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.
Ya but they fired one full time worker and replaced them with three part time workers! Progress!
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.
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.
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.
That’s all great in a vacuum, but when you add in housing costs suddenly none of those gains are enough.
