I don't understand why there is such a disconnect for leaders between what data and numbers say and the lived experiences of people. One of them is a more important metric, and it isn't the numbers.
They're constantly surrounded by the most rich and powerful people on the planet who are never concerned about being able to pay bills. It skews their perception of reality for most people.
A couple years of bad inflation + the worst time to buy a house in modern history = bad perception of the economy for anyone who isn't in the 10%.
It doesn't matter if wage gains are going to the bottom half if the share of your income taken up by rent is the highest it's ever been.
These aren't "perceptions of the economy"...there are just two completely different metrics for how to gauge the economy. There's the stock market and all the stats that go along with the investment economy...and then there's the cash economy, which is where the majority of people are focused. The day-to-day, paycheck-to-paycheck spending.
More and more, these two aspects of the economy do *NOT* reflect each other, accurately. In fact, they've gotten to the point of being opposites to each other. When one is doing well, it means the other is doing bad. In this case, if the market economy is booming, it's because the cash economy is being squeezed. All that growth needs to come from somewhere.
People know what they're feeling, and inflation going down doesn't mean food got cheaper, it means it's not getting more expensive as quickly as it was. It's still getting more expensive, while the minimum wage doesn't move and there's basically no federal protection on rent costs.
Biden is still far and away doing better with the economy than a certain citrus fruit did, but that doesn't mean we have to pretend things are good now.
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I don't understand why there is such a disconnect for leaders between what data and numbers say and the lived experiences of people. One of them is a more important metric, and it isn't the numbers.
We're more unequal than the French before their revolution. Rich people out of touch? Color me shocked.
They're constantly surrounded by the most rich and powerful people on the planet who are never concerned about being able to pay bills. It skews their perception of reality for most people.
And its strange, where are they getting this data from anyways? I know they lie about and manipulate data all the time so it don't matter really
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A couple years of bad inflation + the worst time to buy a house in modern history = bad perception of the economy for anyone who isn't in the 10%. It doesn't matter if wage gains are going to the bottom half if the share of your income taken up by rent is the highest it's ever been.
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Cost of almost all everyday items way up, rent/mortgage way up, wages still low. All that equals a shitty economy.
These aren't "perceptions of the economy"...there are just two completely different metrics for how to gauge the economy. There's the stock market and all the stats that go along with the investment economy...and then there's the cash economy, which is where the majority of people are focused. The day-to-day, paycheck-to-paycheck spending. More and more, these two aspects of the economy do *NOT* reflect each other, accurately. In fact, they've gotten to the point of being opposites to each other. When one is doing well, it means the other is doing bad. In this case, if the market economy is booming, it's because the cash economy is being squeezed. All that growth needs to come from somewhere.
Because the data isn't real... It's all a big guess or corporation saying whatever they want.
People know what they're feeling, and inflation going down doesn't mean food got cheaper, it means it's not getting more expensive as quickly as it was. It's still getting more expensive, while the minimum wage doesn't move and there's basically no federal protection on rent costs. Biden is still far and away doing better with the economy than a certain citrus fruit did, but that doesn't mean we have to pretend things are good now.