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BrotherL0v3 ,

Well yeah. Who gives a fuck about a 2% increase in the GDP? Prices are high and wages are low.

SteveFromMySpace , (edited )

“Wages and salaries increased 5.1 percent for the 12-month period ending in June 2024 and increased 4.7 percent a year ago. Benefit costs increased 4.8 percent for the 12-month period ending in June 2024.The prior year’s increase was 5.2 percent.”

I cannot speak to your individual case or where you live or respective industry. But “wages are low“ is incredibly reductionist. They’re up ~9.8% over 2 years.

It’s also important to remember that the entire world is hurting as we are emerging from a near recession/massive economic disruption due to Covid. The US has actually had a better story than many of its peers.

That being said I would never argue we have a healthy economy. I just think your particular characterization is flawed. Income inequality is still skyrocketing as it has been for about 20 years. Arguably 50. But “skyrocketing” wouldn’t apply entirely to 1980-2010

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

In 2/3 of the US states it’s still legal to pay someone $7 an hour.

5.1% of $7 an hour is 35 cents.

Don’t spend it all in one place, I guess.

BossDj ,

Less than 2% of the population is making minimum wage. Median income is more than double minimum wage. Even in rural areas

I agree it’s not enough, should be raised and all that, but it’s not the reality (because that number is so ridiculous)

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

I agree it’s not enough

shrugs

5.1% of $14 is 70 cents an hour. $28 bucks a week.

Don’t spend it all in one place.

This economy is objectively atrocious for working people. I’m glad we can connect on the fact that it is most definitely not enough.

ReallyActuallyFrankenstein ,

This seems like an unnecessary debate, because it’s the wrong metric for “fair” pay.

I think the better metric is something like average employee pay ratio to C-suite pay, or something calculated compared to the stock market value, like market capitalization.

Because the biggest problem is that absolute and year-to-year value created by increased productivity is going to the bosses and owners at an unfairly disproportionate rate.

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

Agreed.

The only upside in this economy is that it’s so bad, and there’s so little leadership for workers at the federal level, that it’s forced unions to become stronger by necessity.

SteveFromMySpace ,

$14.50

BossDj ,

Shrugs? Well fuck data I guess

SteveFromMySpace , (edited )

$7.25. It’s not easy to live on.

sp3tr4l ,

Housing (homes and apartments) is either in yet another bubble, or I guess just going to permanently remain absurdly high, slowly filtering more and more people into homelessness and death.

Personal debt levels are astoundingly bad. The average US renter credit score is 638, and most places won’t even consider you if it is below 620.

The medical system remains ruinously expensive and corrupt.

The proportion of those who are not counted as unemployed, but who are not working, despite being working age, climbs higher and higher. (Labor Force Participation Rate).

College costs climb further and further, offering less and less likelihood of an actual decent paying job.

Wealth inequality is the worst in the known economic history of the world.

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

It doesn’t matter that the economy is growing if it isn’t lifting up your life as well. Hundreds of millions of people still live in US states where it’s legal to pay $7 an hour. (2/3 of them) All of us are dealing with rampant inflation and crippling costs for utilities, housing, and food.

The government’s position on this is that the Biden Administration has created 16,000,000 jobs, and while that may be true, I’d wager my savings that most of those are second and third jobs, because it’s become impossible to live with just one in the United States of America.

APassenger ,

I’d wager my savings that most of those are second and third jobs, because it’s become impossible to live with just one in the United States of America.

I’ve wondered this as well - and wondered if Biden ever really grokked what’s happening. Hopefully others do and they follow through once they win (if they do).

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

Biden ever really grokked what’s happening

I don’t think anyone at the federal does. If they do, they simply don’t care, judging by their actions.

We’re about to hit 20 years of the minimum wage being $7 at the federal level, across three administrations, two of which were Democratic with control of Congress. I expect more of the same no matter who we elect in the fall.

ironhydroxide ,

I’d wager my savings

Well if you’re like most sub 35yr olds, that’s not a big wager at all.

FlashMobOfOne ,
@FlashMobOfOne@lemmy.world avatar

That’s a really depressing statistic. I wish we could get everyone under 40 to vote differently, but I don’t think we can.

KyuubiNoKitsune ,

Yeah, corporations are doing great, the “economy” is a good indication of that, but it means fuck all for us.

AshMan85 ,

Gilded age 2.0

APassenger ,

I’m ready for progressive Roosevelt-types and I’m voting as hard as I can to get them. I’ll take Teddy, I’ll take FDR, I’ll take Eleanor.

I just want someone scrappy enough to succeed on our behalf.

Icalasari ,

I just want things to hurry up and get to the stage where rich investors start jumping from windows again because even the stock market can't hide shit anymore

jubilationtcornpone ,

“Space travel” is the new “Build a house so big it can hold the the entire population of Newport.”

cyborganism ,

It’s going well for anyone making capital gains. It sucks for anyone else earning a fucking wage.

chemicalwonka ,
@chemicalwonka@discuss.tchncs.de avatar

No, no, the economy goes very well to the bourgeois elite that controls the state.The workers who are getting worse and worse.

Communism-15592290

Pyr_Pressure ,

There’s the “economy” and then there’s the real economy. The one that affects the 1% and the one that affects the 99%.

The 1% love the current “economy”.

The 99% hate the current economy.

henfredemars ,

The economy as reported is a measure of rich people sentiment, not a measure of how we’re doing.

Empricorn , (edited )

I dare you to post a wage gap chart. Who gives a fuck if the “country” is growing financially, if like 60 billionaires take more of it??

Omgboom ,

With the most recent employment numbers, things are about to get worse

circuitfarmer ,
@circuitfarmer@lemmy.sdf.org avatar

Stock market gains or shareholder gains mean absolutely shit to the average american.

If I can’t afford housing and bread, shit isn’t good. Let’s change how we report on the economy.

kibiz0r ,

1: The Sahm recession indicator triggered in July. Now both this and the Kantro indicator are signaling that a recession already started. Both have a near perfect record since 1970.

2: How the ‘strong’ US economy feels for poorer Americans, in five charts

3:

https://midwest.social/pictrs/image/6cb917e5-2493-404c-88fb-858ffa9a8afb.png

SteveFromMySpace , (edited )

Ok let me preface this by saying every single person experiencing homelessness deserves the security of a roof over their head and more.

<150,000 is surprisingly low to me.

Is this nationwide? The upward trend is concerning no doubt, clearly something is wrong is more people are experiencing chronic homelessness at a rapidly rising rate. But honest to god I am shocked to see it isn’t at least 1-2mill nationwide.

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.

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.

mrcleanup ,

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

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