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RBWells ,

It’s too uneven. Personally our household is doing better because both kids are working and the company I work for ditched plans to go public, and a couple of other factors. But:

Car insurance increased sharply (probably counted as money coming into the economy)

Homeowners insurance increased

Food prices increased.

Wages don’t increase as much as household costs. Until the wages of everyday people are growing faster than their expenses, they aren’t doing better. Again, personally we are, but I don’t think that can be extrapolated out, most households don’t have an opportunity to deploy more people to work.

MutilationWave ,

Fuckers always trot out that wage growth shit. They truly don’t understand that most people’s wages have not increased. If they have they likely have not even kept up with inflation.

RBWells ,

I’m an accountant and the measurements used in economics are kind of backwards, they worry about payroll cost, that’s true but what the fuck? They measure economic growth as though companies are people and people are expenses.

We need employee owned businesses all round and then that measure might make sense. But as it stands now, it’s literally measuring inequality.

Sam_Bass ,

As usual they measure the wrong sectors for these pronouncements

archchan ,

That “economic growth” is for the benefit of capital owners at the expense of everyone and everything else. I’m so done with capitalism.

ByteOnBikes ,

My salary increased but now my rent ate it all. And worse, house costs multipled.

Tugboater203 ,
@Tugboater203@lemmy.world avatar

I had/have such a hard time convincing people that this isn’t traditional inflation as much as it’s corporate price gouging. This is being done to us, not a result of Biden’s economic policies

palarith ,

All economic numbers are bullshit

werefreeatlast ,

Nah, the economy is fine, just like the planet. The people are fucked! Just like George Carlin used to say.

MystikIncarnate ,

Yep. Just reading the title, the “economy” is up, and people are worse for it.

The fact is, despite record breaking profit, nearly none of that “growth” is being provided to the people creating the value for companies to sell, and is instead being handed upwards to people with more money than brains, who have “invested” in the business.

The lines on the stock market graphs go up, and the people working for that company who create all the things that are generating the profit, are robbed, and their would-be wages are handed to the shareholders.

Is anyone shocked by this? Is anyone surprised by this?

Did anyone not know this already?

What a stupid article.

ZMonster ,
@ZMonster@lemmy.world avatar

I work with people that really struggle to grasp this concept. I work rotations and every hitch I find myself spending the first few days explaining that what they call “the economy” I would call the CPI, whereas what capitalists refer to is corporate profits - and never the twain shall meet. But this is yet another complexity that the right benefits from obscuring, and complexity requires thoughtful consideration for understanding. I realize I’m asking a lot from a bunch of blue collar rubes.

Fox ,

Part of it is that when people say the “economy” is up, they’re usually only referring to valuations of public companies which is only part of the picture. The price-to-earnings ratio is so wack right now that many companies are trading at 18x their earnings per share, so while profits may be up, the companies are still wildly overvalued compared to their expected output.

Real wage growth has lagged significantly compared to the historical trend. If the labor market continues to take a beating, consumer spending will tank and bring equities down with it.

match ,
@match@pawb.social avatar

oh boy, gini is up

bobthened , (edited )

Because the measures that economists use to measure the economy are not relevant to regular people. GDP tells you nothing about living standards.

xenoclast ,

Only getting better for the ultra wealthy. That’s what the system is for and it’s working better than it ever has.

If you think about. When capitalism is less capitalist is when regular people benefit. (Regulation, healthcare, free education)

Socialist American policies were the best.

Buddahriffic ,

I’d say even for the wealthy, their living standards aren’t getting better. At their level of wealth, getting more either means number in accounts goes up if they are passive with it or power over others goes up if they are active with it.

But yeah, capitalism is for those with capital; it’s right in the name.

PanArab ,

In the past 4 years my salary grew at about 3-5% while inflation grew at a much higher rate. I don’t even buy eggs anymore.

Egg prices have soared 60% in a year

squid_slime ,

GDP has to be the worst way to financially review a country.

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