i wrote about the inflation perception issue on a tweet thread once bc i’m pretty sure i cracked the case: economists are pretty much 100% correct that the economy is really good, especially for those at the lower rungs (e.g., wages have risen more than enuf to keep up with inflation, particularly among the lowest earners). HOWEVER - what they are missing is what i dub the “Little Treat Index.” I actually feel fine about the cost of bread and milk and such... the strain is that i can still only afford the same amount of Little Treats (e.g. a new makeup product) as i could five years ago. Technically, that means I’ve kept pace with inflation, but my lifestyle expectations have also grown. *I don’t want to only be able to afford the same amount of luxury after working hard for 5 years - I want to be able to afford more.* And I can’t. And that feels shitty.
rare case of somehow the economists are correct, but there’s just a real weird way of perceiving these things that makes folks (including myself) unhappier than we have a right to be
Pardon my Marxism lol but my guess is the source of unhappiness is sort of a violation of the social contract with the American economy.
Americans are told that we can't have a more robust social democracy (Medicare-for-All, free or subsidized public universities, affordable housing, etc.) is because we will have to raise taxes, impede business, etc. So in exchange for a safety net, Americans get cheap consumer goods. Now that treats are more expensive, what are Americans really getting out of this deal?
Whatever gains workers have made post-Covid are slowly being chipped away, so I'm a little skeptical when these center-left economists are in lockstep with the Biden Administration saying that the economy is doing great and people should stop complaining.
I just saw that 15 million Americans are paying 40+% of their pre-tax income on rent. A majority don't have $400 in savings to pay for an emergency. That doesn't strike me as a healthy economy.
Reducing large bodies (Foundations, government agencies, and corporations) to an individual is exactly what you’re conducting when you refer to “Trump and Biden”. Media does this continually when it is “Putin” who is invading “Ukraine”. Influential institutions controlled by individuals (Gates Foundation, Robert F Johnson Foundation etc) dictate decisions made by individuals.
Labeling topics as “Conspiracy Theories” is always poisoning the well. It’s a preemptive shutdown of dialogue while expressing a viewpoint.
As for the economy getting better, that’s smoke and mirrors, the inflation during ’21 and ‘22 were greater than the previous 15 years combined which included the rise after the economic meltdown. Since inflation is determined by year over year, inflation has to come down but is down from when the administration took over? https://tradingeconomics.com/united-states/inflation-rate-mom
I was mostly referencing to Biden and Trump as presidents and their campaigns. Not sure how I'm reducing institutions to them.
I don't know if labelling something as a conspiracy theory is "always" poisoning the well. Certainly it's used as a cudgel to shut down debate and dissent, since those end up being swirled into genuine conspiracies, like the media playing along with Bush Administration spin to justify invading Iraq. But something like Brittney Spears being controlled by MK Ultra or QAnon I feel comfortable calling conspiracy theories.
Yes, I agree the economy is a sham right now. It's been broken since the Great Recession.
All good, friend. Although I do have my biases (I voted for Bernie twice), but there are plenty of aspects of left-liberal orthodoxy that I find annoying, offputting, and counterproductive. And that deserves to be pointed out, criticized, and mocked.
Superpredators wonkspat over lines of Koch.
i wrote about the inflation perception issue on a tweet thread once bc i’m pretty sure i cracked the case: economists are pretty much 100% correct that the economy is really good, especially for those at the lower rungs (e.g., wages have risen more than enuf to keep up with inflation, particularly among the lowest earners). HOWEVER - what they are missing is what i dub the “Little Treat Index.” I actually feel fine about the cost of bread and milk and such... the strain is that i can still only afford the same amount of Little Treats (e.g. a new makeup product) as i could five years ago. Technically, that means I’ve kept pace with inflation, but my lifestyle expectations have also grown. *I don’t want to only be able to afford the same amount of luxury after working hard for 5 years - I want to be able to afford more.* And I can’t. And that feels shitty.
rare case of somehow the economists are correct, but there’s just a real weird way of perceiving these things that makes folks (including myself) unhappier than we have a right to be
Pardon my Marxism lol but my guess is the source of unhappiness is sort of a violation of the social contract with the American economy.
Americans are told that we can't have a more robust social democracy (Medicare-for-All, free or subsidized public universities, affordable housing, etc.) is because we will have to raise taxes, impede business, etc. So in exchange for a safety net, Americans get cheap consumer goods. Now that treats are more expensive, what are Americans really getting out of this deal?
Whatever gains workers have made post-Covid are slowly being chipped away, so I'm a little skeptical when these center-left economists are in lockstep with the Biden Administration saying that the economy is doing great and people should stop complaining.
I just saw that 15 million Americans are paying 40+% of their pre-tax income on rent. A majority don't have $400 in savings to pay for an emergency. That doesn't strike me as a healthy economy.
never pardon the marxism! it’s a good analysis!
I somehow feel dirty after skimming through this...
lol not sure if that was what i was going for
Well it felt like that, bro. 😎😂
Interesting article.
Reducing large bodies (Foundations, government agencies, and corporations) to an individual is exactly what you’re conducting when you refer to “Trump and Biden”. Media does this continually when it is “Putin” who is invading “Ukraine”. Influential institutions controlled by individuals (Gates Foundation, Robert F Johnson Foundation etc) dictate decisions made by individuals.
Labeling topics as “Conspiracy Theories” is always poisoning the well. It’s a preemptive shutdown of dialogue while expressing a viewpoint.
As for the economy getting better, that’s smoke and mirrors, the inflation during ’21 and ‘22 were greater than the previous 15 years combined which included the rise after the economic meltdown. Since inflation is determined by year over year, inflation has to come down but is down from when the administration took over? https://tradingeconomics.com/united-states/inflation-rate-mom
I was mostly referencing to Biden and Trump as presidents and their campaigns. Not sure how I'm reducing institutions to them.
I don't know if labelling something as a conspiracy theory is "always" poisoning the well. Certainly it's used as a cudgel to shut down debate and dissent, since those end up being swirled into genuine conspiracies, like the media playing along with Bush Administration spin to justify invading Iraq. But something like Brittney Spears being controlled by MK Ultra or QAnon I feel comfortable calling conspiracy theories.
Yes, I agree the economy is a sham right now. It's been broken since the Great Recession.
Uh, I mean I criticize both Democrats and the MAGA movement, so not sure what "side" I'm pandering to.
All good, friend. Although I do have my biases (I voted for Bernie twice), but there are plenty of aspects of left-liberal orthodoxy that I find annoying, offputting, and counterproductive. And that deserves to be pointed out, criticized, and mocked.