrats have always been terrible at messaging. Probably because all the media is corporate owned.
There are more 25 million kids coming of age in the following decade. 500,000 doesn’t even scratch the surface of housing needs, it’s doing something sure but I am not going to praise the man for doing below the bare minimum.
This is as bad as the GOP talking about “access” to healthcare in the US. They’re going to subsidize the construction of the worst kind of housing to solve a housing crisis and half of them are going to be bought by investment companies.
We need market rate mid rises administrated by a non profit organization.
Public sentiment is a trailing indicator of economic success. Until the gains are really felt by people they don’t see them. In a couple months that wage growth and lower inflation will even out.
Quite a few states are increasing their minimum wage in 2024, and federal workers are getting a 5% raise. I imagine the “but why aren’t people happy about the economy” stuff will fade away in a quarter or two.
I had someone try to tell me that the economy is better than ever, people are more rich than ever, and my “personal anecdotal evidence” can be completely dismissed.
It’s no longer “personal anecdotal evidence” when 150,000,000 people are experiencing the same thing just in my own country.
So what you kinda tried to say without saying just now was that your data refutes my point. Before i waste time playing with you on a topic i felt done with yesterday im gonna make you commit more. Is that what you are saying? That your data, february 23 to today wage growth vs inflation, refutes the points ive made yesterday about massaged data being used to misrepresent reality? And this data shows me that the increased actual cost of living has been for 10 months outstripped by wage increases for Americans across the board? I need to know what you mean, precisely.
At least where I am, no one makes minimum wage. Fast food and retail jobs are $17+/hr.
Minimum wage is irrelevant if the prevailing wages are higher. It seems like monthly we’re hearing that a union has signed a new record breaking pay agreement.
“Just get a new job” is a completely asinine take. Many many reasons people can’t. Someone with a family working full time doesn’t have the time or energy to develop the skills for a better job. Someone at fast food in a small town has the choice of other fast food or other retail which all pays the same.
In my wife’s case, she cares for a disabled family member. If she didn’t do it, nobody would. She has no choice.
I mean I agree it’s not a very helpful take, but it is true. Right now is the best time in history to educate yourself and build skill sets that are marketable
I’m interested to know is that your wife’s job? You started out by saying people can’t just get a new job. Which is fair. But I’m confused as to if she is actually working. Not to say it’s a bad thing either way. We gotta do what we gotta do.
The whole get a new job thing doesn’t work for everybody. But the main point behind it is employers are more competitive when searching for new talent. Thus hire wages. You don’t necessarily have to learn a new skill or change industries. Hopping from McDonald’s to Burger King might get you more money in comparison to waiting for a raise. Depends on your market and your industry.
If you chose to live in a small and isolated town, have no skills beyond line staff at a fast food restaurant, are unable to promote up to management there, and unwilling to travel, I’m sorry, but you sound like you dug yourself into a hole. I have a job I enjoy a lot, even if it’s not very high paying, but I still have the experience and skill set to go off and get at least 3 other jobs in 3 other fields that would pay me more, or even getting a job doing what I do now but at a higher paying place, but like I said. I like where I’m at.
Stuff is expensive as hell now, but you can do something about it. It sounds like you may not want to choose any options that exist, though. If you’re dealing with something that totally prevents you from doing so. But hell, even work from home Apple help support reps start at like $45k/ year.
If you chose to live in a small and isolated down,
And then on any post about housing prices, all you see are comments like “well you chose to live in an urban area!! If you liberals would just move to rural Alabama you could afford your rent!1!” So which is it?
Then I get downvoted for saying there’s a million reasons people can’t just up and move, including a lack of jobs and other resources in rural areas. Besides, a majority of people don’t necessarily choose where they live. There are countless socioeconomic circumstances that dictate that.
It’s just proof that people continue to fall for placing the blame on one another when it should really be directed straight upwards.
You sound like a 20 something, childless white guy that was spoonfed fox News. Glad you had time to build new skills. Some people have children or ailing/disabled families. Some people already work 2 jobs.
Some people struggle, even when they do everything right. Callous ass.
Lol. Holy shit did you fly way off the mark. Try going with 40’s, fam with kids, and lean left. Housing assistance,snap, socialized medicine, taxing the wealthy, and all.
Sure, you can have bad luck and get screwed in life, but right now the job market is WAY better than when I got out of highschool just before 9-11 happened. You can get a work from home job at $20 an hour right now, I drive a class B truck as a side job for $26 an hour, and there’s a rock quarry that hires green people for over $25/hr that end you up close to $35 after two years. I don’t live in some fantastic state, either. Midwest.
Right now there’s a ton of work available if you go get your feet wet. The younger than me generation is screwed on housing costs right now. I’ll give you that, but so was most of my generation. But you also have the ease of an online education and remote learning making it far easier and cheaper to get into some things than anyone else before has. The job market was terrible when I got out of school. Now unemployment is low and unions are getting a hold again and companies are all having to pay more just to poach other companies for people. John Deer will hire you, pay you to go through their 6 month program to learn how to work on their tractors, give you a truck tool box decked out with tools and send you off as a repair tech for them for like $70k a year. There’s not a mechanic shop in the country that isn’t behind right now due to the high vehicle prices causing people to hold their old vehicles together longer that wouldn’t like another person to do mechanic stuff.
I’m rambling, but the point is, there are pretty ok jobs out there right now. Businesses are willing to train you on the job from knowing almost nothing at this point. If you look and don’t live in the middle of nowhere, you can probably get hired doing something that pays better than wherever you’re at. Today’s economy no longer rewards loyalty.
Don’t just get in a union. First, get to know if what they’re doing is good for you, for the community, for the industry. Most unions have not been good for any of these in the last few decades.
The POTUS has little control over the economy. But the economy is way better than when Trump left office, and the outlook is thousands of times better.
It’s just that people bought the claim that somehow the economy going to shit under trump wasn’t his fault (it wasn’t) but now that the same thing that fucked trump is still fucking shit up, it’s Bidens fault.
Oh, wow this was supposed to have a response last night. I guess Lemmy hiccuped.
The problem is that minorities are in fact minorities. You can’t win based on them. And even a bunch of them aren’t seeing the election as an existential fight. They didn’t see an increase in their situation under Biden. If Biden only makes concrete improvements for the upper classes then there’s no direct reason for the lower classes to show up for him.
This is how autocrats have gotten elected time and time again. Democracy requires actually helping the voting class. When it doesn’t, the voters are more than happy to vote themselves out of a democracy.
You’re talking at me and not taking in what im saying. Working full time every week, my life is worse off now than before Biden took office. Im not going to vote to make my life worse.
The only real reason to vote for Biden is his commitment to letting us vote again in 2028. Something Trump seems soft on. What are our options in 2028? Lmao
Worse off during Biden is different from worse off because of Biden. Hitting the brakes while going downhill 200 MPH doesn’t completely stop you from going more downhill. Every modern Republican has been so incredibly short-sighted that it’s genuinely destroying our future by insane levels.
Or you could just do your own thing, improve yourself, and ignore the federal government as much as you can. Even if the government is big, your life getting better or worse is still mostly on you.
My wages have not gone up and the prices i pay are still going up.
But the economy is doing great! Billionaires and corporations are making record profits while eliminating thousands and thousands of jobs!
The DOW is a misery index. A measure of how much wealth can be extracted from the working class and reappropriated to the wealthy.
What does DOW stand for?
https://en.m.wikipedia.org/wiki/Dow_Jones_Industrial_Average
OK, so the D stands for Dow Jones … what do the O and W stand for?
It’s not an acronym
Then why did @disheveledWallaby write it as one?
Because it’s a very common misunderstanding to write it like that. It is more properly either “the Dow” or “the DJIA” but tickers are generally where “the Dow” is seen and those are often all caps.
Yeah, that was my bad, sorry for the confusion. I can be smart and dumb in the same sentence!
To give you something other than the issue at hand to fixate on?
Ya but they fired one full time worker and replaced them with three part time workers! Progress!
All hail the job creators!
I’m confused. Wages are growing faster than inflation now. Unemployment is back down. Every metric for WORKERS (not stocks, markets, etc.) is on the up.
Do you have evidence I can read about this part time phenomena?
While I know things are generally bleak from a general late-stage capitalism point of view, and things cant be all good for everyone, but things are looking good or better, at least for most people. What benefit is there in denying this? It’s the same FUD the media is spreading, I feel.
Specific inflation, like rent and food, are not down and not being beat by wages. Also the official inflation numbers don’t include food.
Furthermore, there’s decades of slippage to make up for, just in the official numbers. There is a 139 percent gap since 1974. (The first year for which numbers are easily accessible) That means that the inflation added up every year beats median wage change added every year by 139 points.
A couple months of beating core inflation isn’t going to solve something that’s been problematic since the mid 2000’s.
Good points! Isn’t decreasing runaway inflation still a boon? Also, what metric for inflation are you using? I thought the CPI included average essentials a person would buy, like food. It seems that measure is also decreasing:
https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category.htm
How does one beat core inflation, though? Deflationary and austerity measures typically end poorly, right? I guess companies would have to pay up so that productivity gains match real wage gains.
Well yeah. That’s the basic problem. If we still prioritize corporate gains, we will never get people back on on track.
That’s all great in a vacuum, but when you add in housing costs suddenly none of those gains are enough.
Totally! In the context of Biden’s economic policies, generally, I think it reflects favorably for him.
I would like to see corporations banned from purchasing single family homes, massive rent control measures, etc. But these aren’t things I can expect Biden to achieve unilaterally or quickly.
Biden doesn’t even acknowledge the current issues with the way our economy is structured as evident by this article.
They really only included a quick blurb. What about Biden’s other efforts?
and
source
I am not hyper up-to-date on everything political these days, but it seems like Biden is doing alright. Especially when I consider the alternative 🥲
They need to shout about these efforts more. And I’d like to see actionable results and not just endless studies. The Democrats have always been terrible at messaging. Probably because all the media is corporate owned.
You can’t take credit for things that haven’t happened.
There are more 25 million kids coming of age in the following decade. 500,000 doesn’t even scratch the surface of housing needs, it’s doing something sure but I am not going to praise the man for doing below the bare minimum.
You’re once again looking at this in a vacuum.
This is as bad as the GOP talking about “access” to healthcare in the US. They’re going to subsidize the construction of the worst kind of housing to solve a housing crisis and half of them are going to be bought by investment companies.
We need market rate mid rises administrated by a non profit organization.
Public sentiment is a trailing indicator of economic success. Until the gains are really felt by people they don’t see them. In a couple months that wage growth and lower inflation will even out.
Quite a few states are increasing their minimum wage in 2024, and federal workers are getting a 5% raise. I imagine the “but why aren’t people happy about the economy” stuff will fade away in a quarter or two.
Hey if that happens, then great. But it’s one hell of a bet to make in an election year. Especially when people have been struggling for a decade now.
“fool! If you knew economics better you’d understand that your buying power is the wrongest metric. Look at the stonks you uncultured swine!”
-a super smart economist, probably
I had someone try to tell me that the economy is better than ever, people are more rich than ever, and my “personal anecdotal evidence” can be completely dismissed.
It’s no longer “personal anecdotal evidence” when 150,000,000 people are experiencing the same thing just in my own country.
No they’re not.
How does this garbage have any upvotes?
https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
Seems like wages have been rising faster than inflation since February 2023. BR, super smart economist, probably
So what you kinda tried to say without saying just now was that your data refutes my point. Before i waste time playing with you on a topic i felt done with yesterday im gonna make you commit more. Is that what you are saying? That your data, february 23 to today wage growth vs inflation, refutes the points ive made yesterday about massaged data being used to misrepresent reality? And this data shows me that the increased actual cost of living has been for 10 months outstripped by wage increases for Americans across the board? I need to know what you mean, precisely.
Mine and my wife’s have, it’s all anecdata, but we’re doing better than before.
Min wage not increasing and prices increasing isnt anecdotal
At least where I am, no one makes minimum wage. Fast food and retail jobs are $17+/hr.
Minimum wage is irrelevant if the prevailing wages are higher. It seems like monthly we’re hearing that a union has signed a new record breaking pay agreement.
That is not anecdotal - pay is going up: https://www.bls.gov/news.release/empsit.t19.htm https://tradingeconomics.com/united-states/wages
Get in a union. Or keep changing jobs just going to wherever will pay you the most.
I have a union job and a non union part time job. Pay has gone up a decent chunk at both over the past few years.
“Just get a new job” is a completely asinine take. Many many reasons people can’t. Someone with a family working full time doesn’t have the time or energy to develop the skills for a better job. Someone at fast food in a small town has the choice of other fast food or other retail which all pays the same.
In my wife’s case, she cares for a disabled family member. If she didn’t do it, nobody would. She has no choice.
I mean I agree it’s not a very helpful take, but it is true. Right now is the best time in history to educate yourself and build skill sets that are marketable
I’m interested to know is that your wife’s job? You started out by saying people can’t just get a new job. Which is fair. But I’m confused as to if she is actually working. Not to say it’s a bad thing either way. We gotta do what we gotta do.
The whole get a new job thing doesn’t work for everybody. But the main point behind it is employers are more competitive when searching for new talent. Thus hire wages. You don’t necessarily have to learn a new skill or change industries. Hopping from McDonald’s to Burger King might get you more money in comparison to waiting for a raise. Depends on your market and your industry.
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Which part of “cares for a disabled family member” is hard to understand?
Is it confusing to you that someone would care for someone else?
…or is it just a general lack of empathy?
If you chose to live in a small and isolated town, have no skills beyond line staff at a fast food restaurant, are unable to promote up to management there, and unwilling to travel, I’m sorry, but you sound like you dug yourself into a hole. I have a job I enjoy a lot, even if it’s not very high paying, but I still have the experience and skill set to go off and get at least 3 other jobs in 3 other fields that would pay me more, or even getting a job doing what I do now but at a higher paying place, but like I said. I like where I’m at.
Stuff is expensive as hell now, but you can do something about it. It sounds like you may not want to choose any options that exist, though. If you’re dealing with something that totally prevents you from doing so. But hell, even work from home Apple help support reps start at like $45k/ year.
And then on any post about housing prices, all you see are comments like “well you chose to live in an urban area!! If you liberals would just move to rural Alabama you could afford your rent!1!” So which is it?
Then I get downvoted for saying there’s a million reasons people can’t just up and move, including a lack of jobs and other resources in rural areas. Besides, a majority of people don’t necessarily choose where they live. There are countless socioeconomic circumstances that dictate that.
It’s just proof that people continue to fall for placing the blame on one another when it should really be directed straight upwards.
You sound like a 20 something, childless white guy that was spoonfed fox News. Glad you had time to build new skills. Some people have children or ailing/disabled families. Some people already work 2 jobs.
Some people struggle, even when they do everything right. Callous ass.
Lol. Holy shit did you fly way off the mark. Try going with 40’s, fam with kids, and lean left. Housing assistance,snap, socialized medicine, taxing the wealthy, and all.
Sure, you can have bad luck and get screwed in life, but right now the job market is WAY better than when I got out of highschool just before 9-11 happened. You can get a work from home job at $20 an hour right now, I drive a class B truck as a side job for $26 an hour, and there’s a rock quarry that hires green people for over $25/hr that end you up close to $35 after two years. I don’t live in some fantastic state, either. Midwest.
Right now there’s a ton of work available if you go get your feet wet. The younger than me generation is screwed on housing costs right now. I’ll give you that, but so was most of my generation. But you also have the ease of an online education and remote learning making it far easier and cheaper to get into some things than anyone else before has. The job market was terrible when I got out of school. Now unemployment is low and unions are getting a hold again and companies are all having to pay more just to poach other companies for people. John Deer will hire you, pay you to go through their 6 month program to learn how to work on their tractors, give you a truck tool box decked out with tools and send you off as a repair tech for them for like $70k a year. There’s not a mechanic shop in the country that isn’t behind right now due to the high vehicle prices causing people to hold their old vehicles together longer that wouldn’t like another person to do mechanic stuff.
I’m rambling, but the point is, there are pretty ok jobs out there right now. Businesses are willing to train you on the job from knowing almost nothing at this point. If you look and don’t live in the middle of nowhere, you can probably get hired doing something that pays better than wherever you’re at. Today’s economy no longer rewards loyalty.
People can’t buy houses with three full time incomes. Glad you got yours.
You’re fucking delusional, dude.
People can and do, you weirdo.
Don’t just get in a union. First, get to know if what they’re doing is good for you, for the community, for the industry. Most unions have not been good for any of these in the last few decades.
I’ll talk to biden and let him know of your situation. I’m sure he will do something tomorrow dw.
Ill let him know next November
Trump will 100% be great for your life 💯💯💯💯
Oh boi i get to choose between my life getting worse and my life getting worse.
BoTh SiDes is defeatist bullshit and just an excuse for mental laziness. Try thinking for a change.
The thing is for a great many people they don’t care. They aren’t getting deported. They aren’t getting shit on any worse than with Biden.
That may change, but it didn’t in Trump’s first term. Biden has to be better now, for the working class, than Trump was. And he just isn’t.
The POTUS has little control over the economy. But the economy is way better than when Trump left office, and the outlook is thousands of times better.
It’s just that people bought the claim that somehow the economy going to shit under trump wasn’t his fault (it wasn’t) but now that the same thing that fucked trump is still fucking shit up, it’s Bidens fault.
Is the suggestion here that minorities shouldn’t or don’t matter even though they are a solid chunk of the working class?
Oh, wow this was supposed to have a response last night. I guess Lemmy hiccuped.
The problem is that minorities are in fact minorities. You can’t win based on them. And even a bunch of them aren’t seeing the election as an existential fight. They didn’t see an increase in their situation under Biden. If Biden only makes concrete improvements for the upper classes then there’s no direct reason for the lower classes to show up for him.
This is how autocrats have gotten elected time and time again. Democracy requires actually helping the voting class. When it doesn’t, the voters are more than happy to vote themselves out of a democracy.
You’re talking at me and not taking in what im saying. Working full time every week, my life is worse off now than before Biden took office. Im not going to vote to make my life worse.
The only real reason to vote for Biden is his commitment to letting us vote again in 2028. Something Trump seems soft on. What are our options in 2028? Lmao
I do hear what you’re saying. You apparently think another option would be better, despite the mountains of evidence against that
The mountains of what? What evidence? Evidence of presidencies besides Biden and Trump’s??
Worse off during Biden is different from worse off because of Biden. Hitting the brakes while going downhill 200 MPH doesn’t completely stop you from going more downhill. Every modern Republican has been so incredibly short-sighted that it’s genuinely destroying our future by insane levels.
Or you could just do your own thing, improve yourself, and ignore the federal government as much as you can. Even if the government is big, your life getting better or worse is still mostly on you.