Why America's economy is soaring ahead of its rivals

Post by Der_Einzige » Thu, Dec 05, 2024, 8:59 AM UTC

bbqfog wrote: post #387

sangnoir wrote: post #291

Earlier quoted context omitted.

> But is the majority of the population thriving? Looking at the numbers: low unemployment, strong consumer spending, average income increasing at a rate higher than inflation, I'd say the majority is doing better than most years. They might not feel that way though, and we've been in a continuous vibes-cession since COVID.

Looking at the numbers the interest rate is almost 7% making most things very unaffordable for people who can't buy things like houses and cars with cash. Until that number dramatically goes down, regular people will suffer.

Post by SideburnsOfDoom » Thu, Dec 05, 2024, 9:00 AM UTC

portaouflop wrote: post #614

ithkuil wrote: post #606

Earlier quoted context omitted.

Perception can be manipulated in many ways. People get used to things and give for granted things that used to be luxuries a few generations back (see "hedonic treadmill") Combine that with active participants who control the media landscape and have a vested interest in painting a bleak picture so they can be the ones fixing it. And then of course there is the fact that things are of course objectively hard for many…

So the people who are fed up with how things are currently going are according to your argument here either - manipulated / brainwashed - entitled / spoiled - outliers (the few who have it bad are too loud). - the problems can’t be fixed anyway - don’t realise how much worse it was in the past ? I disagree that the sentiment of the general population is not a useful indicator of how good things are going for the gene…

Post by immibis » Thu, Dec 05, 2024, 9:01 AM UTC

0xDEAFBEAD wrote: post #603

_1tem wrote: post #588

If you go to the doctor with a problem and get a blood test and they say that everything looks fine, but you don’t feel fine, then you don’t say: “well the numbers are right, I should feel fine”. Rather you try to find what the numbers aren’t capturing, because you know something is wrong. Same with the economy. The perception of the economy being bad is really pervasive as demonstrated by the last election, and perc…

My understanding is: * Perception of the economy depends tremendously on whether the president is of your preferred party. Whenever the presidency changes hands, you see a massive and rapid flip in which party supporters are satisfied with the state of the economy. * If you ask Americans about how they are doing personally, as opposed to how they believe the economy is doing, their response is much rosier. See also:…

Post by lordnacho » Thu, Dec 05, 2024, 9:03 AM UTC

ithkuil wrote: post #620

portaouflop wrote: post #614

Earlier quoted context omitted.

So the people who are fed up with how things are currently going are according to your argument here either - manipulated / brainwashed - entitled / spoiled - outliers (the few who have it bad are too loud). - the problems can’t be fixed anyway - don’t realise how much worse it was in the past ? I disagree that the sentiment of the general population is not a useful indicator of how good things are going for the gene…

Yes people are fed up. Nobody is arguing that people are happy and somebody is misrepresenting that. What I'm trying to say is that there is an explanation for why this sentiment exists despite measures of material wealth and economic success being positive. The fact that there is an explanation doesn't magically make people feel better. I think it all boils down to the attitude one has towards seeking explaination.…

Post by pas » Thu, Dec 05, 2024, 9:04 AM UTC

immibis wrote: post #621

hunglee2 wrote: post #590

GDP is a measure of the marketisation of society. If I go visit my grandma over the weekend, my activities do not register on GDP. If I hire a care assistant for $800 per day to do so, that's $800 to national GDP. The encroachment of the market into society correlates with record levels of mental and physical health crisis. US life expectancy has declined over the past three years, even as 'the economy' has surged ah…

It's also a measure of price level. If I pay $100 for a doctor's visit that's $100 to GDP. If it costs $1000 that's $1000 to GDP. If it "costs" $1000 but that's just to get $100 from insurers who only pay 10% and I only have to pay 10% too? Still $1000 to GDP - I think.