The economy is thriving under Biden. So why don’t Americans believe it? (www.dailykos.com)

submitted 5 months ago by return2ozma@lemmy.world to c/politics@lemmy.world

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[-] Phegan@lemmy.world 1 points 5 months ago

How we measure the economy does not measure the financial stability of the masses.

[-] Paragone@lemmy.world -1 points 5 months ago

The right is circulating a pair of graphs,

1 is showing the average ( skewed, of course, by the richest ) income, for the time in Trump's presidency,

vs the time in Biden's

the other is showing the same 2 graphs, but adjusted for inflation .. and it's significantly worse in Biden's presidency.

( I hold that the real disinformation is pretending that income-vs-cost-of-living somehow tracks economic policy realtime .. there's a delay, for some effects that delay is years, like Milei's eradicating of the Ministry of Education "for the economy" is a bullet-in-the-head for future advanced-economy participation, but .. this pair of graphs does highlight a significant fact:

you cannot ignore inflation when claiming that the wealth of the average person is better, because wealth is only in relation to costs.

Period. )

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this post was submitted on 23 May 2024

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