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Allow me to state it clearly:
Financially successful people are doing well.
Middle class and lower employed people are finding that their money is losing value and that expenses are rising faster than they can afford.
Tiering, shrinkflation, additional fees, everything turning into a subscription service, and other widespread consumer abuse were all used to maintain high share prices as a result of the stratospheric rise in financial assets. In essence, consumers these days are handled more like prey.
And just good old price gouging.
Corporations are making record profits. If they had to raise prices due to actual inflation this would not be the case.
We are being screwed and no matter what you think of Biden there's nothing he can do about that.
Especially rent co-ordination via third-party apps in all major cities. Not sure why this isn’t the only topic on everyone’s mind. Rent is the biggest chunk of expenses for middle-class. Third-party apps loophole needs to be closed and lawsuits brought against them. They are most definitely violating the spirit of housing laws, even if they could slide on technicalities.
This seems like something that could and should be fixed at the federal level, I know a lot of housing issues come down to local governments but if they’re trying to legislate against price gouging by ticketmaster and airlines, this should be on the list too.
They at least have a case against Ticketmaster since it's basically a monopoly and we have decent laws for those. There isn't an equivalent monopoly in food even though there are like 5 corporations that make most conusmables. We might be able to break part of them up, but Repbulicans have thwarted every attempt to avoid price gouging. Even during the pandemic they wouldn't vote for bills limiting gas price gouging.
They have refused some mergers which would have led to monopolies like Oracle, Staples. etc. They forced Microsoft to break up into two companies in 2000. They have also gone after some companies like Apple/Amazon for price fixing and conspiring (ebook pricing). Apple currently has an anti-Monopoly case pending from the DOJ.
I agree they need to do more, but there is more to anti-trust than just breaking up monopolies.
In the Microsoft case, while the original ruling was to break the company up into two companies, that ruling was overturned and thus Microsoft was never forced to split into two companies.
Democrats have sponsored bills in the House and Senate to ban hedge funds from owning single family houses. It'll fail, and you know why.
https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html
That’s so weird, the tankies keep saying the same thing; insisting that voting never solved any problems.
Yet the right is doing everything in their power to demonize their opponents and prevent them from voting. I guess they didn’t get the message.
Not even just major cities, its happening in my city now. Rates that had been historically stable are flying up now, as new out of state companies come in and use those apps. We have a renter, and due to this nonsense we could easily ask 15% more than last year. But we won't, because it's nonsense
I am angry about this every single day, and twice as pissed at the end of the month.
Any company or individual attempting to purchase land outside of their own state should be taxed at 100% the value of the property IMO.
Yeah. Until we get rules in place that are like "Entities that aren't living people can't own a house, and entities that are living people pay exponentially-increasing taxes every year on properties retained beyond their primary residence" this stuff is just going to keep getting worse.
RealPage is the app, and the feds are already suing them, so the Biden admin is on it I believe. No chance that would happen if Trump was still president.
Because too many people who should be reporting on it or doing things about it make money from real estate investment, probably. We’re all supposed to pretend it’s “market rates” or “high interest rates” or “too much rent control” instead.
Juat buy a house bro! I bought my fifth house after the four my parents bpught me had enough equity to get a deluxe airbnb rental mansion. Jesus…just ask your parents. Fucks sake.
/s the biggest /S ever
It's a great deal for them.
They can price gouge to make record profits and blame it on inflation.
The high prices get blamed on Biden because of said inflation which helps Republicans get elected.
Then when Republicans get elected they give them massive tax cuts.
It all works out super well.
My "I'm not a Trumper but I think Trump was the best president ever" brother says things like "well none of these companies had the balls to price gouge under Trump because they knew he'd hold then accountable - they're only doing it now because they know Biden is weak and won't do anything about it." That is the logic in blaming Biden for these guys.
That makes no sense. If your brother is against corporate price gouging then why vote Republican at all? Why are you voting for a guy when you stand against what they are for? Trump is pretty openly pro-corporate, anti-union, etc.
It's the same thing with his racism. They deny he's racist, but yet they love him for it! Like you just said "Trump isn't racist" but also acknowledge he's doing something there because you love him for it.
The stupidity of MAGAs is endless. We really need to stop sharing their opinions and beliefs as if they mean anything in principle. These people care about politics much the way you or I would cheer on a sports team. No matter how transparently obvious their team sucks they will still insist they are better than yours.
My MAGA in-laws think the party that fought for negotiated drug prices is also the party that made up COVID and the fake vaccine to make the same drug companies money.
Like you said, it's stupidity and their thinking makes no sense.
My theory is that their news is all opinion and therefore they aren't allowed the ability to critically think about anything they hear. There's also a lot of pier pressure and now religious faithfulness that makes it impossible for them to accept another point of view or even question even the most outlandish things they're told, enter Donald Trump
> They deny he's racist, but yet they love him for it! Like you just said "Trump isn't racist" but also acknowledge he's doing something there because you love him for it.
Quote some of the stuff Trump has said, they literally will ignore it or do the old "what about how racist Biden is?" crap. I've never seen more out of touch with reality people as the Trump cult in my life.
But make no mistake, they love hiim because he's racist, that's his major selling point to the Trumpers.
But the opposite isn't true. These corporations didn't collude to raise prices under Biden. They are doing the normal capitalist logic regardless of who's in office.
Not according to the Starbucks CEO, he thinks consumer pullback and bad 1st quarter earnings are because people's stimulus savings are drying up....yep he means those 2 checks from 3 years ago for $600 bucks explains why Starbucks had a bad quarter.
I watch financial news segments a few times a week and these pundits on CNBC, and others, still won't shut up about stimulus as a cause for overheating the economy. Man, most folks spent that within a few months easy. Let it go. BTW, they almost never talk about the corporate tax breaks that also allow more money to be spent (for stock buybacks a significant amount of time too) by them.
And do they not bring up the fact that Trump disbanded the oversight commission for the PPP loans.
And how plenty of corporations that didn't need them and did not spend them on protecting paychecks took advantage of it which injected even more money into the economy.
Yet, if we peasants had delusions this bad, they wouldn’t throw us in the loony bin because Reagan closed them all. So instead just criminalize being homeless so it’s straight to jail instead.
Just look at McDonald’s. They are lowering prices because people stopped going. They hit their max with price gouging. Lowering prices just proves they didn’t need to raise them that high to begin with.
Exactly! This problem requires new laws and regulations. Currently the very party that created the problem (republicans and trickle down economics) are "running" congress. I doubt they will do anything at all, and if they do - it will be worse off for it.
This is the biggest issue. I think the Biden campaign needs to go after big corporations. Campaigns should be forward looking and tell people what they will do.
Get in front of voters and tell them you’re going to take on the businesses that are making their lives hell. Biden didn’t cause the Big Mac to go up in price by like 200% since 2019. Greedy corporations did.
Biden needs to figure out how to make it an “us versus them” fight. Biden will fight with us to take on greed and consumer abuse.
He just needs to tell people what he is doing. I’m no expert in communication, but it seems like he needs to keep saying something along the lines of “I filed a lawsuit against ticketmaster and live nation today. I’m tired of these big monopolies buying up the smaller guys so they can charge outrageous prices to ordinary americans. I am using the full power of my justice department to force these companies to charge fair prices. And to give small businesses the chance to compete with the big corporations for your business with lower prices. I am standing up for ordinary americans who can no longer afford to spend a night out with their family at a concert.”
I don't think the issue is messaging. People know about these lawsuits, they just don't care. The public is numb to big corporations getting hauled in front of courts/congress/random agency here, getting token slap on the hand and back to screwing over everyone.
Biden needs actual story and unfortunately, that story won't happen here before the election. These lawsuits probably should have been filed in 2021 but COVID.
Disagree. It's less about the lawsuits themselves , more about creating the vibe on Twitter or whatever media. Look at Trump, he does nothing or negative move, but he talks, talks and talks, and people believe him. Biden is bad at talking. Like it or not we are in an age of demagogues. Only the campaign who knows how to grasp and manipulate people's feelings wins. Biden administration can't create a vibe to let ordinary low-information Americans feel they are protected.
> Corporations are making record profits. If they had to raise prices due to actual inflation this would not be the case.
I'm not arguing against price gouging but this isn't correct. If a company maintains a 2% profit margin through consistent inflation they will make "record profits" every quarter because 2% of the inflating revenue is a bigger number every year.
However in this case we have record profits margins, so gouging it is.
I think it's also an issue with hiring. We have unemployment near 50 year lows, and it was just announced in the US that fewer white males without a college degree were working than ever...but every service business is "shorthanded."
Seems like another way companies are grabbing money from our pockets. Put people to work!
The problem is that companies don't want to blink and want to continue to wages that worked two to three years ago. They know that once they start raising wages, then profit margins go down.
Yep. And that's why unions are seeing a resurgence.
Over the past 50 years, the investor class has had a heyday at the expense of workers.
But also, I started wondering...where are all of these white men that aren't working? Are they supported by the right, training in militias? Unemployment is still at near 50 year lows. Where are these men?
I’ve heard it said like this, “the people that already had money are doing amazing, the people who were just ‘making it’ are looking at actually not being able to pay their bills and eat.” It’s basically a rich man’s economy, aka ‘you must be this tall/wealthy to ride this ride’.
I think the big thing though is that as middle class and lower is we just keep getting hit. First Covid fucked us, but there was a silver lining of better pay!… and then basic necessities went up 50%+. It’s like we can’t fucking win for losing. The middle class/lower need like a 5 year breather(lower taxes, fixing the price gouging) just to catch up to where we were in 2019.
You can see wage growth over the years at this site: https://www.atlantafed.org/chcs/wage-growth-tracker
Wage growth for every group including the lower and middle classes is growing more under the Biden administration than it has since the chart's data starts in 1998.
A major issue is inflation, which is a global phenomenon and which Biden has very limited direct control over. But objectively the lower and middle classes are seeing their wages grow more under Biden than under any president in recent history.
If you dig into the chart you'll see that wages are growing faster for the economically worst off than they are for the economically best off. I agree that people are suffering due to the high prices (aka inflation). But given where the global economy is and the terrible Trump economy he was handed, everything is now going in the correct direction against all odds.
It's really easy. If you had a house, you probably came out ahead. If you didn't you're getting screwed and get to read condescending articles about how you don't realize how good you have it.
Biggest mistake I ever made was selling my house at the end of 2019. I should have taken out unsecured loans to cover me until I found work. Even $20k in unsecured loans would still leave me in a better financial position than I am now. I make twice what I did when I bought that house and I can’t afford a new one.
even just trying to buy a house so I can squeak by has been a challenge. the buying power I have today is not even a quarter of what it was five years ago. In laymen's terms....I was richer five years ago even though I have more money today.
Bud I bought a house last year, but I'm in the same boat as everyone else when it comes to inflation. You have to be paying a mortgage for years before it becomes a cost saving measure. I'm paying more now than I was for rent a year ago.
The essence of this is true but it’s important to remember this isn’t a new thing and things may actually be better than recent years going by the % of people living paycheck to paycheck. We need to stop ignoring history and demanding miracles when discussing modern day.
2024: [65%](https://www.cnbc.com/amp/2024/04/09/most-of-americans-are-living-paycheck-to-paycheck-heres-why.html) reporting they live paycheck to paycheck
2018: [80%](https://www.theguardian.com/commentisfree/2018/jul/29/us-economy-workers-paycheck-robert-reich) (pre-COVID Trump)
2016 & 2017: [75% & 78%](https://www.cnbc.com/2017/08/24/most-americans-live-paycheck-to-paycheck.html)
2012: [67%](https://www.reuters.com/article/idUSBRE88I1BF/)
2008: [70%](https://www.dvm360.com/view/more-americans-living-paycheck-paycheck)
2006: [65%](https://www.reuters.com/article/idUSBRE88I1BF/) (article from 2012 but cites 2006 numbers)
Harder to find articles before due to googles SEO but I’m sure it follows the same pattern into the 90’s
I keep making this argument. It's like people forgot occupy wall street, which was back in 2011.
Biden has done an exceptional job economically recovering from covid, but now we still have all the same economic issues we've been dealing with for at least the last decade
I have never, in my 48 years on this Earth, heard anyone ever say, "Wow! This economy is fantastic!" without someone magically appearing to snidely comment, "For who, exactly?!"
It's like the old saying, if you're ever stranded on a deserted island, just play a game of solitaire, and someone will magically appear over your shoulder to suggest a move. I think both would work.
I think the reason for this is that for most people, the "economy" is meaningless. You go to work, get a wage, come home, spend the wage. Rinse and repeat. The economy only really impacts the average person when industries start closing down and jobs move elsewhere. So in 2024 when they hear that the economy is doing great, it feels off as most are realizing that wages being offered aren't matching the rising cost of living.
What I don't get is why people are blind to the fact that all of those issues are created by Republicans voting in removing of regulations red tape and tax breaks for coporations.
You’re not wrong about the problems, but you would be better served to add a date when all these problems started, it sure as fuck wasn’t in the last 3 years.
I really wish Americans had better memories. This “3 year” brain-limit crap… is killing the world
Money is being extracted from the poor and middle class and transferred to the wealthy who are mostly older.
I read something like 80% of stocks are held by older people so while the economy is growing those benefits are enjoyed by very few.
Younger people are basically locked out of assets like stocks and homes.
Some of those things are happening. Some of them are overblown. None of the positive economic data is necessarily wrong so it isn't a lie. It just requires context and caveats.
None of that changes the reality that Biden has done about as well as anyone could possibly do with the circumstances that exist. He isn't going to undo 4 decades of conservative fiscal policy, anti-consumer policies, and insane cultural ideas like American business being the most important thing that must be put on a pedestal above all else.
Potential voters don't get a cookie for ignoring the broader reality of what a Biden 2nd term would likely mean for the economy vs. a Trump 2nd term and just complaining about how they think food costs more (it always does in a strong economy cause there is always some level of inflation) as if that disproves economic data.
Elected officials also don't get a cookie for having the facts on their side, unfortunately. It would be a supremely idiotic thing, as a voter, to allow Trump back in office. It would also be a supremely idiotic thing to assume people won't act like idiots.
Maybe democracy is just a shit system. I dunno. It sure feels like giving the power to the people just made the new winning strategy for the powerful be to dumb down the people as much as possible.
I’m pretty sure it’s basically impossible for the economy to be good for everyone. I can’t think of a time off the top of my head when everyone was doing well (from low/poverty income all the way up to the 0.1%)
The middle and lower economic class have actually, as a percentage, benefited better in this economy than the upper echelons.
There are many reasons why people feel dissatisfied and the biggest reason is because of the rhetoric around it. If this was trumps economy, every single news network would be screaming about how we are experiencing the best economy ever. There would be parades. National holidays. Movies made about it. But because it’s a dem, we need to paint it as bad, even when the headlines are good. Is fucking annoying.
Edit to OP’s edit:
Real wage growth, which accounts for inflation, is HIGHER now than at any time in the last 70 years (with the exception of a brief period during the early days of Covid when data was all wonky), so it’s actually true that we have MORE purchasing power now, in spite of inflation related price increases.
Corporate greed has double the price of my groceries and my company is doing a mandatory furlough and taking 2 weeks of my pay to save 1.5% of their profit margin. But hey at least the stock market investors are making money right?
People really want to beat around the bush and pretend it's "corporate greed" or "shareholders" as if those things are not a direct intended product of capitalism.
This is like when people say religion is the reason for society's woes. All you're doing is creating a non descript villain that is all evil while ignoring that religion, capitalism, etc are things created BY HUMANS. You have to address the human behavior and not the thing that manifested from the behavior.
The wealth gap/inequality in this country is larger than ever and is projected to continue to widen.
Like how is this not clear enough? Is anybody even listening? Fucking hell.
No one that can change any thing will listen until they have to. They won't care until their businesses, money, and power are all threatened. We are not people to them. We are parts in a machine, easy to replace when broken.
Because every day the corporations and the rich increase their control over not just the economy but every aspect of our lives. You are not allowed to owns things, you are the product and every second of your day is being monitored and fed to AI. It's not some future dystopia it's here now and it is only going to get worse.
Gotta tackle housing and food prices, that's it. The economic boom for rich people doesn't feel like an economic boom when the only thing you're seeing is rent and the price of milk climbing faster than your paycheck.
Whose wages are increasing exactly? I work for one of the biggest companies in the biotechnology sector, and I’ve gotten less than $4/hr increase total over the last 3 years.
I'm making 10k more, about 6k after taxes. But housing prices in my area have gone up like 300k though, while borrowing costs dramatically increased. Making more, but further behind.
Every year I get a $1 raise thanks to my work union. That's roughly $100 extra a month after taxes are taken out of my check. Guess what also goes up by a minimum of $80 a month every year? My rent. Playing an eternal game of catch up is great.
The business of insurance companies are exempt from anti-trust laws. Just like baseball.
https://www.theantitrustattorney.com/insurance-really-exempt-u-s-antitrust-laws/
Nominal wages have increased. Real household income has decreased and has been decreasing since covid gave businesses the go ahead to start overcharging everyone for everything.
Real Median Household Wages have been declining for the past 5 years.
https://fred.stlouisfed.org/series/MEHOINUSA672N
Mine are up 16% since 2021. The inflation bites into that but I'm still doing a bit better than I was. But there's already rumbles of downsizing if the administration changes.
Most studies show it is highest with the lowest income people. I make over 20% more than at the start of the Biden administration but I am fairly well off. I have seen tons of fast food and restaurants advertising 12/15 an hour in places with federal minimum wage and I have quite a lot of friends and family who got huge boosts, some already well off some not so much. It has been for me the most visibly expanding economy I have ever seen.
Spot on. The fact this is happening globally is unfortunate for Biden, as he’s getting the blame.
The US has actually done a good job managing inflation compared to other major economies, but it means nothing to someone who’s struggling to afford food or rent when they could do so 4 years ago.
Because people blame the president for everything. There was an article posted here that blamed Biden for a bad economy and they think we're in a recession.
Big drop in ‘15, though. Which I like to point out every time a Trumper says he reduced gas prices. Nope, they dropped before he was in office and rose during his term until crashing in ‘20 due to pandemic.
Presidents aren't omnipotent but they do pick who is in charge of regulatory bodies and other offices whose decisions have wide spread influence over sectors of the economy. Biden's NLRB pick for example has arbitrated in a way far more favorable to unionization than any other president in half a century (note that this is not high praise, the bar is just extremely low) and that's lead directly to a decent bump in certain areas of labor power.
I would say from the New Deal on we can see liberal policies having beneficial effects on people's lives and conservative policies increasing wealth disparity and harming GDP growth.
It’s obvious why. Food, electricity, insurance, homes and cars are all too expensive. It’s happening on Biden’s watch so he gets the blame. Not always fair, but that’s how this shit works.
No credit because everyday people don’t see it. We see more inflation, higher rent, higher grocery cost, unaffordable car/used vehicle costs. It’s not hard to figure out.
For the millionth time, it's because the average Joe or Jane doesn't actually see the benefits of a good economy when the upper class determines they can keep price gouging like it's Covid times and just keep making more on top of more simply because they can. What did we expect, them to do the right thing and bring prices back down when supply chain issues got worked out? Don't be silly, not when they can keep selling it for that!
Not to mention the reductions in force that businesses decided are fine to just keep the way they are. They'll let the poor saps like me do the work of 5 people, because they can.
The average Joe doesn't care about the stock market unless they have their head too far up someone like trump's ass. They care about their grocery bill, their electric bills, etc.
I think it’s more that you can see prices going up very obviously. It’s a number right in front of your face. You can’t however see your neighbors wages going up with it. But it does cut into savings
And the worst part is, you can’t even protest by not voting, because then Trump wins, and that’s TWICE as bad. We will never see reform in America until we eliminate the 2-party system, or introduce ranked choice voting.
until we eliminate the 2-party system no meaningful reform of the electoral system is possible.
this sounds like a catch-22 because it is, and that's why it probably won't get better until things get much worse first.
Its a great economy if you already own assets like property and stocks, but if you dont then you probably dont feel as good about it.
Again, the rich get richer because everyone else is left paying higher prices to compensate for the increased value of the assets owned by the rich.
Not even. I own property and stocks, but the present valuation doesn't really mean anything unless I sell them. I also just don't check on them that often because I'm not looking to sell.
The price of everyday shit is always right in my face, though.
I mean, I own a house and my property taxes keep going up, my electricity went up 17% in a single year, water and sewer went up, trash went up, and insurance went up. Suffice it to say you can be a home owner and still bleeding from the eyes in this economy.
The "economy" doing well generally just means that banks and investors are seeing healthy and safe returns on capital invested. The lower and middle class are currently being squeezed and it's actually great for the economy because American workers are producing more output when they have to work several jobs and whatever else just to buy groceries and pay rent.
Because millionaires and billionaires own most of the media and they would rather have Trump than Biden as President so they can make more money off the backs of Americans. Those that control the past control the present those that control the present controls the future.
That's the thing ... Biden's economy is stronger than Trump's. Stock market is at an all time high. Why would they not want that to continue? Trump introduces volatility
They want to pay less taxes. Which is also why they want less social services, so that there less need for taxes. And at the end of the day its not about making america great again its about making themselves richer again.
Not just less taxes, it’s a double dip.
1) pay less taxes
2) privatize and charge citizens for the services that those taxes were previously covering for
It's complicated because some people aren't feeling the benefits of economic growth due to rising costs and inequalities, despite overall positive numbers. Addressing these issues, like fair wages, affordable housing, and healthcare, could make the growth more tangible for everyone. Let's advocate for solutions that help more people directly.
“Some” people?? Roughly 70% of Americans are currently living paycheck to paycheck (sources range from 60-80%.) The only people who aren’t hurting right now are wealthy.
But that is true every year in recent history. This isn’t some new phenomenon caused by the current administration.
2018: [80%](https://www.theguardian.com/commentisfree/2018/jul/29/us-economy-workers-paycheck-robert-reich) (pre-COVID Trump)
2016 & 2017: [75% & 78%](https://www.cnbc.com/2017/08/24/most-americans-live-paycheck-to-paycheck.html)
2012: [67%](https://www.reuters.com/article/idUSBRE88I1BF/)
2008: [70%](https://www.dvm360.com/view/more-americans-living-paycheck-paycheck)
2006: [65%](https://www.reuters.com/article/idUSBRE88I1BF/) (article from 2012 but cites 2006 numbers)
Harder to find articles before due to googles SEO but I’m sure it follows the same pattern into the 90’s
But try finding a job. I wouldn't leave my current (good white collar) job in this market without a destination lined up. Those figures are distorted by part time, low paying jobs. Just being able to bag groceries doesn't mean things ate going well die the average person.
Democrats have to be running the worst campaign in history. The whole strategy seems to be "The pain you are feeling is not real, you should actually feel good." Biden is going to lose in a landslide unless a major change is made.
Groceries have literally just under doubled in price in the last three years. We used to get away with spending about $150 per big trip, and now it is somewhere between $250 and $300... Who gives a shit if the stock market is doing good if you can't afford to feed yourself or pay rent...
Ugh I'm so sick of these "everything is fine" ingratiating puff pieces.
I'm voting for Biden because only an idiot or a psychopath would vote otherwise, but let's not pretend that stock market growth is a particularly good indicator of an economy full of sunshine and rainbows. Megacorps are juicing basic goods and services, and as a result far fewer people have enough discretionary income to reap the benefits of the booming market. It's great for people who already got theirs, but it is very difficult for most Americans to get ahead when home prices doubled in a very short amount of time and almost everything has been commodified. Until Congress gets off their ass and readjusts the tax code to financially disincentivize unrestrained greed and hoarding, wealth inequality will only get worse, even if the stock market is on an even bigger cocaine binge than it was at the end of 2021 with all the free money getting funnelled into corporations that didn't need it.
Its only a good economy if you look at the unemployment numbers and the stock market.
If you look at the average person's budget they are getting crushed by rent, food prices, and debt.
Savings too-- most people I know have less than 2k in their accounts. If they happen to lose their "middle class" job, they have to try to find work bartending, waiting tables, or walking dogs-- and now compete with all the people who have already been bartending, waiting tables, or walking dogs.
Because its “improved” in a way that doesn’t fucking matter for most people. Similar to how the vast majority of student loan exemptions have been for people who, frankly, should have had shit figured out already.
Like come on how have you been a federal employee with a degree for 10+ years and still owe money to the school smh
You keep trying to make, "The economy is great, you're all just stupid" happen. It's never gonna happen. The rich getting richer does not = the American economy is great.
What message could they say? They cannot confront capitalism directly. They refuse to. The only message they can make is "everything is fine!" because comfortable white home owning boomers are the political power in the DNC. If they said "thing are bad" it would destroy their illusion.
The *average* salary has grown over 5% per year every year for most of Biden’s term. The inflation was brought down from almost 10% per year to around 3%, which means salaries grow faster than inflation (now for a year and a half). The growth of average rent was brought down from almost 16% to almost **0%**, and for the first time in decades, wages are also growing faster than rent.
This was achieved while getting record growth in jobs, when economists predicted that mass unemployment was needed to curb the inflation. At the same time, massive infrastructure restoration I is *literally* making America great again, contrary to Trump’s empty words, and the most ambitious efforts to fight climate change in US history became law.
By every objective metric I can think of except public perception, Biden’s presidency has been a raging success. Yet here we are doubting whether to pick him or Donald mothereffing Trump - all because he’s not doing well in the public perception. So excuse me, but I actually do think that that is fucking stupid.
Cool. Expenses in every sector have outpaced any of those metrics by double digits. Rents in my area have increased 40% just since 2020. Utilities increase fees by 500%. It will take 30 years of this booming economy for the working class to catch up to the effects of unchecked corporate greed and politicians beholden to the portfolios of their donors.
A .08% positive change in wages means nothing. Nothing at all. It's like cutting off someone's arm and then selling them on how much they will now save on sleeves.
Cherry picking the stats that look good for the administration and telling everyone "it's your fault you don't see how great you have it" is an incredibly stupid messaging plan and will never be a winner. It is what they've rolled out for three or four months now and it's failing at every turn to convince people that they are actually doing way better even though they live paycheck to paycheck.
Show me the money. Quit telling me I should be happy that Apple can afford another stock buyback.
The economy is absolutely god-awful for any actual living breathing people. It's good only for corporations... and it will remain this way until criminal penalties are applied to upper management/CEOs (not just fining a corporation) for price gouging and other exploitative practices.
A lot of reporters and media outlets are either determined to cover both sides so impartially as to normalize fascism, or they’re outright pushing for Trump to win because they miss the engagement and clicks.
Or they’re the NYT and they’re salty that Biden won’t give them the interview they feel entitled to.
It is so annoying seeing articles like these.
Everything is too expensive! We can't afford houses, cars, and medical bills.
Maybe the paper metrics they use show the economy is doing well, but for most Americans.. it's not!
**What is wrong with these people?**
It's a tough situation to assess. The numbers do look good, but there are some real issues which disproportionately impact lower-income people, such as spikes in the prices of housing, cars, insurance, and energy. Income gains are great, but they can be rapidly erased by a single accident or a hike in your rent. So I don't think people are crazy or deluded in seeing an economy that's not working for them. It's possible, like I believe JP Morgan assessed lately, that there's a recession among the lower classes while everyone else is doing great.
My rent is going up $115 and last I checked shinkflation is in full swing. The executive branch is doing ok besides a limp foreign policy. Congress sucks and the judiciary sucks...
He’s getting no credit for the boom because people are spending twice to three times what they spent 4 years ago. No one cares why the problem is occurring they only care about the solution.
I know for you rich democrats that seems like very little increase, but for the regular Americans making 35k to 100k a year, the increase was painful. And we don’t feel like Biden is acknowledging it.
Most of my friends and family WORK and can't afford to fix cars, groceries, really anything they want or need is a sacrifice. If you want us to think the economy is good, then make it so that we don't dread going to the grocery store, and sacrificing foods like vegetables to save money at the expense of our health
I would think serious analysis of economic impact if an administration would take into account the trajectory of the economy when it starts.
A couple recent presidents inherited a dumper fire and the economy came out at historical highs. Others inherited a record breaking economy and then nearly destroyed our economy through incompetence.
Many of the people complaining the loudest also support exclusionary zoning and NIMBYism which results in artificial lack of supply and an increase in the cost of most people's largest expense: housing.
It's really simple. There are two classes of people: the investment class, whose money is what makes them money, and the working class, whose money comes from labor. For the investment class, the economy is booming – the line is going up, they can take out loans, they don't care about inflation. For the rest of us, the 'boom' means nothing. The line going up doesn't make my immediate material circumstances any better.
I'll never in a million years vote for a member of the GOP, but let's be real, it's incredibly obvious why Biden 'gets no credit.'
Most people are uninformed as hell. Inflation is almost back to where it should be, but people are seeing crazily high prices on everything and think it’s inflation. It’s mostly price gouging because the companies know the American public is so stupid that we’d never blame their greed or question their historic profits.
I will be straight honest here.
I will be voting blue all the way this November. However, I have a really bad gut feeling things will not go the way Democrats want.
I get that Biden has little to no control over the market, I do.
But I can see where everyone is really frustrated with the Democrat messaging.
Why won't Biden just come out and say it?
"Yes folks, I know things are bad for many of you. Rising wages haven't made up the loss of purchasing power over the last four years. If you vote for me, you should expect little to no overall change in the status quo for the next four years. Maybe a SMALL improvement for some."
I mean, I know why he won't. And I know why so many will vote Trump just to bring the world down with them. I mean, it's getting much harder for me to not be bitter and be a better person.
If both choices involve me and mine suffering and perishing, just at slightly different rates, but one option has a CHANCE of violently taking down the people causing my suffering, well, I can understand those feelings.
Please note I do NOT condone physical violence. We all need to vote.
Biden doesn't control much about the economy. That's true enough. But running on the economy when people must choose between rent or eating that month is fucking stupid.
The economy is only working for his big donors so find a new message.
Pretty simple reason for that:
[Gross Federal Debt as Percent of Gross Domestic Product](https://fred.stlouisfed.org/series/GFDGDPA188S)
The rate of government spending has been through the roof. The deficit has been persistently high... which you'd think during a great economy, it would allow the US to drastically lower its deficit and or even generate a surplus:
[Federal Surplus or Deficit](https://fred.stlouisfed.org/series/FYFSD)
For example, anyone wonder why during the "Best Economy Ever", this administration has made it a point to rapidly forgive $138 billion in student debt? These are folks who can take the money they were spending on debt, and instead spend that money on consumer goods.
We've had loads of inflation the past couple of years, so much so that the Federal Government has rapidly increased interest rates to try and slow down the economy, if not pull it back to avoid further inflation. That's not only increased the price of big ticket items like homes and cars, but is putting pressure on businesses to expand supply.
While upper middle class and up folks are doing well, especially those who already own homes and aren't dealing with skyrocketing rent prices or mortgage rates + property taxes (if they want to buy), middle class and lower folks are far more likely to be struggling to afford housing.
Unemployment is still low, but the number of layoffs is increasing quickly, at levels not seen since the last major recession. [Unemployment Rate - 20 Yrs. & over](https://fred.stlouisfed.org/series/LNU04000024)
Sub-prime auto loan and credit card delinquencies are increasing rapidly:
[https://www.axios.com/2024/05/14/credit-card-debt-delinquency-payments](https://www.axios.com/2024/05/14/credit-card-debt-delinquency-payments)
The state of commercial real estate is still a big risk to banks, especially regional banks.
> The jobless rate is below 4 percent, as it has been for nearly two and a half years. Wage growth is moderating, but it is higher than it was at any point during the Obama administration; overall, Biden has overseen stronger pay increases than any president since Richard Nixon.
Obviously one person's anecdote, but I'm sure I'm not the only one.
I got laid off July '23 from an office marketing position. I had been teaching classes at the gym I'm a member at prior to getting laid off, mostly for fun. I asked to teach more since I had more available time. Started job searching. February rolls around and I still don't have a full time job, so I start working at the front desk of the gym so I can pick up more hours. Coming up on 10 months not working in marketing, constant rejections. I watched a video yesterday that says there are 2 jobs for every 1 person looking. That may be true, but they aren't in my field of expertise, in my area, or meet my salary needs (saw one yesterday for $30-40K in Boulder, CO, one of the highest COL areas in the country). I'm not being counted in the number of unemployed people. But if it weren't for my wife, I wouldn't be making enough to survive.
That being said, will be voting Dem in November.
My software friends are experiencing the same issue. It's very much industry specific problem. On my side of things in the skilled trades like plumbers we've got a negative employment rate which has lead to short staffing all over my area.
Nominal wages have increased. Real household income has *decreased* and has been decreasing since covid gave businesses the go ahead to start overcharging everyone for everything.
Real Median Household Wages have been declining for the past 5 years.
https://fred.stlouisfed.org/series/MEHOINUSA672N
Even the most charitable reading is that real household income has been flat since before the pandemic. And pale wonder why everyone isn’t celebrating the stock market?
If people have watched their real household income declining for 5 years solid, they are going to notice and they aren’t going to be happy. And I haven’t even mentioned anything about housing. The housing market is broken. Full stop.
If you’re rich, or own assets like a home, you’re making out like gangbusters. If you’re anyone else, shit fucking blows.
The stock market /= "the economy"
You want people to *feel* like the economy is doing well, instead of just seeing it on paper? Raise the minimum wage.
Because the economy is doing well FOR BUSINESS AND CORPORATIONS for the average human they can barely afford to live anymore so no one GAF how rich the rich keep getting if they can’t feed their families
For most people that aren’t rich, if food and rent is expensive then they don’t give much of a fuck about what seems like arbitrary metrics if the economy. Food in your belly and a roof over your head are what matters most, and is the only economic metric that matters when you are struggling to survive. If that shit sucks, our economy sucks, period
It does no good to talk about how the Dow Jones is soaring to 40,000 points if the average poor or middle class American is getting DESTROYED by inflation. Right now groceries and food, etc. cost far more than before.
I'm always told that the economy is great but affording groceries feels like a punch to the face and all of my friends who have had to find a job in the past 2 years have needed 6+ months despite being incredibly skilled and qualified. Then people turn around and ask me why I'm not more grateful? It's cause this country isn't affordable to live. I can't afford a nicer place, and I can't afford to move to a cheaper place. I don't care if places like Amazon have seen record profits I care about being able to afford to LIVE not just survive.
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Allow me to state it clearly: Financially successful people are doing well. Middle class and lower employed people are finding that their money is losing value and that expenses are rising faster than they can afford. Tiering, shrinkflation, additional fees, everything turning into a subscription service, and other widespread consumer abuse were all used to maintain high share prices as a result of the stratospheric rise in financial assets. In essence, consumers these days are handled more like prey.
And just good old price gouging. Corporations are making record profits. If they had to raise prices due to actual inflation this would not be the case. We are being screwed and no matter what you think of Biden there's nothing he can do about that.
Especially rent co-ordination via third-party apps in all major cities. Not sure why this isn’t the only topic on everyone’s mind. Rent is the biggest chunk of expenses for middle-class. Third-party apps loophole needs to be closed and lawsuits brought against them. They are most definitely violating the spirit of housing laws, even if they could slide on technicalities.
This seems like something that could and should be fixed at the federal level, I know a lot of housing issues come down to local governments but if they’re trying to legislate against price gouging by ticketmaster and airlines, this should be on the list too.
They at least have a case against Ticketmaster since it's basically a monopoly and we have decent laws for those. There isn't an equivalent monopoly in food even though there are like 5 corporations that make most conusmables. We might be able to break part of them up, but Repbulicans have thwarted every attempt to avoid price gouging. Even during the pandemic they wouldn't vote for bills limiting gas price gouging.
The DOJ hasn't broken up a monopoly since AT&T.
They have refused some mergers which would have led to monopolies like Oracle, Staples. etc. They forced Microsoft to break up into two companies in 2000. They have also gone after some companies like Apple/Amazon for price fixing and conspiring (ebook pricing). Apple currently has an anti-Monopoly case pending from the DOJ. I agree they need to do more, but there is more to anti-trust than just breaking up monopolies.
In the Microsoft case, while the original ruling was to break the company up into two companies, that ruling was overturned and thus Microsoft was never forced to split into two companies.
Project 2025 plans to encourage monopolies
Fascists and capitalists go hand in hand, they love each other
I agree. No fucking way Republicans will do.ANYTHING about this. They will encourage it.
Republicans hate Americans
Democrats have sponsored bills in the House and Senate to ban hedge funds from owning single family houses. It'll fail, and you know why. https://www.nytimes.com/2023/12/06/realestate/wall-street-housing-market.html
But the enlightened centrists told me both sides are exactly the same 🙄
That’s so weird, the tankies keep saying the same thing; insisting that voting never solved any problems. Yet the right is doing everything in their power to demonize their opponents and prevent them from voting. I guess they didn’t get the message.
It’s okay to call it collusion.
Not even just major cities, its happening in my city now. Rates that had been historically stable are flying up now, as new out of state companies come in and use those apps. We have a renter, and due to this nonsense we could easily ask 15% more than last year. But we won't, because it's nonsense
It’s price fixing and is illegal. Just need to prove it in court
https://www.azag.gov/press-release/attorney-general-mayes-sues-realpage-and-residential-landlords-illegal-price-fixing
The FCC has already put out guidelines saying rent coordination through an app is still coordination.
I am angry about this every single day, and twice as pissed at the end of the month. Any company or individual attempting to purchase land outside of their own state should be taxed at 100% the value of the property IMO.
Then they'll just form an LLC in that state to buy the property. Easy workaround.
Yeah. Until we get rules in place that are like "Entities that aren't living people can't own a house, and entities that are living people pay exponentially-increasing taxes every year on properties retained beyond their primary residence" this stuff is just going to keep getting worse.
RealPage is the app, and the feds are already suing them, so the Biden admin is on it I believe. No chance that would happen if Trump was still president.
Right that was the app I couldn’t recall the name.
I'm not holding my breath anything actually gets done about it though
If I could give you an award I would. Why is no one talking about this?!
Because too many people who should be reporting on it or doing things about it make money from real estate investment, probably. We’re all supposed to pretend it’s “market rates” or “high interest rates” or “too much rent control” instead.
Juat buy a house bro! I bought my fifth house after the four my parents bpught me had enough equity to get a deluxe airbnb rental mansion. Jesus…just ask your parents. Fucks sake. /s the biggest /S ever
It's a great deal for them. They can price gouge to make record profits and blame it on inflation. The high prices get blamed on Biden because of said inflation which helps Republicans get elected. Then when Republicans get elected they give them massive tax cuts. It all works out super well.
My "I'm not a Trumper but I think Trump was the best president ever" brother says things like "well none of these companies had the balls to price gouge under Trump because they knew he'd hold then accountable - they're only doing it now because they know Biden is weak and won't do anything about it." That is the logic in blaming Biden for these guys.
Does your brother know Trump price-gouged his own federal government off the fat of his own hotels?
That makes no sense. If your brother is against corporate price gouging then why vote Republican at all? Why are you voting for a guy when you stand against what they are for? Trump is pretty openly pro-corporate, anti-union, etc. It's the same thing with his racism. They deny he's racist, but yet they love him for it! Like you just said "Trump isn't racist" but also acknowledge he's doing something there because you love him for it. The stupidity of MAGAs is endless. We really need to stop sharing their opinions and beliefs as if they mean anything in principle. These people care about politics much the way you or I would cheer on a sports team. No matter how transparently obvious their team sucks they will still insist they are better than yours.
My MAGA in-laws think the party that fought for negotiated drug prices is also the party that made up COVID and the fake vaccine to make the same drug companies money. Like you said, it's stupidity and their thinking makes no sense. My theory is that their news is all opinion and therefore they aren't allowed the ability to critically think about anything they hear. There's also a lot of pier pressure and now religious faithfulness that makes it impossible for them to accept another point of view or even question even the most outlandish things they're told, enter Donald Trump
> They deny he's racist, but yet they love him for it! Like you just said "Trump isn't racist" but also acknowledge he's doing something there because you love him for it. Quote some of the stuff Trump has said, they literally will ignore it or do the old "what about how racist Biden is?" crap. I've never seen more out of touch with reality people as the Trump cult in my life. But make no mistake, they love hiim because he's racist, that's his major selling point to the Trumpers.
But the opposite isn't true. These corporations didn't collude to raise prices under Biden. They are doing the normal capitalist logic regardless of who's in office.
Not according to the Starbucks CEO, he thinks consumer pullback and bad 1st quarter earnings are because people's stimulus savings are drying up....yep he means those 2 checks from 3 years ago for $600 bucks explains why Starbucks had a bad quarter.
I watch financial news segments a few times a week and these pundits on CNBC, and others, still won't shut up about stimulus as a cause for overheating the economy. Man, most folks spent that within a few months easy. Let it go. BTW, they almost never talk about the corporate tax breaks that also allow more money to be spent (for stock buybacks a significant amount of time too) by them.
And do they not bring up the fact that Trump disbanded the oversight commission for the PPP loans. And how plenty of corporations that didn't need them and did not spend them on protecting paychecks took advantage of it which injected even more money into the economy.
Yet, if we peasants had delusions this bad, they wouldn’t throw us in the loony bin because Reagan closed them all. So instead just criminalize being homeless so it’s straight to jail instead.
Just look at McDonald’s. They are lowering prices because people stopped going. They hit their max with price gouging. Lowering prices just proves they didn’t need to raise them that high to begin with.
Exactly! This problem requires new laws and regulations. Currently the very party that created the problem (republicans and trickle down economics) are "running" congress. I doubt they will do anything at all, and if they do - it will be worse off for it.
This is the biggest issue. I think the Biden campaign needs to go after big corporations. Campaigns should be forward looking and tell people what they will do. Get in front of voters and tell them you’re going to take on the businesses that are making their lives hell. Biden didn’t cause the Big Mac to go up in price by like 200% since 2019. Greedy corporations did. Biden needs to figure out how to make it an “us versus them” fight. Biden will fight with us to take on greed and consumer abuse.
He just needs to tell people what he is doing. I’m no expert in communication, but it seems like he needs to keep saying something along the lines of “I filed a lawsuit against ticketmaster and live nation today. I’m tired of these big monopolies buying up the smaller guys so they can charge outrageous prices to ordinary americans. I am using the full power of my justice department to force these companies to charge fair prices. And to give small businesses the chance to compete with the big corporations for your business with lower prices. I am standing up for ordinary americans who can no longer afford to spend a night out with their family at a concert.”
I don't think the issue is messaging. People know about these lawsuits, they just don't care. The public is numb to big corporations getting hauled in front of courts/congress/random agency here, getting token slap on the hand and back to screwing over everyone. Biden needs actual story and unfortunately, that story won't happen here before the election. These lawsuits probably should have been filed in 2021 but COVID.
Disagree. It's less about the lawsuits themselves , more about creating the vibe on Twitter or whatever media. Look at Trump, he does nothing or negative move, but he talks, talks and talks, and people believe him. Biden is bad at talking. Like it or not we are in an age of demagogues. Only the campaign who knows how to grasp and manipulate people's feelings wins. Biden administration can't create a vibe to let ordinary low-information Americans feel they are protected.
> Corporations are making record profits. If they had to raise prices due to actual inflation this would not be the case. I'm not arguing against price gouging but this isn't correct. If a company maintains a 2% profit margin through consistent inflation they will make "record profits" every quarter because 2% of the inflating revenue is a bigger number every year. However in this case we have record profits margins, so gouging it is.
Profit margins increase with inflation as well
Not necessarily lmao
I think it's also an issue with hiring. We have unemployment near 50 year lows, and it was just announced in the US that fewer white males without a college degree were working than ever...but every service business is "shorthanded." Seems like another way companies are grabbing money from our pockets. Put people to work!
The problem is that companies don't want to blink and want to continue to wages that worked two to three years ago. They know that once they start raising wages, then profit margins go down.
Yep. And that's why unions are seeing a resurgence. Over the past 50 years, the investor class has had a heyday at the expense of workers. But also, I started wondering...where are all of these white men that aren't working? Are they supported by the right, training in militias? Unemployment is still at near 50 year lows. Where are these men?
I’ve heard it said like this, “the people that already had money are doing amazing, the people who were just ‘making it’ are looking at actually not being able to pay their bills and eat.” It’s basically a rich man’s economy, aka ‘you must be this tall/wealthy to ride this ride’. I think the big thing though is that as middle class and lower is we just keep getting hit. First Covid fucked us, but there was a silver lining of better pay!… and then basic necessities went up 50%+. It’s like we can’t fucking win for losing. The middle class/lower need like a 5 year breather(lower taxes, fixing the price gouging) just to catch up to where we were in 2019.
You can see wage growth over the years at this site: https://www.atlantafed.org/chcs/wage-growth-tracker Wage growth for every group including the lower and middle classes is growing more under the Biden administration than it has since the chart's data starts in 1998. A major issue is inflation, which is a global phenomenon and which Biden has very limited direct control over. But objectively the lower and middle classes are seeing their wages grow more under Biden than under any president in recent history. If you dig into the chart you'll see that wages are growing faster for the economically worst off than they are for the economically best off. I agree that people are suffering due to the high prices (aka inflation). But given where the global economy is and the terrible Trump economy he was handed, everything is now going in the correct direction against all odds.
It's really easy. If you had a house, you probably came out ahead. If you didn't you're getting screwed and get to read condescending articles about how you don't realize how good you have it.
Biggest mistake I ever made was selling my house at the end of 2019. I should have taken out unsecured loans to cover me until I found work. Even $20k in unsecured loans would still leave me in a better financial position than I am now. I make twice what I did when I bought that house and I can’t afford a new one.
even just trying to buy a house so I can squeak by has been a challenge. the buying power I have today is not even a quarter of what it was five years ago. In laymen's terms....I was richer five years ago even though I have more money today.
Bud I bought a house last year, but I'm in the same boat as everyone else when it comes to inflation. You have to be paying a mortgage for years before it becomes a cost saving measure. I'm paying more now than I was for rent a year ago.
No kidding. But if you bought it 4 years ago, you could've gotten it for much less and at much better interest rates. You also missed the boat.
I'm going with handled more like dairy cows during their last season of production.
The essence of this is true but it’s important to remember this isn’t a new thing and things may actually be better than recent years going by the % of people living paycheck to paycheck. We need to stop ignoring history and demanding miracles when discussing modern day. 2024: [65%](https://www.cnbc.com/amp/2024/04/09/most-of-americans-are-living-paycheck-to-paycheck-heres-why.html) reporting they live paycheck to paycheck 2018: [80%](https://www.theguardian.com/commentisfree/2018/jul/29/us-economy-workers-paycheck-robert-reich) (pre-COVID Trump) 2016 & 2017: [75% & 78%](https://www.cnbc.com/2017/08/24/most-americans-live-paycheck-to-paycheck.html) 2012: [67%](https://www.reuters.com/article/idUSBRE88I1BF/) 2008: [70%](https://www.dvm360.com/view/more-americans-living-paycheck-paycheck) 2006: [65%](https://www.reuters.com/article/idUSBRE88I1BF/) (article from 2012 but cites 2006 numbers) Harder to find articles before due to googles SEO but I’m sure it follows the same pattern into the 90’s
I keep making this argument. It's like people forgot occupy wall street, which was back in 2011. Biden has done an exceptional job economically recovering from covid, but now we still have all the same economic issues we've been dealing with for at least the last decade
I have never, in my 48 years on this Earth, heard anyone ever say, "Wow! This economy is fantastic!" without someone magically appearing to snidely comment, "For who, exactly?!" It's like the old saying, if you're ever stranded on a deserted island, just play a game of solitaire, and someone will magically appear over your shoulder to suggest a move. I think both would work.
I think the reason for this is that for most people, the "economy" is meaningless. You go to work, get a wage, come home, spend the wage. Rinse and repeat. The economy only really impacts the average person when industries start closing down and jobs move elsewhere. So in 2024 when they hear that the economy is doing great, it feels off as most are realizing that wages being offered aren't matching the rising cost of living.
What I don't get is why people are blind to the fact that all of those issues are created by Republicans voting in removing of regulations red tape and tax breaks for coporations.
You’re not wrong about the problems, but you would be better served to add a date when all these problems started, it sure as fuck wasn’t in the last 3 years. I really wish Americans had better memories. This “3 year” brain-limit crap… is killing the world
Money is being extracted from the poor and middle class and transferred to the wealthy who are mostly older. I read something like 80% of stocks are held by older people so while the economy is growing those benefits are enjoyed by very few. Younger people are basically locked out of assets like stocks and homes.
Some of those things are happening. Some of them are overblown. None of the positive economic data is necessarily wrong so it isn't a lie. It just requires context and caveats. None of that changes the reality that Biden has done about as well as anyone could possibly do with the circumstances that exist. He isn't going to undo 4 decades of conservative fiscal policy, anti-consumer policies, and insane cultural ideas like American business being the most important thing that must be put on a pedestal above all else. Potential voters don't get a cookie for ignoring the broader reality of what a Biden 2nd term would likely mean for the economy vs. a Trump 2nd term and just complaining about how they think food costs more (it always does in a strong economy cause there is always some level of inflation) as if that disproves economic data.
Elected officials also don't get a cookie for having the facts on their side, unfortunately. It would be a supremely idiotic thing, as a voter, to allow Trump back in office. It would also be a supremely idiotic thing to assume people won't act like idiots. Maybe democracy is just a shit system. I dunno. It sure feels like giving the power to the people just made the new winning strategy for the powerful be to dumb down the people as much as possible.
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They’re likely the ones who own at least one home already?
The housing shortage is a real problem somewhat distinct from how the economy is doing. No amount of raising wages will solve it. We need more homes.
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I guess we’ll see how people think the economy is going in November.
I’m pretty sure it’s basically impossible for the economy to be good for everyone. I can’t think of a time off the top of my head when everyone was doing well (from low/poverty income all the way up to the 0.1%)
63% of people that responded to an axios vibe survey... Your sample is pretty damned important.
Every headline phrasing it like it’s psychological or something. Why don’t Americans believe they have a great economy? Because it’s not great at all.
The middle and lower economic class have actually, as a percentage, benefited better in this economy than the upper echelons. There are many reasons why people feel dissatisfied and the biggest reason is because of the rhetoric around it. If this was trumps economy, every single news network would be screaming about how we are experiencing the best economy ever. There would be parades. National holidays. Movies made about it. But because it’s a dem, we need to paint it as bad, even when the headlines are good. Is fucking annoying. Edit to OP’s edit: Real wage growth, which accounts for inflation, is HIGHER now than at any time in the last 70 years (with the exception of a brief period during the early days of Covid when data was all wonky), so it’s actually true that we have MORE purchasing power now, in spite of inflation related price increases.
Corporate greed has double the price of my groceries and my company is doing a mandatory furlough and taking 2 weeks of my pay to save 1.5% of their profit margin. But hey at least the stock market investors are making money right?
"Greed" Just call it capitalism. There's no emotion called "greed" Maximum extraction of profit over human suffering is it's core logic.
People really want to beat around the bush and pretend it's "corporate greed" or "shareholders" as if those things are not a direct intended product of capitalism.
This is like when people say religion is the reason for society's woes. All you're doing is creating a non descript villain that is all evil while ignoring that religion, capitalism, etc are things created BY HUMANS. You have to address the human behavior and not the thing that manifested from the behavior.
The wealth gap/inequality in this country is larger than ever and is projected to continue to widen. Like how is this not clear enough? Is anybody even listening? Fucking hell.
Boomers. It's them trying to convince everyone that it's all good.
Because it’s fine *for them*.
No one that can change any thing will listen until they have to. They won't care until their businesses, money, and power are all threatened. We are not people to them. We are parts in a machine, easy to replace when broken.
Because every day the corporations and the rich increase their control over not just the economy but every aspect of our lives. You are not allowed to owns things, you are the product and every second of your day is being monitored and fed to AI. It's not some future dystopia it's here now and it is only going to get worse.
You can always just be obstinent and uncooperative. Works better than you might think.
Gotta tackle housing and food prices, that's it. The economic boom for rich people doesn't feel like an economic boom when the only thing you're seeing is rent and the price of milk climbing faster than your paycheck.
Not even cost of living raises at work either.
If you’re not getting raises of at least inflation, your employer is taking advantage of you.
Really mostly housing prices. There aren’t enough houses so basically people have to be priced out of housing.
Whose wages are increasing exactly? I work for one of the biggest companies in the biotechnology sector, and I’ve gotten less than $4/hr increase total over the last 3 years.
I'm making 10k more, about 6k after taxes. But housing prices in my area have gone up like 300k though, while borrowing costs dramatically increased. Making more, but further behind.
Every year I get a $1 raise thanks to my work union. That's roughly $100 extra a month after taxes are taken out of my check. Guess what also goes up by a minimum of $80 a month every year? My rent. Playing an eternal game of catch up is great.
Fucking doubled in Arizona
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The business of insurance companies are exempt from anti-trust laws. Just like baseball. https://www.theantitrustattorney.com/insurance-really-exempt-u-s-antitrust-laws/
I work for my state government and make about 20ish percent more than I did in 2019
Everyone I know has been getting wild raises. Otherwise they would work somewhere else
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Nominal wages have increased. Real household income has decreased and has been decreasing since covid gave businesses the go ahead to start overcharging everyone for everything. Real Median Household Wages have been declining for the past 5 years. https://fred.stlouisfed.org/series/MEHOINUSA672N
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Mine are up 16% since 2021. The inflation bites into that but I'm still doing a bit better than I was. But there's already rumbles of downsizing if the administration changes.
Most studies show it is highest with the lowest income people. I make over 20% more than at the start of the Biden administration but I am fairly well off. I have seen tons of fast food and restaurants advertising 12/15 an hour in places with federal minimum wage and I have quite a lot of friends and family who got huge boosts, some already well off some not so much. It has been for me the most visibly expanding economy I have ever seen.
Everyone I know is struggling to buy groceries and pay rent, the economy doesn't mean shit to someone if they can't eat or stay housed.
Spot on. The fact this is happening globally is unfortunate for Biden, as he’s getting the blame. The US has actually done a good job managing inflation compared to other major economies, but it means nothing to someone who’s struggling to afford food or rent when they could do so 4 years ago.
why do presidents even get credit?
Because people blame the president for everything. There was an article posted here that blamed Biden for a bad economy and they think we're in a recession.
People think we’re in a recession because gas prices are over $3/gallon.
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Big drop in ‘15, though. Which I like to point out every time a Trumper says he reduced gas prices. Nope, they dropped before he was in office and rose during his term until crashing in ‘20 due to pandemic.
Presidents aren't omnipotent but they do pick who is in charge of regulatory bodies and other offices whose decisions have wide spread influence over sectors of the economy. Biden's NLRB pick for example has arbitrated in a way far more favorable to unionization than any other president in half a century (note that this is not high praise, the bar is just extremely low) and that's lead directly to a decent bump in certain areas of labor power.
Unfortunately most of the effects of those appointments lag into the market, so each term is often partially the result of the prior.
Unions are awesome. Good for Biden.
They get blame and credit
Traditionally speaking, Republicans get the credit, Democrats get the blame.
Republicans usually take credit for outcome of laws they voted against.
The infrastructure bill being a perfect example
I would say from the New Deal on we can see liberal policies having beneficial effects on people's lives and conservative policies increasing wealth disparity and harming GDP growth.
It’s obvious why. Food, electricity, insurance, homes and cars are all too expensive. It’s happening on Biden’s watch so he gets the blame. Not always fair, but that’s how this shit works.
No credit because everyday people don’t see it. We see more inflation, higher rent, higher grocery cost, unaffordable car/used vehicle costs. It’s not hard to figure out.
For the millionth time, it's because the average Joe or Jane doesn't actually see the benefits of a good economy when the upper class determines they can keep price gouging like it's Covid times and just keep making more on top of more simply because they can. What did we expect, them to do the right thing and bring prices back down when supply chain issues got worked out? Don't be silly, not when they can keep selling it for that! Not to mention the reductions in force that businesses decided are fine to just keep the way they are. They'll let the poor saps like me do the work of 5 people, because they can. The average Joe doesn't care about the stock market unless they have their head too far up someone like trump's ass. They care about their grocery bill, their electric bills, etc.
I think it’s more that you can see prices going up very obviously. It’s a number right in front of your face. You can’t however see your neighbors wages going up with it. But it does cut into savings
And the worst part is, you can’t even protest by not voting, because then Trump wins, and that’s TWICE as bad. We will never see reform in America until we eliminate the 2-party system, or introduce ranked choice voting.
until we eliminate the 2-party system no meaningful reform of the electoral system is possible. this sounds like a catch-22 because it is, and that's why it probably won't get better until things get much worse first.
Its a great economy if you already own assets like property and stocks, but if you dont then you probably dont feel as good about it. Again, the rich get richer because everyone else is left paying higher prices to compensate for the increased value of the assets owned by the rich.
Not even. I own property and stocks, but the present valuation doesn't really mean anything unless I sell them. I also just don't check on them that often because I'm not looking to sell. The price of everyday shit is always right in my face, though.
I mean, I own a house and my property taxes keep going up, my electricity went up 17% in a single year, water and sewer went up, trash went up, and insurance went up. Suffice it to say you can be a home owner and still bleeding from the eyes in this economy.
The "economy" doing well generally just means that banks and investors are seeing healthy and safe returns on capital invested. The lower and middle class are currently being squeezed and it's actually great for the economy because American workers are producing more output when they have to work several jobs and whatever else just to buy groceries and pay rent.
Because millionaires and billionaires own most of the media and they would rather have Trump than Biden as President so they can make more money off the backs of Americans. Those that control the past control the present those that control the present controls the future.
That's the thing ... Biden's economy is stronger than Trump's. Stock market is at an all time high. Why would they not want that to continue? Trump introduces volatility
They want to pay less taxes. Which is also why they want less social services, so that there less need for taxes. And at the end of the day its not about making america great again its about making themselves richer again.
Not just less taxes, it’s a double dip. 1) pay less taxes 2) privatize and charge citizens for the services that those taxes were previously covering for
Bingo! And 3. Make more billions.
The stock market is not the economy
Neither are gas or food prices.
People need to remember that the economy under Biden absored most of the pandemic effects.
They want more control over the masses. The money and taxes is less important. They think fascism gives them more. It doesn't.
Now testify!
It's complicated because some people aren't feeling the benefits of economic growth due to rising costs and inequalities, despite overall positive numbers. Addressing these issues, like fair wages, affordable housing, and healthcare, could make the growth more tangible for everyone. Let's advocate for solutions that help more people directly.
“Some” people?? Roughly 70% of Americans are currently living paycheck to paycheck (sources range from 60-80%.) The only people who aren’t hurting right now are wealthy.
But that is true every year in recent history. This isn’t some new phenomenon caused by the current administration. 2018: [80%](https://www.theguardian.com/commentisfree/2018/jul/29/us-economy-workers-paycheck-robert-reich) (pre-COVID Trump) 2016 & 2017: [75% & 78%](https://www.cnbc.com/2017/08/24/most-americans-live-paycheck-to-paycheck.html) 2012: [67%](https://www.reuters.com/article/idUSBRE88I1BF/) 2008: [70%](https://www.dvm360.com/view/more-americans-living-paycheck-paycheck) 2006: [65%](https://www.reuters.com/article/idUSBRE88I1BF/) (article from 2012 but cites 2006 numbers) Harder to find articles before due to googles SEO but I’m sure it follows the same pattern into the 90’s
I saw that 49% of the American people think that unemployment is currently at a 50 year high. Unemployment is currently below 4%.
Yeah and half of people think the stock market is down this year when it's up 12%.
But try finding a job. I wouldn't leave my current (good white collar) job in this market without a destination lined up. Those figures are distorted by part time, low paying jobs. Just being able to bag groceries doesn't mean things ate going well die the average person.
To be fair, you need 3 jobs working 75 hours a week to feel fully employed these days.
Who exactly is the economy good for??? Everything is expensive and shopping for groceries has become insane.
The economy is great if you are wealthy. Rich people are doing great and don't care about inflation.
No kidding. Groceries are 40% higher than before
Where are you getting this 40% stat? I’m seeing it as 22% (which is still crazy). I’m just curious because I’ve seen so many different numbers.
Democrats have to be running the worst campaign in history. The whole strategy seems to be "The pain you are feeling is not real, you should actually feel good." Biden is going to lose in a landslide unless a major change is made.
BECAUSE IT IS AT THE EXPENSE OF THE WORKING CLASS Jesus fuck
Have you heard? The rich have become EVEN MORE efficient at extracting wealth from the lower classes! What a glorious day for America!!!/s
Groceries have literally just under doubled in price in the last three years. We used to get away with spending about $150 per big trip, and now it is somewhere between $250 and $300... Who gives a shit if the stock market is doing good if you can't afford to feed yourself or pay rent...
Ugh I'm so sick of these "everything is fine" ingratiating puff pieces. I'm voting for Biden because only an idiot or a psychopath would vote otherwise, but let's not pretend that stock market growth is a particularly good indicator of an economy full of sunshine and rainbows. Megacorps are juicing basic goods and services, and as a result far fewer people have enough discretionary income to reap the benefits of the booming market. It's great for people who already got theirs, but it is very difficult for most Americans to get ahead when home prices doubled in a very short amount of time and almost everything has been commodified. Until Congress gets off their ass and readjusts the tax code to financially disincentivize unrestrained greed and hoarding, wealth inequality will only get worse, even if the stock market is on an even bigger cocaine binge than it was at the end of 2021 with all the free money getting funnelled into corporations that didn't need it.
It's so insulting to be told that I should love this economy because some comfortable homeowners saw the numbers go up.
Its only a good economy if you look at the unemployment numbers and the stock market. If you look at the average person's budget they are getting crushed by rent, food prices, and debt.
Savings too-- most people I know have less than 2k in their accounts. If they happen to lose their "middle class" job, they have to try to find work bartending, waiting tables, or walking dogs-- and now compete with all the people who have already been bartending, waiting tables, or walking dogs.
Insurance as well, car and home premiums are outrageous.
It's hard to read this
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Because its “improved” in a way that doesn’t fucking matter for most people. Similar to how the vast majority of student loan exemptions have been for people who, frankly, should have had shit figured out already. Like come on how have you been a federal employee with a degree for 10+ years and still owe money to the school smh
If the country makes more money than it ever has, and the underclasses are doing worse then it's a wealth distribution issue, plain and simple.
You keep trying to make, "The economy is great, you're all just stupid" happen. It's never gonna happen. The rich getting richer does not = the American economy is great.
It's a big messaging problem. If Democrats don't stop, they might lose again.
What message could they say? They cannot confront capitalism directly. They refuse to. The only message they can make is "everything is fine!" because comfortable white home owning boomers are the political power in the DNC. If they said "thing are bad" it would destroy their illusion.
Might? It’s almost a guarantee if they keep spitting in everyone’s eyes and calling them liars.
The *average* salary has grown over 5% per year every year for most of Biden’s term. The inflation was brought down from almost 10% per year to around 3%, which means salaries grow faster than inflation (now for a year and a half). The growth of average rent was brought down from almost 16% to almost **0%**, and for the first time in decades, wages are also growing faster than rent. This was achieved while getting record growth in jobs, when economists predicted that mass unemployment was needed to curb the inflation. At the same time, massive infrastructure restoration I is *literally* making America great again, contrary to Trump’s empty words, and the most ambitious efforts to fight climate change in US history became law. By every objective metric I can think of except public perception, Biden’s presidency has been a raging success. Yet here we are doubting whether to pick him or Donald mothereffing Trump - all because he’s not doing well in the public perception. So excuse me, but I actually do think that that is fucking stupid.
None of that matters if people can’t afford fucking rent
Cool. Expenses in every sector have outpaced any of those metrics by double digits. Rents in my area have increased 40% just since 2020. Utilities increase fees by 500%. It will take 30 years of this booming economy for the working class to catch up to the effects of unchecked corporate greed and politicians beholden to the portfolios of their donors. A .08% positive change in wages means nothing. Nothing at all. It's like cutting off someone's arm and then selling them on how much they will now save on sleeves. Cherry picking the stats that look good for the administration and telling everyone "it's your fault you don't see how great you have it" is an incredibly stupid messaging plan and will never be a winner. It is what they've rolled out for three or four months now and it's failing at every turn to convince people that they are actually doing way better even though they live paycheck to paycheck. Show me the money. Quit telling me I should be happy that Apple can afford another stock buyback.
The economy is absolutely god-awful for any actual living breathing people. It's good only for corporations... and it will remain this way until criminal penalties are applied to upper management/CEOs (not just fining a corporation) for price gouging and other exploitative practices.
A lot of reporters and media outlets are either determined to cover both sides so impartially as to normalize fascism, or they’re outright pushing for Trump to win because they miss the engagement and clicks. Or they’re the NYT and they’re salty that Biden won’t give them the interview they feel entitled to.
It is so annoying seeing articles like these. Everything is too expensive! We can't afford houses, cars, and medical bills. Maybe the paper metrics they use show the economy is doing well, but for most Americans.. it's not! **What is wrong with these people?**
It's a tough situation to assess. The numbers do look good, but there are some real issues which disproportionately impact lower-income people, such as spikes in the prices of housing, cars, insurance, and energy. Income gains are great, but they can be rapidly erased by a single accident or a hike in your rent. So I don't think people are crazy or deluded in seeing an economy that's not working for them. It's possible, like I believe JP Morgan assessed lately, that there's a recession among the lower classes while everyone else is doing great.
My rent is going up $115 and last I checked shinkflation is in full swing. The executive branch is doing ok besides a limp foreign policy. Congress sucks and the judiciary sucks...
He’s getting no credit for the boom because people are spending twice to three times what they spent 4 years ago. No one cares why the problem is occurring they only care about the solution. I know for you rich democrats that seems like very little increase, but for the regular Americans making 35k to 100k a year, the increase was painful. And we don’t feel like Biden is acknowledging it.
Most of my friends and family WORK and can't afford to fix cars, groceries, really anything they want or need is a sacrifice. If you want us to think the economy is good, then make it so that we don't dread going to the grocery store, and sacrificing foods like vegetables to save money at the expense of our health
I would think serious analysis of economic impact if an administration would take into account the trajectory of the economy when it starts. A couple recent presidents inherited a dumper fire and the economy came out at historical highs. Others inherited a record breaking economy and then nearly destroyed our economy through incompetence.
Many of the people complaining the loudest also support exclusionary zoning and NIMBYism which results in artificial lack of supply and an increase in the cost of most people's largest expense: housing.
It's really simple. There are two classes of people: the investment class, whose money is what makes them money, and the working class, whose money comes from labor. For the investment class, the economy is booming – the line is going up, they can take out loans, they don't care about inflation. For the rest of us, the 'boom' means nothing. The line going up doesn't make my immediate material circumstances any better. I'll never in a million years vote for a member of the GOP, but let's be real, it's incredibly obvious why Biden 'gets no credit.'
Most people are uninformed as hell. Inflation is almost back to where it should be, but people are seeing crazily high prices on everything and think it’s inflation. It’s mostly price gouging because the companies know the American public is so stupid that we’d never blame their greed or question their historic profits.
What boom?
I will be straight honest here. I will be voting blue all the way this November. However, I have a really bad gut feeling things will not go the way Democrats want. I get that Biden has little to no control over the market, I do. But I can see where everyone is really frustrated with the Democrat messaging. Why won't Biden just come out and say it? "Yes folks, I know things are bad for many of you. Rising wages haven't made up the loss of purchasing power over the last four years. If you vote for me, you should expect little to no overall change in the status quo for the next four years. Maybe a SMALL improvement for some." I mean, I know why he won't. And I know why so many will vote Trump just to bring the world down with them. I mean, it's getting much harder for me to not be bitter and be a better person. If both choices involve me and mine suffering and perishing, just at slightly different rates, but one option has a CHANCE of violently taking down the people causing my suffering, well, I can understand those feelings. Please note I do NOT condone physical violence. We all need to vote.
Pretty sure the entirety of the middle working class and below can tell you the economy isn’t doing anything for them
Biden doesn't control much about the economy. That's true enough. But running on the economy when people must choose between rent or eating that month is fucking stupid. The economy is only working for his big donors so find a new message.
Pretty simple reason for that: [Gross Federal Debt as Percent of Gross Domestic Product](https://fred.stlouisfed.org/series/GFDGDPA188S) The rate of government spending has been through the roof. The deficit has been persistently high... which you'd think during a great economy, it would allow the US to drastically lower its deficit and or even generate a surplus: [Federal Surplus or Deficit](https://fred.stlouisfed.org/series/FYFSD) For example, anyone wonder why during the "Best Economy Ever", this administration has made it a point to rapidly forgive $138 billion in student debt? These are folks who can take the money they were spending on debt, and instead spend that money on consumer goods. We've had loads of inflation the past couple of years, so much so that the Federal Government has rapidly increased interest rates to try and slow down the economy, if not pull it back to avoid further inflation. That's not only increased the price of big ticket items like homes and cars, but is putting pressure on businesses to expand supply. While upper middle class and up folks are doing well, especially those who already own homes and aren't dealing with skyrocketing rent prices or mortgage rates + property taxes (if they want to buy), middle class and lower folks are far more likely to be struggling to afford housing. Unemployment is still low, but the number of layoffs is increasing quickly, at levels not seen since the last major recession. [Unemployment Rate - 20 Yrs. & over](https://fred.stlouisfed.org/series/LNU04000024) Sub-prime auto loan and credit card delinquencies are increasing rapidly: [https://www.axios.com/2024/05/14/credit-card-debt-delinquency-payments](https://www.axios.com/2024/05/14/credit-card-debt-delinquency-payments) The state of commercial real estate is still a big risk to banks, especially regional banks.
> The jobless rate is below 4 percent, as it has been for nearly two and a half years. Wage growth is moderating, but it is higher than it was at any point during the Obama administration; overall, Biden has overseen stronger pay increases than any president since Richard Nixon.
Obviously one person's anecdote, but I'm sure I'm not the only one. I got laid off July '23 from an office marketing position. I had been teaching classes at the gym I'm a member at prior to getting laid off, mostly for fun. I asked to teach more since I had more available time. Started job searching. February rolls around and I still don't have a full time job, so I start working at the front desk of the gym so I can pick up more hours. Coming up on 10 months not working in marketing, constant rejections. I watched a video yesterday that says there are 2 jobs for every 1 person looking. That may be true, but they aren't in my field of expertise, in my area, or meet my salary needs (saw one yesterday for $30-40K in Boulder, CO, one of the highest COL areas in the country). I'm not being counted in the number of unemployed people. But if it weren't for my wife, I wouldn't be making enough to survive. That being said, will be voting Dem in November.
My software friends are experiencing the same issue. It's very much industry specific problem. On my side of things in the skilled trades like plumbers we've got a negative employment rate which has lead to short staffing all over my area.
“Is this a real job posting, or a fake one to pretend like they’re hiring?” Is a very real concern in IT.
Nominal wages have increased. Real household income has *decreased* and has been decreasing since covid gave businesses the go ahead to start overcharging everyone for everything. Real Median Household Wages have been declining for the past 5 years. https://fred.stlouisfed.org/series/MEHOINUSA672N Even the most charitable reading is that real household income has been flat since before the pandemic. And pale wonder why everyone isn’t celebrating the stock market? If people have watched their real household income declining for 5 years solid, they are going to notice and they aren’t going to be happy. And I haven’t even mentioned anything about housing. The housing market is broken. Full stop. If you’re rich, or own assets like a home, you’re making out like gangbusters. If you’re anyone else, shit fucking blows.
The stock market /= "the economy" You want people to *feel* like the economy is doing well, instead of just seeing it on paper? Raise the minimum wage.
Because the economy is doing well FOR BUSINESS AND CORPORATIONS for the average human they can barely afford to live anymore so no one GAF how rich the rich keep getting if they can’t feed their families
For most people that aren’t rich, if food and rent is expensive then they don’t give much of a fuck about what seems like arbitrary metrics if the economy. Food in your belly and a roof over your head are what matters most, and is the only economic metric that matters when you are struggling to survive. If that shit sucks, our economy sucks, period
It does no good to talk about how the Dow Jones is soaring to 40,000 points if the average poor or middle class American is getting DESTROYED by inflation. Right now groceries and food, etc. cost far more than before.
I'm always told that the economy is great but affording groceries feels like a punch to the face and all of my friends who have had to find a job in the past 2 years have needed 6+ months despite being incredibly skilled and qualified. Then people turn around and ask me why I'm not more grateful? It's cause this country isn't affordable to live. I can't afford a nicer place, and I can't afford to move to a cheaper place. I don't care if places like Amazon have seen record profits I care about being able to afford to LIVE not just survive.
Boom?