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US economy going strong under Biden – Americans don’t believe it
(www.theguardian.com)
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this post was submitted on 15 Sep 2023
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Buddy they can say the economy is better until the cows come home, it doesn't change that for a huge swath of people, it fucking ain't, it's far worse.
You could say it's not trickling down. It's more like an inverted pyramid scheme.
Individual impacts are always felt last. In 08, the average person didn't experience the crisis until it had been underway for about half a year or more.
I am not arguing that every person is literally better off this moment but rather that economic messaging as a whole is not resonating with people.
Wages are going up. Hiring is through the roof. Things are turned around. Fundamentals are all rock solid, and even the Fed is saying that they will be easing off as they have essentially already achieved the "soft landing" with inflation.
The person I replied to is committing the same logical "sin" that the article bemoans.
It's almost as if when the average person talks about the economy, they're talking about metrics and dynamics that affect them, and when politicians talk about economics, they talk about a set of metrics and dynamics that the average person couldn't give a flying fuck about, which may or may not affect them eventually. The degree to which those two sets are related is constantly in dispute, but trying to confuse the economy for the 1% as the economy for everyone else is kind of a fundamental deception that people are getting tired of. There's no guarantee or even strong reason to believe any of our schools of thought of macroeconomics have ever been right. We're making it up as we go along, and often times for the benefit of the upper class, not everyone else.