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BodePlotHole ,

Homes aren’t going to get more affordable… Neither is Healthcare.

Facebones ,

“Economic growth” = stock market up

Stock market is just the scoreboard for theft of economic value, it is useless as a measure of economic health except maybe inversely (if stock market is up that means more wealth is being extracted and funneled upward)

demesisx ,
@demesisx@infosec.pub avatar

The economy IS getting worse.
VIX yesterday let me know that economists think we’re about to enter a recession.

arefx ,

The other 30% are rich

DarkCloud ,

Economic growth doesn’t necessarily translate to an economy that serves the needs of a wider majority, often it means just the opposite.

InternetUser2012 ,

I see prices going down, here and there. It’s good but it’s also bullshit. They raised the prices to make record profits and when people can no longer afford anything, they drop them. “See how nice we are, we lowered our prices for you”, when in reality they’re scared because people gave up buying their shit altogether.

Krauerking ,

I have a feeling that they announced the rate cut because of early access to the data showing that everything was finally cracking under the pressure and Powell was hoping to spike up the stock market with wild abandonment partying before the jobs data and recession flags would become public knowledge.

It’s definitely just a game for getting rich people to be playing with their money and it’s so tiring to be ignored for only their sake.

DudeImMacGyver ,
@DudeImMacGyver@sh.itjust.works avatar

The secret ingredient is corporate greed.

b161 ,

“Economic growth” = rich people’s yacht money

SaharaMaleikuhm ,

Maybe if the average citizen would benefit from economic growth.

modifier ,

…then it is.

Check your instruments.

Snapz ,

“Believe”

Looks like you should instead be focusing on how these 70% draw the conclusions that lead to their “beliefs”

mrcleanup ,

It’s almost like the word has a different meaning on Wall Street than it does for the average person!

Itdidnttrickledown ,

We think the economy is worse because it is for us. Food prices have doubled or more than doubled in the last ten years and our income is stagnant so we make the same but everything costs more. We don’t see any growth or stability in the quality of our lives.

Inflation is nothing compared to price gouging and price fixing by businesses that no one tries to curtail. This is approved of by the powers that be.

But let one opportunistic asshole corner the market on hand sanitizer in one region of the US at the beginning of a pandemic and he has to give it all away because nearly everyone thinks he is a monster.

PagPag ,

How old are you? Genuinely curious.

Itdidnttrickledown ,

I can remember the last moon landing.

huginn ,

Inflation is nothing compared to price gouging and price fixing by businesses that no one tries to curtail.

Lina Khan is on the case and making waves.

She’s the single most hated person in the C-Suite across the USA.

TheFriar ,

Not to mention energy costs, transportation costs, basically all necessary costs have gone up. In the meantime, the cost of electronics and frivolous items have gone down. It almost seems like a goddamn ploy so they can continue to write snide articles about, “oh, you all complain about being poor? Why are you still buying TVs and iPhones?”

BallsandBayonets ,

Electronics often have subscriptions, ads, and data theft baked in. So the sticker price is less, but companies are still making more money off us.

theparadox ,

I think what people are feeling is what has been often described as enshitification. The definition of that term as given by its creator doesn’t match the context in which I see it increasingly used. However, I think that the phenomenon that people often use it to describe is what is killing consumer confidence.

If the economy is actually serving consumers, then those at the top are making less profits. This is unacceptable. They have to keep making money. They have to keep increasing how much money they make. They have to keep increasing the rate at which they increase the money they make. If they’re not, then they are stagnating according to investors. This is incompatible with the survival of normal people. Growth cannot be infinite.

So the companies consolidate and find corners to cut and we absolutely feel it even if it doesn’t show in the numbers. They find new and creative ways to create “shrinkflation”. They don’t have to literally shrink the product - that’s too obvious. They can instead alter the formula, find cheaper low quality components, squeeze their workers harder or outsource labor, stand behind their products just a little less by updating wording to sound the same but technically promise less, add a little friction to their warranty process, hedge against inevitable future failure with no class action clauses or forced arbitration in their terms…

It feels like every company is doing something like that these days… and if they aren’t, they are being abused or bought by a company that is.

How can confidence then not be down?

Itdidnttrickledown ,

I’ll stick with price gouging.

some_guy ,

Where was all that growth? Could it be in the pockets of billionaires and the owners of this country? Cause I don’t hear regular people cheering about the extra money they suddenly got from their jobs.

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