Americans feel more and more glum, data shows. Economists are over it
9 days ago by return2ozma to c/aboringdystopia
"If we got into a world where 90% of the spending was done by 10% of people, we have to think about what does it mean for overall GDP (gross domestic product) growth and what is it going to mean for overall employment," Goolsbee said.
I love how the article felt the need to acknowledge this reality but then completely avoids interogating it, when already the Top 20% are responsible for 60% of spending.
My 80 year old mom is driving for DoorDash in a car she's borrowed from me.
They may not call it a depression, but our experience tells us it is.
It used to be that if you spent $100 going out, you'd be talking about a nice restaurant dinner, a movie, and a couple of drinks at a club afterwards.
Now $100 is just the dinner.
It's a month's rent if you want to go to a big concert.
So you've ruined the woods and now it's turning into the city you were living in.
There's no such thing as "living in the woods" because humans transform any biome they move to.
And slowly, but surely, they're speed-running making cooking at home as infeasible as possible, either by cost or by lessening the quality until the people in food deserts have no choice but to look elsewhere.
This country is a goddamn lie, and I wish I knew how to get people to vote third-party.
I bought a new oven range a few years ago, and had to go out of my way to find something that didn't have some stupid touchscreen and a bunch of extra features I didn't want. I figured a dumber device would last longer.
One of the fans stopped spinning fast enough and bricked the whole fucking thing within 3 years. Not even a broken fan, just not fast enough. Plus the error code the oven gave me wasn't on the sheet that came with the fucking thing so it took ages to diagnose. My last range had some shitty cooktops but god I miss having an oven that was literally just a big heating element, that thing lasted like 30 years and never once decided to just stop on me
Awful, man. I'm sorry.
I'm fortunate to live in a city big enough to where second-hand appliances are still available if one ever needs one, but the stuff in my home was here when I bought and the old owners renovated in 2016. I would love it if I don't have to replace any of these things until 2046. :)
And slowly, but surely, they're speed-running
I guess I understand what you mean but this is a funny turn of phase.
so you got trump into office. thanks a lot.
No, you got Trump into office, by running an openly brain-dead octogenarian and then letting said brain-dead octogenarian pick your candidate.
Biden on national TV: "We beat Medicare!"
biden was the best president of my lifetime. its amazing what he got done in one term given the adversaries he had to work with. idiots who think they can not fight facists because they think reality and ideality can somehow be the same thing brought us here.
Economists are generally the last ones you can trust about bad economic tidings.
For one, almost all are paid by monied interests that don't want to spark a rout in the markets.
For another, they tend towards self impressed arrogance, talking down to everyone that didn't read their books, even as they have been consistently wrong.
Disclaimer: I don't have the best record on predicting markets either, which apparently can remain solvent longer than I can remain sane.
I just trust in the immutable fact that both ruling parties will represent any money I've put into the stock market, up to and including making three trillion appear out of thin air overnight to make sure any investments I have don't drop in value.
They don't care about anything else, though, unless we count appeasing Israel so their dirty secrets don't get leaked.
Oh don't worry, they're likely trying to figure out how to steal your stock investments too.
2008 crisis was a lot of folks being forced to sell their investments At a loss Large banks bought up those shares for very cheap.
The current fear I have is SPY, which is a lot of retirement funds, is 1/3 AI stocks. It feels a bit like big banks are finding ways to load up trillions of bad debt into these stocks.
Yup, they certainly are. But the market as a whole is different beast, and the 2000 billionaires who have their wealth tied up in it will get this government to make another three trillion appear out of thin air if the line goes too far down.
I'm fortunate to be in a position where I can buy and hold, so I'm not quite so worried about dips and crashes as most.
I predict the markets will separate, with profit cream continuing to condense at the top and poverty water expanding downward at a faster rate.
They call me the ecownomist
I wouldn't say the last ones, though close. E.g. the number of economists saying that income inequality and not paying fair wages is bad (for the economy, mind you, not out of concern for people) far outnumber politicians saying the same, in my experience. Though neither group is very large, unfortunately…
It's clear most modern Economists are wankers who don't understand people or the bigger picture outside of monetary economic figures.
I say most because economics gets interesting when you talk about non monetary economics.
The economy is in a death spiral. You need to simply go outside to see it, if you can afford that. This is the same as how states warn people at the last minute about evacuations during hurricanes. It's to push off panic.
Once we hit Japan level inflation we can all have a 30$/hr job that will mean virtually nothing.
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@lemmy.world
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Rules (Subject to Change)
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Lie from the jump. The whole article is a lie, unless you're the upper arm of the k.
Gell-Mann amnesia, indeed.
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