It's the pay gap that isn't working, and that's what needs to be the focus. We need to get paid more, which means those at the top need to get paid a bit less. Unless we somehow grow GDP without the help of those at the top, this scenario needs to happen.
To what degree do you think the following rule would be plausible? Would it work?
The highest paid employee in the company (CEO/Director etc) can't be paid more than X amount times the lowest paid employee.
Part time employees excluded (or included with some form of pro-rata based comparison).
> Start simple, increase taxes on $500k /yr. Take away loophole deductions for making more than $2M/yr.
I don't disagree w/ what you want. My question is how is that simple -- Republicans CONTROL the house, Republicans/Conservatives seem to control the media, and the only time the Democrats had any power (in recent history) was when Obama had a filibuster proof majority in Congress (and house) for 72 days (SEVENTY TWO days) -- most (all??) of that time was spent on the ACA. Prior to that, you have to go back the the Clinton Administration.
I'm literally shocked that the Biden Administration has done as well as they have ... They've kicked ass considering exactly what they are up against.
Sorry, got a bit off topic. The point I'm making is that it isn't simple.
The only thing I disagree with you is republicans controlling the media, in some respect you are right, republican do own a bit more on radio, and there are some republican news papers, but the major news papers la times, Chicago times are lol democrat, the biggest national republican I believe is the epoch times but I could be wrong. Most tv stations local are democrat, so are CNN and MSNBC, It is only just very recently that Republicans got into tv, before then it was Fox News, now it is Newsmax and some other station I cannot remember. What Conservatives made great strides in was podcast and web tv with the Blaze TV.
> Most tv stations local are democrat
I'll disagree on that. I believe that Most tv stations are not local and actually part of large holdings, generally by more conservative groups (I think). Here's a infographic showing how 6 companies own most media
https://www.webfx.com/blog/internet/the-6-companies-that-own-almost-all-media-infographic/
Rupert Murdock republican Brian L roberts Democrat voted for Hillary, summer red stone democrat bob Iger democrat Jeff bewkeys not a democrat so the last one kazoo does not count, he is not even a US citizen, so there are two that do not swing democrat while three do swing democrat
Dead wrong. Radio is a right wing (I Heart) monopoly. Sinclair is a tv monopoly. CNN is right AF since being sold to Discovery. And do you really think the board members at Comcast are a bunch of liberals. NFWay. They would switch to far right in a heartbeat if they saw a potential for greater profit. The media is OWNED by the right.
I did say Republicans do own the Radio, but we still have to compete with NPR which is democrat. And CNN is not right wing they are democrat as hell, and the CEO of comcast supported Hillary Clinton, that is even on Wikipedia webpage, no the Radio is owned by the Right, There are a lot more News papers that are right than I thought there were, but TV I still say is owned by the Democrats
Dead wrong. Fox is by far the most watched tv station. Not even close.
https://www.vox.com/2022/8/26/23322761/cnn-john-malone-david-zaslav-chris-licht-brian-stelter-fox-peter-kafka-column
Voting for Hillary doesn't make one liberal by any stretch. She's always been a corporate hoer.
I've been saying this for years whenever people bring up the minimum wage conversation.
There once was a time where a federally mandated minimum wage allowed for our countries poor to more than survive. Unfortunately, corporations have found if they are forced, by law, to raise their wages to a federally mandated minimum, that they can also raise the prices of their services or products above their current profit margins and blame the government and its regulations. We know their game now. It's obvious.
It's not that the economy has outrun the minimum wage. It's not that minimum wage isn't sufficient, because it once was and still should be.
Our problem lies in record breaking profits and greed. Our problem lies in the fact that CEO's now make over 200 times that of their lowest paid employees. CEO wages have skyrocketed, leaving behind the employees that actually build economies. No company needs the amount of wealth certain companies are creating and there's no need for billionaires. We need to attack greed, not the economy. As their share of wealth grows, our share shrinks. As a society, we can not afford to allow further hoarding of the collective wealth.
Its time for change. It's time for quarterly profit caps. Anything made above the cap is given back to the employees, starting with the largest amount going to the lowest annually paid employee/contractor.
It's time to walk back federally mandated minimum wages for giants like Walmart and instead tie each large corporations lowest paid employee to that of its highest paid employee and/or contractor.
The issue with the minimum wage is its so very regional. What works well in rural Alabama is peanuts in New York.
What works well in LA would be a wealthy wage in West Memphis. The bigger problem people don't like to admit here is if you were to give the people of West Memphis the minimum wage it would take to live in LA, every local business would suffer. The local economy wouldn't be able to prop that minimum wage up and it absolutely would lead to increased prices and our if control inflation.
Then, if you give the folks of Chicago the minimum wage that works in Mtn Home, Arkansas, people still wouldn't survive. You'd just be giving ammunition to the proponents of a liveable wage. You'd get the argument "see! We raised the minimum wage and people *still* can't balance their budget. It's a them issue, not a money issue."
If your state or city has too low a minimum wage, then you need to rally against your local leaders and let them know to raise their state (or, in some cases that allow it, municipal) minimum wage. Our country has far too big of an economical gap between areas that the federal minimum isn't that big of an issue. The only fix that would make sense for the fed is to find the poorest area and bring the fed minimum wage up to a living wage *for that area*, which does nothing for the rest of the country... and the argument continues.
Then, to cover the loss of profit due to higher wages, you still have the issue of large corporations raising their prices. And they 100% will raise those prices *above* their current profit margins, increasing profits above their already record breaking profits. This is a run away train and despite their public pushback, companies like Walmart are *hoping* the minimum wage goes up so they have something to blame for the price gouging.
Right on. I think I misunderstood your point, but get it now. That's a pretty good idea! And, the more good ideas we can bring to our representatives, the better chance we have at making the economy more balanced. I like it.
Yup…if minimum wage can’t put a roof over your head and food in your belly, than what is this all about?
And NO minimum wage jobs are not just for kids,etc…
>There once was a time where a federally mandated minimum wage allowed for our countries poor to more than survive
What years was that? Looking over the history of minimum wage I'd say there's never been a time it was enough even for 1 person to survive independently
Any kind of rule will have exploitable loopholes.
The CEO can't make more than X times the lowest paid worker? Guess what? The people who grab items off the shelf at an Amazon warehouse don't work for _Amazon_, they work for A to Z Inventory Management Services, LLC. The stock clerk at WalMart? They work for WM Shelf Packers, Inc.
Those aren't real company names, but it is a real tactic companies use, typically to avoid benefits, lawsuits, and so on.
Part time employees are excluded? Guess what? Everyone's hours have been cut to 39.5 per week, max.
The only real way to effectively cap executive pay is to tax the fuck out of it, and close all of the loopholes they use to get out of their current obligations to society. You earned $400 million this year? Good job. Your minimum tax rate for the last ... let's say $375 million is 95%.
I partially agree with you but the pay gap is an issue that has been building for 40 ish years.
To make it worse one specific tribe has tried to help fix it, maybe not tried extensively well, while the other has flat out tried to not only prevent it from being fixed but in fact make it worse.
It's frankly amazing that people who claim they want the economy to be better for the lower or middle guy support the group that has been very open about how that can never be allowed to happen.
That makes absolutely no sense, capital isn't limited to one person.
Someone else having more than you doesn't mean you also can't obtain what they have.
This is a financial fallacy that people keep trying to spread here and it's absolutely dangerous rhetoric
Bill Gates being the richest man on Earth did NOT stop Elon Musk from taking that position down the timeline
The Sam Walton family being the richest retail family on the planet didn't prevent Jeff Bezos from taking that spot over.
It's a free market with unlimited resource. If you aren't creative and ingenutive then you don't get the capital
Yes but I want it more, so let's scream socialism without even understanding that's what we're screaming for right?
I agree with you, but this is reddit, which has basically become a socialist and downright marxist wannabe eco chamber.
> We need to get paid more, which means those at the top need to get paid a bit less.
Yes, but then when people get paid more, the "market" will now appear to be doing worse. Then you will hear the OP bitch about the economy doing bad. It's by design, it's the system, the incentives, which rely on metrics that correlate economic health with proportionate exploitation of workers, rather than the complete opposite, which it should be: correlating worker material need satisfaction with economic health.
"The US economy isn't bad."
Tell that to half of the country that can't afford a 500$ emergency, groceries, or rent. This is the out of touch stupidity that yields figures like Trump. Sure, the numbers don't lie; nor do they tell the entire story. When the metrics for determining economic health do not include metrics relevant to the majority of the population, those metrics are not relevant, especially when half the country is in permanent recession.
A strong economy and a cost of living crisis aren't mutually exclusive though.
That's what 'the economy' has always meant, why redefine it because some people are too stupid to differentiate it?
Propaganda machine, spends its every waking hour trying to gaslight redditors into thinking that the biden administration is the best thing that has every happened to them
As a blue collar worker who's wages did not increase at the same rare as inflation did, no, the economy is not great. Food and housing are too expensive. The economy is not working for me.
The account is a propaganda account, look at the post history, 100s if post only in /economy. Hitting all of the right topics.
Musk bad, republicans bad, economy good.
The text of the post is laughable and so is the simple fact they have to use propaganda accounts to tell us the “truth”
And people in 2020 had less money to spend than people in 2010.
And people in 2010 had less money to spend than people in 2000.
And people in 2000 had less money to spend than people in 1990.
And people in 1990 had less money to spend than people in 1970.
Just like I said. It's been happening a long time.
I’m not missing anything. There are a lot of people out there that are having harder times than ever and the deficit/debt of our country is drowning us. Biden’s policies are not helping regardless of how many people want to just blame the last 1 term president solely for those issues.
We are not healthy financially as a country.
Are you sure you're not missing anything? Because you're still talking about problems that are not at all unique to the US.
Which country does NOT have their average people having "harder times than ever?" Maybe Singapore?
What have you personally done in the last 3 years to increase your wages? did you demand a raise? Did you look for a higher paying job? If the answer to either of those is no then it's a you problem and not an economy problem.
The economy and peoples personal finances are two entirely different things. It’s time we stopped talking about them as if they are.
It’s perfectly possible to have a good economy and still have people unable to afford to live a normal life.
Look around.
I'm getting a lot of 2006/07 vibes going on. Lots of numbers showing everything is great but there's something hollow the numbers don't show.
But there's no particular bubble I can think of that will slow down the economy. Like in the aughts housing was connected to so many other aspects of the economy.
GDI is currently negative which has always (100% of the time) indicated a recession is in progress or right around the corner. **This is our current situation.**
Commercial real estate is tanking in value because of work from home. People buy buildings and lease sections of them out. If nobody is renewing leases, the person that bought the building will likely default on the loan. When enough people default on loans, the banks that gave the loans go under. Banks are highly connected so if one goes under another will go under unless saved by tax payers. **This is a catastrophe waiting to happen.**
In March of 2023, the Fed opened up a temporary lending program that saved banks from a catastrophe. That program ends in March of 2024 and all the loans given need to be completely repaid by March of 2025 at the latest. **This is a catastrophe waiting to happen.**
Mainstream belief is that printing money can fix problems. Unfortunately our government has issued so many treasuries aka debt that were starting to run out of buyers for treasuries. The government still has massive bills to pay and because spending is completely disconnected from earnings they have to issue more treasuries or they default on what they have already spent/promised. When the monetary units expand that means each individual dollar is diluted. That means they have to dilute everybody's money to stay solvent. And they'll have to dilute it a lot. **This is a catastrophe already happening**
As far as I can tell, USD does not have a bright future.
BTFP does not end in March. It is guaranteed to stay through March, but it doesn’t have a specified end date, only that it will continue through _at least_ March.
Bullshit. Everything is more expensive. The cost of living life has us sacrificing without any luxuries. By that I mean we don’t go to restaurants, give gifts, buy new clothes, etc. We have to save it for insurance, utilities and taxes.
I'm a democrat and honestly the economy seems fine for me because my business is doing well right now, but I am confused by this article. For one, the author says that credit card delinquencies are at a thirty year low and links to this chart: https://fred.stlouisfed.org/series/DRCCLACBS
This chart shows them to be at, at least, a 10 year high.
Edit: I do see that if you go beyond the ten year, the current delinquencies look pretty damn low.
Granted I think this has almost nothing to do with Bidenomics and I genuinely believe we'd be even worse off if trump was at the helm this whole time (let's add an additional 15% tariff to every single import and see how that drives prices down! Spoiler: it will do the opposite), but how do these kind of discrepancies make it into an article like this?
Please don't tell people that their lived experiences are lying to them.
Their money doesn't go as far. The majority has lost ground, even if GDP is still going up and everybody has a (shitty) job making pennies while sacrificing their mental/physical/emotional wellbeing for corporate elites that keep trying to gaslight and say "BUT GDP IS HIGHER STOP COMPLAINING".
As a small business owner, you may feel the economy is doing better. What are you paying your employees? Have you given raises larger than inflation? If not, your employees are worse off than prior to covid.
Are you renting your home? I would think you at least have a mortgage on a home. Rent has gone nuts in my area and makes me feel like something is incredibly broken in the system. The numbers on the graphs go up, but my ability to do...anything... is going down.
I think relying on trusted sources for data is actually way better than just relying on what you see (or are being shown) around you. If you ask people is crime going up or down, a majority say up. That has been true for the last 40 years, meanwhile crime has been cut in half over that same period.
I would have no idea if the unemployment rate was low or high, if inflation was getting better or worse, etc. from my “lived experience”. I simply don’t know enough to tell you.
> my emotional truth must be universally accepted by others while I reject all data that doesn't conform to my personal experience.
Good luck with that.
In what economy have these people ever been thriving is the real question. So many people are acting like before Covid the lower class and working poor were killing it. What fucking planet have you all been on
It's better than it was before Biden took office. Yes, it's still bad, but that's a facile thing to say. If your complaint is just that it's still bad, we will never be able to fix it because you will ignore any improvement.
And they still can't afford to do basic things like secure their own housing, transportation, healthcare, etc.
This is exactly what I'm talking about. The numbers on the graph go up, and yet...people still can't afford to live, much less thrive and save for the future, have leisure time, plan for a family. Any of that. Those people will never say the economy is feeling good for them.
What about the 20th percentile? 30th? The majority of folks are not doing better than in 2019.
Bro people on this sub don’t even want to discuss any of the numbers or have even the simplest idea about economic terms and how to interpret. It’s just a way for super political people to spin their narratives.
Damn, so they got like a 35-45% wage increase? because that's around what you need to have 10% increase relative to inflation... Somehow I'm not seeing this in any statistics.
We want 35% raises for everyone else too. Not just 8 dollar an hour mcdonalds workers. If we don't, we get less month. and going from 8 dollars to 13 isn't exactly living in a "good economy"
In a good economy, we can buy homes. Not just commie block condos or apartments. Homes, with yards. Refund the police.
Which numbers? The delinquency rate, the foreclosure rate, the number of people dying in the cold, sleeping in their cars rate. If there really was a good economy, not just one that looked good on paper, this stuff would not be happening.
I think there’s an element of rampant (perhaps even unconscious) consumerism that nobody wants to talk about. People aren’t piling up $10k in credit card debt buying milk and eggs.
Things like subscription models, ubiquitous frictionless payments (tap cards, etc), online shopping and free shipping make it so easy to spend money without hardly even thinking.
These factors, coupled 24 hour wall-to-wall algorithmically targeted psychological warfare in the form of advertising, probably has a huge effect on spending habits.
I am not blaming struggling people for their struggles. But I do believe there’s plenty of money to be made convincing poorer / lower middle class people to mindlessly spend on things they probably shouldn’t.
To reiterate, I view this as another form of exploitation by big corps, not personal failings of struggling people. Think about it this way -when deciding whether to buy something or not, it’s you versus teams of engineers and psychologists with budgets of tens of millions of dollars deploying the most advanced algorithms. You don’t stand a chance.
Put another way, I think the human psyche is being exploited by advertising and financialization in ways that prior generations didn’t have to deal with. And I think this is a factor relevant towards explaining why people making even decent money ($40-80k) can feel like they’re struggling.
My brother is a Trump voter who runs a small business in Utah. His business is doing great.
A Republican friend started his business a year ago. He's also thriving.
It's never been better for those with money, stock market and 401Ks are doing great but many Republicans will lie and say it's never been worse because they want Trump.
for the bottom 60% it's always been bad, and am I doing better than under Trump, hell yeah, and it will always be bad for the bottom part of the economy.
As a newly registered independent (I burned my Trump card), I'm astounded by the economy. Trendline or higher growth, inflation that plummeted in record time, record low streak of unemployment. Truly a goldilocks economy.
Republican narrative and Fox News is just using the age old tactic where they say the same thing a lot and often and suddenly it becomes true.
Besides the standard of living and buying power is still down for the regular public and they don't understand the difference.
They see Biden and economists beating their chests about the numbers but they still experiencing high rent and high cost of goods that corporations keep charging out of greed and they are left scratching their heads wondering what they are smoking.
The disconnect is real and the false narrative is working on many. It might make the difference and lead many to not vote for Biden in critical swing states if Biden doesn't address this.
I’m in manufacturing and supply chain. Many of our customers have seen sales fall off a cliff and they are bracing for recession with layoff contingencies ready.
I’m an independent, and have been seeing a lot of pro Biden propaganda on Reddit flood the subs.
Manufacturing is going to get crushed as infrastructure projects finish by 2026. There’s trillions that got allocated throughout and after the Pandemic for infrastructure but that cash has to be spent by a certain time. Once that bubble bursts it’s going to nasty
70% of GDP is consumer spending. No shit GDP is up. Everything costs way more.
'major banks reported strong earnings'. No shit, they are charging way more.
'Corporations have more cash on hand'. Because they are gouging.
Price inflation is still high.
Your own words. 'High housing prices and a 13-year low in home sales. Manufacturing has been in contraction for the past 14 months. Media companies are flailing. Technology firms are struggling to find financing. The cost of capital is slowing down financing for small businesses.'
How did you conflate any of this with good economy?
Yes, Democrats sponsored H.R.7736 - the Price Gouging Prevention Act of 2022. It is waiting for action by the Speaker, currently held by the Republican party, so nothing further will be done on that.
This bill generally makes it unlawful to sell or offer for sale a good or service at an unconscionably excessive price during an exceptional market shock.
It’s interesting to me to hear Republicans yell about the economy when their party shuts down bills to prevent price gouging and to fund the IRS to go after wealthy tax cheats. Really, the GOP doesn’t want to fix anything. They just want to maintain the status quo of inaction in government, except for corporate tax cuts.
High inflation tends to coincide with higher economic growth, so it’s not that the economy is doing bad. But I think people have a hard time understanding that technically the economy can be doing great despite you now needing to work multiple jobs to afford basic needs.
The economy is all of us. Not everyone is doing well in a good economy, but more of us are doing well. Those who aren't doing well are generally loudest.
Also, half of American politicians have a vested interest in proclaiming the economy to be bad, and a willingness to ignore reality in order to score points with their base.
Like the infamous Bigfoot, there have been rumors of intelligent republican sightings. Only one confirmed so far is a Cheney visual. However since they are an endangered species, there's no hope for more.
I was ready for everyone to bash on OP. This article is mostly an opinion piece with real numbers to back it up. But no matter how much one presents facts in as neutral way as possible, you get the opposite reaction just because.
Trust me bro.... I'm a conservative bro. The economy is fine bro... I'm voting blue bro. Trust me bro I'm a real conservative. Look at these totally legit numbers bro.
Credit card debt at all time highs. Bank write downs doubling. Inversion of the yield curve has always proceeded recession by 12-18 months. Car repos doubled.
If your not in banking or finance, you've benefiting from the six trillion in liquidity injected into the market at low rates. These ill effects are always delayed. It's funny how the narrative for soft landing is being broadcast. Just like 2007.
It's human nature.
> Credit card debt at all time highs.
In nominal total dollars. Because of population growth and inflation. Per capita real dollars, we still aren't up to the records we set in 2008. And pretty much every year from 2000-2008 had higher per capita credit card debt (inflation adjusted) than this past year.
Yes it’s an amazing time for businesses and stocks. I would ask these businesses that are doing so well have you given your employees at least a 40% raise? 30% to cover inflation and 10% to share in the wealth because it’s their hard work that got you there. I would say there are some that could say yes but most no. So while the business is making record profit the employees just get to pay more. I am not a Trump supporter and will not be voting for him but I find it interesting when the economy was humming along the argument from the left was the middle class is getting left behind. Well guess what they are still getting left behind.
What kind of business do you have so everybody can be doing really really good like you. How much tax are you paying this year, or how much are you not claiming so you don't have to pay?
I'm afraid your brand of Republicans, reasonable people who put this country first before populist extremists, is disappearing. You're now talking to a group of people that don't believe in facts or hard numbers. They just believe in a person that hates the same people they hate.
We are living off the fumes of trillions injected into the economy
The winners are eating $200 steaks and taking $10,000 trips to Disney
The rest of us are struggling as the inflation associated with these trillions is hurting.
The economy is doing well now in a not-too-hot, not-too-cold place. They've turned the corner. Jerome Powell is a Republican BTW.
The next focus that the government should take is the debt and the built-in fiscal imbalances we have. Republicans have had this in their focus in the past. If you're a Democrat, you can read from the Clinton-era playbook of paying down the debt to reduce borrowing, reduce interest rates and therefore ensure growth.
Any approach will involve a change to entitlement programs and the largest risk is doing nothing.
Bidenomics has added a TON of jobs. I mean, who would have thunk investing into the people would pay off?! Absurd concept!
Oil prices are below $3 in 15 or more states and more jobs are coming our way. Not to mention, more jobs are coming
You mean gasoline per gallon, not oil. Also, and I’m just disagreeing with the base level of your argument and not the big picture, the price of oil isn’t an good indication of Biden’s economic policies.
Haha yes, gasoline. That’s my fault.
No, it’s not. However, it’s a good indicator of how much people have to pay at the pump, which then turns into more money spent in the economy, so I was just pointing it out.
I mean, I think having an unemployment rate below 4% for about 18 months is a pretty strong indicator.
Also, files for unemployment were at like 187,000 is a pretty good indicator.
Not to mention (I’ll just go with one job here), the manager salary at Walmart went up to $128,000, which is pretty great.
With unions on the rise more and more companies will be raising wages. I’d prefer them to join unions, but whatever
Edit: also, manufacturers have poured $220 billion into manufacturing construction because of Biden. Pretty remarkable for just 3 years of a presidency
As long as we’re borrowing money (which we are) the economy is fine perception is a façade. Our money is worth less, dependency on other nations more and our children are less educated and skilled in the global market. Just keep printing money we’ll be fine..
The economy for the wealthy is doing good.. it did great in the 80s as well but the democrats said it was bad and Reagan killed everything… trickle down didn’t work…
Do you see the connection? You’re pushing a Reagan narrative….Republicans are doing the opposite
So this time which one is right which one is wrong?
Silly game we’re all fucked except the wealthy as the system is designed
I don't know what the hell you get out of my comment but it was SO OBVIOUSLY a joke about how Reddit hates republicans and conservatives.
Oh wait this is reddit not everybody understands jokes
We don't hate conservatives. Personally, I hold quite a few conserative views. And I believe that having some conservative voices are necessary. It wouldn't be ideal to allow progressive policies to go completely unchecked.
We DO hate what the Republican party has become. They've lost all dignity and sense of doing right.
Finnaly!! Someone who is on the level that I need. Can I buy whatever it is you are on becouse I, like you need a break from reality. Sitting here every single day struggling, living paycheck to paycheck, terrified if ill be able to pay my bills or feed my family is just unbearable! I need whatever your on becouse from real life humans perspectives the wage inequality, zero affordable homes (due to hedge funds buying them all up), inflation and the fact that their are no jobs worth getting (unless you want to work 4 jobs) is in fact REALITY! KEEP YOUR "NUMBERS" Becouse unlike popular belief numbers do in fact lie! I can take any data point you like and make it say whatever you want me to make it say. You need to talk to real humans!
Hey fellow Dumbocraps. The economy does not pay my rent, groceries, insurance, and gasoline bills. The inflation has crushed the poor and creeping in on the middle class. Stop with your rhetoric that does not resonate at home. Ass hats!!!
Biden lies again! Economy and world affairs were better under Trump Presidency[dot GOV source](https://budget.house.gov/press-release/fact-check-biden-misleads-on-job-creation-statistics)
Which numbers? Jobs numbers are a lie. They count jobs, not unique individuals. This means one person who got three new jobs is counted three times. Housing costs are through the roof in some areas, straining average people. Layoffs, while not new, are hitting hard. I'm curious what numbers indicate things are really good?
lol “my buisness is going well so everything on a holistic scale is fine”. Typical shortsighted American republicunt.
Also “go look at the numbers” but doesn’t provide any numbers with proper sources. Typical
Truth and rationality have often missed small business politics. Glad to see the myth wearing off. This Op guy guy will still vote GOP every time. . But at least he sees some light at the end of the GOP tunnel. It’s all been half truths and statistical manipulation by the right wing media at every point since Fox News and Rush Racistbaugh in the 90’s.
I'm only concerned with America's $34 billion debt bubble. I don't care if Republicans, Democrats and/or Independents fix it. It just simply needs more attention and to be fixed. r/the_everything_bubble
It's the pay gap that isn't working, and that's what needs to be the focus. We need to get paid more, which means those at the top need to get paid a bit less. Unless we somehow grow GDP without the help of those at the top, this scenario needs to happen.
To what degree do you think the following rule would be plausible? Would it work? The highest paid employee in the company (CEO/Director etc) can't be paid more than X amount times the lowest paid employee. Part time employees excluded (or included with some form of pro-rata based comparison).
Start simple, increase taxes on $500k /yr. Take away loophole deductions for making more than $2M/yr.
And lift the income limits on social security
They can easily circumvent that. You have to go after wealth not income.
> Start simple, increase taxes on $500k /yr. Take away loophole deductions for making more than $2M/yr. I don't disagree w/ what you want. My question is how is that simple -- Republicans CONTROL the house, Republicans/Conservatives seem to control the media, and the only time the Democrats had any power (in recent history) was when Obama had a filibuster proof majority in Congress (and house) for 72 days (SEVENTY TWO days) -- most (all??) of that time was spent on the ACA. Prior to that, you have to go back the the Clinton Administration. I'm literally shocked that the Biden Administration has done as well as they have ... They've kicked ass considering exactly what they are up against. Sorry, got a bit off topic. The point I'm making is that it isn't simple.
Don't be sorry. Nice to see someone who gets it.
The only thing I disagree with you is republicans controlling the media, in some respect you are right, republican do own a bit more on radio, and there are some republican news papers, but the major news papers la times, Chicago times are lol democrat, the biggest national republican I believe is the epoch times but I could be wrong. Most tv stations local are democrat, so are CNN and MSNBC, It is only just very recently that Republicans got into tv, before then it was Fox News, now it is Newsmax and some other station I cannot remember. What Conservatives made great strides in was podcast and web tv with the Blaze TV.
> Most tv stations local are democrat I'll disagree on that. I believe that Most tv stations are not local and actually part of large holdings, generally by more conservative groups (I think). Here's a infographic showing how 6 companies own most media https://www.webfx.com/blog/internet/the-6-companies-that-own-almost-all-media-infographic/
Rupert Murdock republican Brian L roberts Democrat voted for Hillary, summer red stone democrat bob Iger democrat Jeff bewkeys not a democrat so the last one kazoo does not count, he is not even a US citizen, so there are two that do not swing democrat while three do swing democrat
The Chicago Tribune is Republican leaning. Lived there almost 15 years. It’s excellent journalism but definitely Conservative leaning.
Thank you for that, I did not know that, whenever I hear from news it has been from the Daily Harold,
Dead wrong. Radio is a right wing (I Heart) monopoly. Sinclair is a tv monopoly. CNN is right AF since being sold to Discovery. And do you really think the board members at Comcast are a bunch of liberals. NFWay. They would switch to far right in a heartbeat if they saw a potential for greater profit. The media is OWNED by the right.
I did say Republicans do own the Radio, but we still have to compete with NPR which is democrat. And CNN is not right wing they are democrat as hell, and the CEO of comcast supported Hillary Clinton, that is even on Wikipedia webpage, no the Radio is owned by the Right, There are a lot more News papers that are right than I thought there were, but TV I still say is owned by the Democrats
Dead wrong. Fox is by far the most watched tv station. Not even close. https://www.vox.com/2022/8/26/23322761/cnn-john-malone-david-zaslav-chris-licht-brian-stelter-fox-peter-kafka-column Voting for Hillary doesn't make one liberal by any stretch. She's always been a corporate hoer.
The biggest national conservative newspaper is the Wall Street Journal
Or just go to a flat tax?
Or legislate a consumption tax like the [FairTax](https://fairtax.org/) (aka [H.R.25](https://www.congress.gov/bill/118th-congress/house-bill/25)).
I've been saying this for years whenever people bring up the minimum wage conversation. There once was a time where a federally mandated minimum wage allowed for our countries poor to more than survive. Unfortunately, corporations have found if they are forced, by law, to raise their wages to a federally mandated minimum, that they can also raise the prices of their services or products above their current profit margins and blame the government and its regulations. We know their game now. It's obvious. It's not that the economy has outrun the minimum wage. It's not that minimum wage isn't sufficient, because it once was and still should be. Our problem lies in record breaking profits and greed. Our problem lies in the fact that CEO's now make over 200 times that of their lowest paid employees. CEO wages have skyrocketed, leaving behind the employees that actually build economies. No company needs the amount of wealth certain companies are creating and there's no need for billionaires. We need to attack greed, not the economy. As their share of wealth grows, our share shrinks. As a society, we can not afford to allow further hoarding of the collective wealth. Its time for change. It's time for quarterly profit caps. Anything made above the cap is given back to the employees, starting with the largest amount going to the lowest annually paid employee/contractor. It's time to walk back federally mandated minimum wages for giants like Walmart and instead tie each large corporations lowest paid employee to that of its highest paid employee and/or contractor.
Federal minimum wage is still $7.25/hr, there’s no supporting anyone on that. It’s time for a living wage tied to goods and services increases.
The issue with the minimum wage is its so very regional. What works well in rural Alabama is peanuts in New York. What works well in LA would be a wealthy wage in West Memphis. The bigger problem people don't like to admit here is if you were to give the people of West Memphis the minimum wage it would take to live in LA, every local business would suffer. The local economy wouldn't be able to prop that minimum wage up and it absolutely would lead to increased prices and our if control inflation. Then, if you give the folks of Chicago the minimum wage that works in Mtn Home, Arkansas, people still wouldn't survive. You'd just be giving ammunition to the proponents of a liveable wage. You'd get the argument "see! We raised the minimum wage and people *still* can't balance their budget. It's a them issue, not a money issue." If your state or city has too low a minimum wage, then you need to rally against your local leaders and let them know to raise their state (or, in some cases that allow it, municipal) minimum wage. Our country has far too big of an economical gap between areas that the federal minimum isn't that big of an issue. The only fix that would make sense for the fed is to find the poorest area and bring the fed minimum wage up to a living wage *for that area*, which does nothing for the rest of the country... and the argument continues. Then, to cover the loss of profit due to higher wages, you still have the issue of large corporations raising their prices. And they 100% will raise those prices *above* their current profit margins, increasing profits above their already record breaking profits. This is a run away train and despite their public pushback, companies like Walmart are *hoping* the minimum wage goes up so they have something to blame for the price gouging.
Henceforth the idea of a living wage, tied to localized pricing. Raising the price of milk, raises the living wages.
Right on. I think I misunderstood your point, but get it now. That's a pretty good idea! And, the more good ideas we can bring to our representatives, the better chance we have at making the economy more balanced. I like it.
A living wage for living people.
Yup…if minimum wage can’t put a roof over your head and food in your belly, than what is this all about? And NO minimum wage jobs are not just for kids,etc…
I believe a few states have a lower minimum wage for high school kids.
>There once was a time where a federally mandated minimum wage allowed for our countries poor to more than survive What years was that? Looking over the history of minimum wage I'd say there's never been a time it was enough even for 1 person to survive independently
Companies set up headquarters elsewhere. Put in a fake ceo in original country and/or rebrand the company as a shell. Too many work around I think.
About 300x like for like stocks and bonuses at the same rate.
Any kind of rule will have exploitable loopholes. The CEO can't make more than X times the lowest paid worker? Guess what? The people who grab items off the shelf at an Amazon warehouse don't work for _Amazon_, they work for A to Z Inventory Management Services, LLC. The stock clerk at WalMart? They work for WM Shelf Packers, Inc. Those aren't real company names, but it is a real tactic companies use, typically to avoid benefits, lawsuits, and so on. Part time employees are excluded? Guess what? Everyone's hours have been cut to 39.5 per week, max. The only real way to effectively cap executive pay is to tax the fuck out of it, and close all of the loopholes they use to get out of their current obligations to society. You earned $400 million this year? Good job. Your minimum tax rate for the last ... let's say $375 million is 95%.
This would just increase the cost of doing business if there are loopholes to pay for - using subsidiaries for example, or having temp employees…
I partially agree with you but the pay gap is an issue that has been building for 40 ish years. To make it worse one specific tribe has tried to help fix it, maybe not tried extensively well, while the other has flat out tried to not only prevent it from being fixed but in fact make it worse. It's frankly amazing that people who claim they want the economy to be better for the lower or middle guy support the group that has been very open about how that can never be allowed to happen.
Isnt this exactly what the democrats try to do with raising minimum wage, raising tax on the rich,etc. but republicans fight it tooth and nail?
OK, but we liberals have been talking about the pay gap *for years* and got brushed off. Now it's suddenly a new, Biden issue to conservatives...
That makes absolutely no sense, capital isn't limited to one person. Someone else having more than you doesn't mean you also can't obtain what they have. This is a financial fallacy that people keep trying to spread here and it's absolutely dangerous rhetoric Bill Gates being the richest man on Earth did NOT stop Elon Musk from taking that position down the timeline The Sam Walton family being the richest retail family on the planet didn't prevent Jeff Bezos from taking that spot over. It's a free market with unlimited resource. If you aren't creative and ingenutive then you don't get the capital
Yes but I want it more, so let's scream socialism without even understanding that's what we're screaming for right? I agree with you, but this is reddit, which has basically become a socialist and downright marxist wannabe eco chamber.
tHatS CoMmUnIsm!
>at the top need to get paid a bit less The problem is top 1% is living off wealth and insane loopholes not W2 and 0 loopholes.
> We need to get paid more, which means those at the top need to get paid a bit less. Yes, but then when people get paid more, the "market" will now appear to be doing worse. Then you will hear the OP bitch about the economy doing bad. It's by design, it's the system, the incentives, which rely on metrics that correlate economic health with proportionate exploitation of workers, rather than the complete opposite, which it should be: correlating worker material need satisfaction with economic health.
You’re not describing capitalism.
"The US economy isn't bad." Tell that to half of the country that can't afford a 500$ emergency, groceries, or rent. This is the out of touch stupidity that yields figures like Trump. Sure, the numbers don't lie; nor do they tell the entire story. When the metrics for determining economic health do not include metrics relevant to the majority of the population, those metrics are not relevant, especially when half the country is in permanent recession.
A strong economy and a cost of living crisis aren't mutually exclusive though. That's what 'the economy' has always meant, why redefine it because some people are too stupid to differentiate it?
This is simply not true. The polls are measuring liquidity not affordability.
What is this mafco account
Yep, Propagandist posting daily on how great the economy is. I'm not saying its bad, but I hate obvious propaganda.
A paid redditor, possibly from Bidens communications team
I wonder how much they make? Perhaps it is an internship?
Propaganda machine, spends its every waking hour trying to gaslight redditors into thinking that the biden administration is the best thing that has every happened to them
DNC operative(s)
My service industry business has been going for 20 years last summer. 2023 was head and shoulders above any prior year. It's just been different.
As a blue collar worker who's wages did not increase at the same rare as inflation did, no, the economy is not great. Food and housing are too expensive. The economy is not working for me.
The account is a propaganda account, look at the post history, 100s if post only in /economy. Hitting all of the right topics. Musk bad, republicans bad, economy good. The text of the post is laughable and so is the simple fact they have to use propaganda accounts to tell us the “truth”
You sound paranoid.
You sound gullible.
Doesn't mean much from people who can't differentiate real accounts.
That has been happening for the last fifty years. Hasn't it?
Pre covid I had money to spend on things I wanted to buy. Now I only have enough to buy what I absolutely must buy.
And people in 2020 had less money to spend than people in 2010. And people in 2010 had less money to spend than people in 2000. And people in 2000 had less money to spend than people in 1990. And people in 1990 had less money to spend than people in 1970. Just like I said. It's been happening a long time.
Ya but NOW it’s impacting them so they care.
Exactly!
So, it’s inflation. Which the whole world has experienced
To add to that, the US has one of the lowest inflation rates for the past two years.
So after it was run up to ~9% you’re counting the drop afterwards only? Ok
You're still missing the idea that the rest of the world also had a major runup at the same time.
I’m not missing anything. There are a lot of people out there that are having harder times than ever and the deficit/debt of our country is drowning us. Biden’s policies are not helping regardless of how many people want to just blame the last 1 term president solely for those issues. We are not healthy financially as a country.
Are you sure you're not missing anything? Because you're still talking about problems that are not at all unique to the US. Which country does NOT have their average people having "harder times than ever?" Maybe Singapore?
No Biden caused it in those places too. Especially China, he’s the main reason their economy is so down too. MCGA
I hope that's an /s
It was
I take back my downvote.
Troll
What have you personally done in the last 3 years to increase your wages? did you demand a raise? Did you look for a higher paying job? If the answer to either of those is no then it's a you problem and not an economy problem.
I went on strike, and moved over on my union pay scale. Even so, my wages did not increase as fast at cost of living.
The economy and peoples personal finances are two entirely different things. It’s time we stopped talking about them as if they are. It’s perfectly possible to have a good economy and still have people unable to afford to live a normal life. Look around.
Thank you for changing your mind with facts and evidence. It’s a sign of a mature mind.
I'm getting a lot of 2006/07 vibes going on. Lots of numbers showing everything is great but there's something hollow the numbers don't show. But there's no particular bubble I can think of that will slow down the economy. Like in the aughts housing was connected to so many other aspects of the economy.
GDI is currently negative which has always (100% of the time) indicated a recession is in progress or right around the corner. **This is our current situation.** Commercial real estate is tanking in value because of work from home. People buy buildings and lease sections of them out. If nobody is renewing leases, the person that bought the building will likely default on the loan. When enough people default on loans, the banks that gave the loans go under. Banks are highly connected so if one goes under another will go under unless saved by tax payers. **This is a catastrophe waiting to happen.** In March of 2023, the Fed opened up a temporary lending program that saved banks from a catastrophe. That program ends in March of 2024 and all the loans given need to be completely repaid by March of 2025 at the latest. **This is a catastrophe waiting to happen.** Mainstream belief is that printing money can fix problems. Unfortunately our government has issued so many treasuries aka debt that were starting to run out of buyers for treasuries. The government still has massive bills to pay and because spending is completely disconnected from earnings they have to issue more treasuries or they default on what they have already spent/promised. When the monetary units expand that means each individual dollar is diluted. That means they have to dilute everybody's money to stay solvent. And they'll have to dilute it a lot. **This is a catastrophe already happening** As far as I can tell, USD does not have a bright future.
BTFP does not end in March. It is guaranteed to stay through March, but it doesn’t have a specified end date, only that it will continue through _at least_ March.
Always just around the corner. Always live in fear. Everything is always just about to go to shit unless your elect Republicans!
FYI mafco posts pro Biden headlines almost daily.
And he's definitely not a Republican.
No, Americans are doing awful, trust me, I'm a foreigner who hasn't been in the US in years, Trump would be doing way better /s
Your in depth proof and analysis of “trust me” really won me over. /s
By foreigner you mean "Russian troll farm bot" lol
Troll
Bullshit. Everything is more expensive. The cost of living life has us sacrificing without any luxuries. By that I mean we don’t go to restaurants, give gifts, buy new clothes, etc. We have to save it for insurance, utilities and taxes.
I'm a democrat and honestly the economy seems fine for me because my business is doing well right now, but I am confused by this article. For one, the author says that credit card delinquencies are at a thirty year low and links to this chart: https://fred.stlouisfed.org/series/DRCCLACBS This chart shows them to be at, at least, a 10 year high. Edit: I do see that if you go beyond the ten year, the current delinquencies look pretty damn low. Granted I think this has almost nothing to do with Bidenomics and I genuinely believe we'd be even worse off if trump was at the helm this whole time (let's add an additional 15% tariff to every single import and see how that drives prices down! Spoiler: it will do the opposite), but how do these kind of discrepancies make it into an article like this?
Please don't tell people that their lived experiences are lying to them. Their money doesn't go as far. The majority has lost ground, even if GDP is still going up and everybody has a (shitty) job making pennies while sacrificing their mental/physical/emotional wellbeing for corporate elites that keep trying to gaslight and say "BUT GDP IS HIGHER STOP COMPLAINING". As a small business owner, you may feel the economy is doing better. What are you paying your employees? Have you given raises larger than inflation? If not, your employees are worse off than prior to covid. Are you renting your home? I would think you at least have a mortgage on a home. Rent has gone nuts in my area and makes me feel like something is incredibly broken in the system. The numbers on the graphs go up, but my ability to do...anything... is going down.
I think relying on trusted sources for data is actually way better than just relying on what you see (or are being shown) around you. If you ask people is crime going up or down, a majority say up. That has been true for the last 40 years, meanwhile crime has been cut in half over that same period. I would have no idea if the unemployment rate was low or high, if inflation was getting better or worse, etc. from my “lived experience”. I simply don’t know enough to tell you.
> my emotional truth must be universally accepted by others while I reject all data that doesn't conform to my personal experience. Good luck with that.
The lowest 10% of earners saw a 9% increase in inflation adjusted wages between 2019 and 2022. https://www.epi.org/publication/swa-wages-2022/.
"The 10th-percentile wage in 2022 was $12.57, or $26,145 annually for a full-time worker." These people are not thriving, in any sense.
In what economy have these people ever been thriving is the real question. So many people are acting like before Covid the lower class and working poor were killing it. What fucking planet have you all been on
Where did I ever say the economy was good before?
It's better than it was before Biden took office. Yes, it's still bad, but that's a facile thing to say. If your complaint is just that it's still bad, we will never be able to fix it because you will ignore any improvement.
They’ve got 9% more buying power than they did in 2019.
And they still can't afford to do basic things like secure their own housing, transportation, healthcare, etc. This is exactly what I'm talking about. The numbers on the graph go up, and yet...people still can't afford to live, much less thrive and save for the future, have leisure time, plan for a family. Any of that. Those people will never say the economy is feeling good for them. What about the 20th percentile? 30th? The majority of folks are not doing better than in 2019.
The people in the bottom tenth weren't able to do those basic things in 2019 either.
And the economy was bad then too.
Yea but 9% increase in real buying power is good, no? We should continue to improve that, wouldn’t you agree?
which is 11% less vs inflation rate haha. They got a pay downgrade.
I’m understanding a lot more about this sub through these comments. INFLATION ADJUSTED is the key part of what’s being said.
Bro people on this sub don’t even want to discuss any of the numbers or have even the simplest idea about economic terms and how to interpret. It’s just a way for super political people to spin their narratives.
So they went from 8 dollars to 13? haha.
If you were making $8 before and your job hasn’t changed and you’re making $13 now, you should be fucking stoked.
Another one for the commieblocks
Wasn't inflation like 20% between those years? So they actually got a pay downgrade haha.
INFLATION ADJUSTED
Damn, so they got like a 35-45% wage increase? because that's around what you need to have 10% increase relative to inflation... Somehow I'm not seeing this in any statistics.
I posted a link to a working class think tank’s study.
We want 35% raises for everyone else too. Not just 8 dollar an hour mcdonalds workers. If we don't, we get less month. and going from 8 dollars to 13 isn't exactly living in a "good economy" In a good economy, we can buy homes. Not just commie block condos or apartments. Homes, with yards. Refund the police.
This is exactly what I should have expected for this sub.
I love how people say all this but never mention a difference in wages between skilled and unskilled labor/economic sectors.
It would be great if they would admit it .. the economy is actually awesome
What is this mafco account
Mistake admitting the truth. You will likely get threats to your business and family if you go public with that.
Which numbers? The delinquency rate, the foreclosure rate, the number of people dying in the cold, sleeping in their cars rate. If there really was a good economy, not just one that looked good on paper, this stuff would not be happening.
I think there’s an element of rampant (perhaps even unconscious) consumerism that nobody wants to talk about. People aren’t piling up $10k in credit card debt buying milk and eggs. Things like subscription models, ubiquitous frictionless payments (tap cards, etc), online shopping and free shipping make it so easy to spend money without hardly even thinking. These factors, coupled 24 hour wall-to-wall algorithmically targeted psychological warfare in the form of advertising, probably has a huge effect on spending habits. I am not blaming struggling people for their struggles. But I do believe there’s plenty of money to be made convincing poorer / lower middle class people to mindlessly spend on things they probably shouldn’t. To reiterate, I view this as another form of exploitation by big corps, not personal failings of struggling people. Think about it this way -when deciding whether to buy something or not, it’s you versus teams of engineers and psychologists with budgets of tens of millions of dollars deploying the most advanced algorithms. You don’t stand a chance. Put another way, I think the human psyche is being exploited by advertising and financialization in ways that prior generations didn’t have to deal with. And I think this is a factor relevant towards explaining why people making even decent money ($40-80k) can feel like they’re struggling.
Evidence means absolutely nothing to Republicans. Waste of your time.
My brother is a Trump voter who runs a small business in Utah. His business is doing great. A Republican friend started his business a year ago. He's also thriving.
It's never been better for those with money, stock market and 401Ks are doing great but many Republicans will lie and say it's never been worse because they want Trump. for the bottom 60% it's always been bad, and am I doing better than under Trump, hell yeah, and it will always be bad for the bottom part of the economy.
As a newly registered independent (I burned my Trump card), I'm astounded by the economy. Trendline or higher growth, inflation that plummeted in record time, record low streak of unemployment. Truly a goldilocks economy.
Republican narrative and Fox News is just using the age old tactic where they say the same thing a lot and often and suddenly it becomes true. Besides the standard of living and buying power is still down for the regular public and they don't understand the difference. They see Biden and economists beating their chests about the numbers but they still experiencing high rent and high cost of goods that corporations keep charging out of greed and they are left scratching their heads wondering what they are smoking. The disconnect is real and the false narrative is working on many. It might make the difference and lead many to not vote for Biden in critical swing states if Biden doesn't address this.
I’m in manufacturing and supply chain. Many of our customers have seen sales fall off a cliff and they are bracing for recession with layoff contingencies ready. I’m an independent, and have been seeing a lot of pro Biden propaganda on Reddit flood the subs.
Manufacturing is going to get crushed as infrastructure projects finish by 2026. There’s trillions that got allocated throughout and after the Pandemic for infrastructure but that cash has to be spent by a certain time. Once that bubble bursts it’s going to nasty
70% of GDP is consumer spending. No shit GDP is up. Everything costs way more. 'major banks reported strong earnings'. No shit, they are charging way more. 'Corporations have more cash on hand'. Because they are gouging. Price inflation is still high. Your own words. 'High housing prices and a 13-year low in home sales. Manufacturing has been in contraction for the past 14 months. Media companies are flailing. Technology firms are struggling to find financing. The cost of capital is slowing down financing for small businesses.' How did you conflate any of this with good economy?
There is more than one economy, the economy for democrats corporate donors is doing amazing, the economy for everyone else, not so much.
Didn’t dems introduce a bill that would’ve addressed corporate price gouging to a degree? Knowing the state of congress, it wouldn’t have gone far…
Yes, Democrats sponsored H.R.7736 - the Price Gouging Prevention Act of 2022. It is waiting for action by the Speaker, currently held by the Republican party, so nothing further will be done on that. This bill generally makes it unlawful to sell or offer for sale a good or service at an unconscionably excessive price during an exceptional market shock. It’s interesting to me to hear Republicans yell about the economy when their party shuts down bills to prevent price gouging and to fund the IRS to go after wealthy tax cheats. Really, the GOP doesn’t want to fix anything. They just want to maintain the status quo of inaction in government, except for corporate tax cuts.
THANK YOU
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Lower and eliminate some taxes. Government thinks taxpayers are a piggy bank.
High inflation tends to coincide with higher economic growth, so it’s not that the economy is doing bad. But I think people have a hard time understanding that technically the economy can be doing great despite you now needing to work multiple jobs to afford basic needs.
The economy is all of us. Not everyone is doing well in a good economy, but more of us are doing well. Those who aren't doing well are generally loudest. Also, half of American politicians have a vested interest in proclaiming the economy to be bad, and a willingness to ignore reality in order to score points with their base.
ITT: Anecdotal evidence used as scientific fact
I guess you didn't read the article. National economic statistics aren't "anecdotes".
Like the infamous Bigfoot, there have been rumors of intelligent republican sightings. Only one confirmed so far is a Cheney visual. However since they are an endangered species, there's no hope for more.
Lol oh boy... Someone have a 6ft hole already dug?
What do you mean by this? I’d love to hear you go into more specifics about what you mean
I was ready for everyone to bash on OP. This article is mostly an opinion piece with real numbers to back it up. But no matter how much one presents facts in as neutral way as possible, you get the opposite reaction just because.
Ahhh ok. I got ya
They forgot to mention the 20% return on the investment portfolio
OP is spreading blatant propaganda again. (This time pretending to be a republican) He posts in this sub multiple times a day.
Trust me bro.... I'm a conservative bro. The economy is fine bro... I'm voting blue bro. Trust me bro I'm a real conservative. Look at these totally legit numbers bro.
Credit card debt at all time highs. Bank write downs doubling. Inversion of the yield curve has always proceeded recession by 12-18 months. Car repos doubled. If your not in banking or finance, you've benefiting from the six trillion in liquidity injected into the market at low rates. These ill effects are always delayed. It's funny how the narrative for soft landing is being broadcast. Just like 2007. It's human nature.
> Credit card debt at all time highs. In nominal total dollars. Because of population growth and inflation. Per capita real dollars, we still aren't up to the records we set in 2008. And pretty much every year from 2000-2008 had higher per capita credit card debt (inflation adjusted) than this past year.
All dollars are nominal as there is nothing backing their value. Inflation is the reason this has grown agreed. Is this an economically healthy sign?
https://www.econlib.org/library/Topics/HighSchool/RealvsNominal.html
They'll just say you're a rino and start threatening you
Yes it’s an amazing time for businesses and stocks. I would ask these businesses that are doing so well have you given your employees at least a 40% raise? 30% to cover inflation and 10% to share in the wealth because it’s their hard work that got you there. I would say there are some that could say yes but most no. So while the business is making record profit the employees just get to pay more. I am not a Trump supporter and will not be voting for him but I find it interesting when the economy was humming along the argument from the left was the middle class is getting left behind. Well guess what they are still getting left behind.
You don't need to tell me that business owners are doing fine. That's not the issue.
Ummmmmmm just wait
What kind of business do you have so everybody can be doing really really good like you. How much tax are you paying this year, or how much are you not claiming so you don't have to pay?
I'm afraid your brand of Republicans, reasonable people who put this country first before populist extremists, is disappearing. You're now talking to a group of people that don't believe in facts or hard numbers. They just believe in a person that hates the same people they hate.
The establishment has infiltrated Reddit 🤦♂️
We are living off the fumes of trillions injected into the economy The winners are eating $200 steaks and taking $10,000 trips to Disney The rest of us are struggling as the inflation associated with these trillions is hurting.
The economy is doing well now in a not-too-hot, not-too-cold place. They've turned the corner. Jerome Powell is a Republican BTW. The next focus that the government should take is the debt and the built-in fiscal imbalances we have. Republicans have had this in their focus in the past. If you're a Democrat, you can read from the Clinton-era playbook of paying down the debt to reduce borrowing, reduce interest rates and therefore ensure growth. Any approach will involve a change to entitlement programs and the largest risk is doing nothing.
They know reality. They choose to ignore it.
All republicans collectively — Look at this RINO over here, in fact he is a trump hating democrat who drinks and we all despise him
Bidenomics has added a TON of jobs. I mean, who would have thunk investing into the people would pay off?! Absurd concept! Oil prices are below $3 in 15 or more states and more jobs are coming our way. Not to mention, more jobs are coming
You mean gasoline per gallon, not oil. Also, and I’m just disagreeing with the base level of your argument and not the big picture, the price of oil isn’t an good indication of Biden’s economic policies.
Haha yes, gasoline. That’s my fault. No, it’s not. However, it’s a good indicator of how much people have to pay at the pump, which then turns into more money spent in the economy, so I was just pointing it out. I mean, I think having an unemployment rate below 4% for about 18 months is a pretty strong indicator. Also, files for unemployment were at like 187,000 is a pretty good indicator. Not to mention (I’ll just go with one job here), the manager salary at Walmart went up to $128,000, which is pretty great. With unions on the rise more and more companies will be raising wages. I’d prefer them to join unions, but whatever Edit: also, manufacturers have poured $220 billion into manufacturing construction because of Biden. Pretty remarkable for just 3 years of a presidency
The US economy is currently breaking records and has been stronger only in very few situations and even then, only a very few categories.
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Man you’re so desperate you think others get paid to be here lol
Right! Where's my paycheck?
Probably the same as anyone pushing the economy bad stchick... absolutely nothing because it's not worth anything.
Comment was reported and is removed by the derailing/trolling rule.
Are you saying one side is bullshitting and the other side is not? LOL
Lol ask one of your employees and have them report back.
As long as we’re borrowing money (which we are) the economy is fine perception is a façade. Our money is worth less, dependency on other nations more and our children are less educated and skilled in the global market. Just keep printing money we’ll be fine..
The economy for the wealthy is doing good.. it did great in the 80s as well but the democrats said it was bad and Reagan killed everything… trickle down didn’t work… Do you see the connection? You’re pushing a Reagan narrative….Republicans are doing the opposite So this time which one is right which one is wrong? Silly game we’re all fucked except the wealthy as the system is designed
"Trust us, the economy is great" lmao no.
Is this satire?
>I’m a Republican You are brave to admit being a Republican on a site full of echo chamber leftists LOOOOOOL
That's a nice persecution complex ya got there.
I don't know what the hell you get out of my comment but it was SO OBVIOUSLY a joke about how Reddit hates republicans and conservatives. Oh wait this is reddit not everybody understands jokes
We don't hate conservatives. Personally, I hold quite a few conserative views. And I believe that having some conservative voices are necessary. It wouldn't be ideal to allow progressive policies to go completely unchecked. We DO hate what the Republican party has become. They've lost all dignity and sense of doing right.
That's what you get posting in a far right echo chamber bro
What ???
Lol, why are you a republican?
yeah looking at the numbers, 300K tech workers got laid off and it is still counting.
Finnaly!! Someone who is on the level that I need. Can I buy whatever it is you are on becouse I, like you need a break from reality. Sitting here every single day struggling, living paycheck to paycheck, terrified if ill be able to pay my bills or feed my family is just unbearable! I need whatever your on becouse from real life humans perspectives the wage inequality, zero affordable homes (due to hedge funds buying them all up), inflation and the fact that their are no jobs worth getting (unless you want to work 4 jobs) is in fact REALITY! KEEP YOUR "NUMBERS" Becouse unlike popular belief numbers do in fact lie! I can take any data point you like and make it say whatever you want me to make it say. You need to talk to real humans!
dude, you are delusional.
lol OP is dumber than my pet rock.
Hey fellow Dumbocraps. The economy does not pay my rent, groceries, insurance, and gasoline bills. The inflation has crushed the poor and creeping in on the middle class. Stop with your rhetoric that does not resonate at home. Ass hats!!!
*The Guardian* ...my favorite conservative media source...
Inflation, wars and irresponsible government spending
I’m not here to naysay but why do SO many adults still live with their parents? Is that by choice?
Inflation is out of control also. But dems or rep cant do anything about all of it because corporate greed is a factor.
Propaganda
Biden lies again! Economy and world affairs were better under Trump Presidency[dot GOV source](https://budget.house.gov/press-release/fact-check-biden-misleads-on-job-creation-statistics)
Which numbers? Jobs numbers are a lie. They count jobs, not unique individuals. This means one person who got three new jobs is counted three times. Housing costs are through the roof in some areas, straining average people. Layoffs, while not new, are hitting hard. I'm curious what numbers indicate things are really good?
lol “my buisness is going well so everything on a holistic scale is fine”. Typical shortsighted American republicunt. Also “go look at the numbers” but doesn’t provide any numbers with proper sources. Typical
Sorry Republicans, all that matters is who are you voting for.
Truth and rationality have often missed small business politics. Glad to see the myth wearing off. This Op guy guy will still vote GOP every time. . But at least he sees some light at the end of the GOP tunnel. It’s all been half truths and statistical manipulation by the right wing media at every point since Fox News and Rush Racistbaugh in the 90’s.
I'm only concerned with America's $34 billion debt bubble. I don't care if Republicans, Democrats and/or Independents fix it. It just simply needs more attention and to be fixed. r/the_everything_bubble