Who’s it getting better for? Wall Street? Prices on shit keeps fucking going up. My paycheck ain’t.
this post was submitted on 03 Aug 2023
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That's because (yes, others here beat me to it) -- the economy is not the stock market. People's costs of living and wages aren't getting better, they're getting worse, even as giant corps have record profits and that is reflected on the stock tickers. If the average person was heavily invested early on in some of these corporate behemoths and could actually share in the rapacious profits, maybe things would be different... but that's not the case.
When toxic "econimistism" comes home to roost. A "strong economy" as measured by stock markets and company profits, both owned primarily by the extremely wealthy is not the same as "working class people are doing well economically", which is what should be meant by "a strong economy" if it were not for the neoliberal brain rot.
As others have already stated, the job market is fine, the stocks are fine, but the ability to afford living day to day is worse than I have ever remembered. Here in my cheaper state here are some random prices:
- A bag of Doritos is over $7.
- Beef shortage makes ground beef for a family of 4 $14
- Gas prices are over $3.70
- My grocery bill increased by nearly 50% overall and we are buying less on top of that
- Car prices are through the roof, making it impossible for people like me to change cars (I’m hearing they are going to drop again soon)
- Rent prices are soaring to the point where it isn’t sustainable
- Interest rate keeps rising
$7 for a bag of Doritos is ABSURD
Been to a grocery store lately? Looked at rent prices? How about clothing? Gas? Basic necessities?
People think the economy's getting worse because it IS for consumers. I don't really give a shit if a company is paying less for grain than they did a year ago if the prices they charge for the final product havn't gone down!
Until basic costs of living start decreasing, most people aren't going to see any positive change.
This is my thinking. I guess it's good the economy is good but prices of housing and food are skyrocketing for me so I don't feel it lol
Groceries and gas is still inflated. Services are steadily raising rates and some people are still not being paid a living wage.
So is rent.
That's because our useless news media has been beating the drum of recession for literally years now because fear mongering is all they know how to do.
Rent is up, grocery prices are up, gas is up again, pay hasn't kept up with inflation, corporate profits at all time highs and Powell at the Fed is literally trying to weaken labors negotiating power, but sure it's the media brainwashing people...
That's because it is getting worse. No one believes the bullshit that it's getting better. It's fake news.
I mean, I do. The job market is probably the best it's been in decades. The economy is doing extremely well. Food prices are high because two of the world's largest grain producers are fighting a war with one another.
The economy is fantastic for like the 10% of the country who owns 75% of the country's junk
Corporations and the 1% keep posting record profits.
The rest of us keep having to pay higher prices.
CNN: Why do many Americans think the economy is getting worse?? It's working as designed.
Corporate profits are flat as a percentage of national income: https://fred.stlouisfed.org/series/A445RE1A156NBEA
People always seem to remember to adjust wages for inflation but understandably because of media headlines almost never adjust profits for inflation.
Or maybe... just maybe... this is backwards and the notable thing is that statistics have been cited in support of a claim that the economy is improving, despite the fact that at least half of Americans believe that it isn't.
Remove the income of the top 1% of Americans from the equation and you'll REALLY see how good the "economy" is.
The stock market isn't the economy. Wall Street has a vested interest in us believing the opposite, however, so of course CNN and others will keep acting like they're the same thing.
Yeah I mean, gains on Wall Street may be considered "stronger economic news" by some, but it tends to matter for relatively few.
A strong economy doesn't rely on news stories about Wall St. If I see my money going further, I take it as strong economic news. If I see my wages go up, I take it as strong economic news. If I ever see rents go down, or housing in general become more affordable, or literally anything that affects most common people in a positive way based on some financial change, I'll take it as strong economic news.
Wall St making more money? Not strong economic news. Just stories that highlight how the rich continue to get richer and how out of touch one small subset of the population is from the rest.
just because the ball is bouncing doesn't mean it's getting any higher.
By most metrics, the economy is still gloomy long term. It's a prediction over the course of years not months.
Consider the great depression, the economy was fucked months before the stock market crashed, but if you only looked at the stock market to determine that, you would think everything was fine up until it was too late.
I recommend watching wealthion and anyone they interview on their channel.
Should we guess which half thinks that?
Can you say "election cycle"?