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Majority of Americans wrongly believe US is in recession – and most blame Biden
(www.theguardian.com)
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this post was submitted on 22 May 2024
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It is legitimately such a weird economy, because by all the standard broad metrics it is doing fine, but on an individual basis it varies widely. Cost of living has shot up with inflation, but wages generally didn't go up to match, particularly for people who kept the same employer throughout the Pandemic until now.
The only metric that is important is how far their paycheck goes, and it simply doesn't go as far anymore.
I took some pretty high level statistical analysis courses back in the day, with a professor who is about as close to "rockstar" as someone can be in the field of statistical analysis.
One thing he always said was that it was easy to paint a picture exactly the way someone wants while being 100% honest and reporting real numbers.
What was hard, was picking thru all the numbers, identifying trends, and quantifying the effects and how likely a bunch of changes would play out to predict future outcomes.
Our economy runs on "numbers must go up".
If a CEO of a publicly traded company says anything other than "Shits amazing!" The numbers go down.
Because stock prices are really just investors opinion, real life doesn't have much effect on the economy.
So everyone cheats a little (or a lot) to make their numbers seem like everything is great. Do a meta analysis on those numbers, and it looks like everyone is doing great.
But it's all just because no one wants to be the one to say it's not.
Because in our economy, if people think things are bad, then that makes things bad. People sell stocks and hide money under mattresses (what the rich do with offshore accounts) and that Cascades I to not enough money to buy anything. And then not enough sales to employ people.
It's a feedback loop that the only way to prevent is constantly telling people everything is fine.
The longer we let 0.01% of the population hoard insane wealth, the more we risk the death spiral
It's getting to the point where they have so much, they're the entire economy. If they decide to just bury all their gold, we're fucked.
So we have to keep making these rich assholes think everything is great and numbers will always go up.
Or just tax their fucking wealth...
I know basically nothing about economics, but from what it seems, I shouldn’t be wishing for record losses instead of record profits? They both seem to have a cascading effect that fucks us from what it seems (but them buying more yachts while we hurt definitely feels worse than all of us hurting).