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HotsauceHurricane ,

Its because the economy works mostly for the rich and & underpaid employees reap none of the rewards.

CarbonAlpine ,

All I think of when I read titles like this is that older meme that said switch “economy” with billionaires yacht money.

Despite billionaires yacht money growth, 70% of Americans believe the economy is getting worse.

TheDemonBuer , (edited )
@TheDemonBuer@lemmy.world avatar

“The majority of people still say that inflation has caused hardship for their families, so I think that’s really kind of underlying a lot of what we see, even though a lot of the macroeconomic numbers are pretty strong at this point,” Jones told WTOP.

It’s difficult, if not impossible, to accurately determine the true state of the economy by looking at macroeconomic numbers alone. The modern economy is extremely complex, and that complexity is simply not captured in the GDP numbers, or the inflation figures, or the unemployment rate, etc. Behind each of those numbers are hundreds of millions of people, with different expectations.

I think this economy is just failing to meet a lot of people’s expectations, despite GDP growing and an unprecedented amount of wealth being created. I mean, maybe the economy will never be good enough, no matter how wealthy we all are. If the only way to be happy is to acquire more than you already have, you’re always going to be unhappy. I think that might explain why so many people are pessimistic about the economy even though the economic numbers are good.

owenfromcanada ,
@owenfromcanada@lemmy.world avatar

Honestly, a better metric would probably be

median rent / median wage

or something like that. Still doesn’t show the distribution, but it would be a much better measure than GDP.

solsangraal ,

sounds like 70% of people don’t have 10s of thousands of dollars in the stock market

frunch ,

Damn, i knew i forgot to do something ¯_(ツ)_/¯

GlassHalfHopeful ,
@GlassHalfHopeful@lemmy.ca avatar

I can’t imagine why…

chemicalwonka ,
@chemicalwonka@discuss.tchncs.de avatar

The question to make is: For whom?

The bourgeois goes very well , thanks but for the workers is the opposite.

seaQueue ,
@seaQueue@lemmy.world avatar

Despite rich people’s money growth, 70% of Americans believe the economy is getting worse

Fixed the title for you

dhork ,

That’s because the recovery is very uneven. Not everyone is better off than they were pre-pandemic, but everyone is paying the higher prices.

Death_Equity ,

But, but, muh GDP.

The economy is fine, if you have money.

seaQueue ,
@seaQueue@lemmy.world avatar

Almost all of our primary economic indicators have been juiced to hell and back so that “the economy” looks great on paper. In reality wages suck, inflation sucks, health care, energy and rent costs suck and the bottom 90% are growing ever poorer. But hey, our economic indicators look great so open some more champagne!

cygnus ,
@cygnus@lemmy.ca avatar

If 99 homeless people and Elon Musk are in a room, the average net worth of every person in the room is 2 billion dollars. Why aren’t all 100 happy about that?

Huckledebuck ,

Because Elon got jumped by 99 homeless people and he’s no longer happy?

NegativeInf ,

Watching Elon get ripped to shreds by 99 ravenous homeless people is a special kind of pornography.

But seriously, fuck the rich, fuck the investor class, fuck private equity. Goddamned tulip-speculating pieces of useless garbage.

NecroParagon ,

tulip-speculating

I love you for this burn

NegativeInf ,

Preesh.

SGGeorwell ,

Listen, nobody ever got rich by doing math. Just calm down with that nonsense. Be grateful for your $2billion.

Karyoplasma ,

Yeah, people should be grateful everything is expensive as fuck and the planet is burning while the c-suites get more money than ever. A real accomplishment this good economy.

How does this “economic growth” benefit me? That’s right, it does not.

wintermute_oregon ,

Inflation has been a killer. It has hurt the lower class the most.

xmunk ,

That’s because it is… the economy may be growing on paper but the portion of it most people have access to is constantly shrinking.

MediaBiasFactChecker Bot ,

Washington's Top News (WTOP) Media Bias Fact Check Credibility: [High] (Click to view Full Report)> Name: wtop.com> Bias: Least Biased
> Factual Reporting: High
> Country: United States of America
> Full Report: mediabiasfactcheck.com/washingtons-top-news-wtop/
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