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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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politics
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I don’t know how people are surprised by the current interest rates or market… when lockdowns happened my wife and I had bought our house a year prior and I immediately told her since we both had high paying and safe jobs we should remodel everything we wanted and buy three cars since I figured interest rates would get jacked up and supply economics indicated people were going to stop doing renovation work using contractors for a minute before supplies would get expensive.
These are all market reactions. It’s a rubber band of effects that happened because of the pandemic and the shock to the economy. Capitalism requires constant feeding so when the world stopped it for even a month it did major damage and when it went on longer in key areas it basically collapsed those sectors. It’s gonna be a while before things get better, but honestly this recovery is better than I expected.
Sounds like capitalism is the problem. Boom and bust cycles are terrible for working people and great for billionaires.
100% it’s why I mentioned Capitalism requiring feeding. It’s like when people say “I can’t wait for the next housing collapse so I can afford a home.” While forgetting the part of housing collapsed where the average worker can’t afford a house and often all that happens is the millionaire and billionaire class swoops in and buys up all the property. 08 wasn’t famous for making more average Americans able to afford a house. It made it so companies like Blackstone could go around and feast for cheap.
Facts