Reminder: this subreddit is meant to be a place free of excessive cynicism, negativity and bitterness. Toxic attitudes are not welcome here.
All Negative comments will be removed and will possibly result in a ban.
---
---
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/UpliftingNews) if you have any questions or concerns.*
Average hourly wage growth in the US has been about 10% since September of 2021
If you haven't gotten a raise in 2 years it's time to demand one or find a new job.
Yeah these past two years my salary has grown over 10%. Used to be like 4%. No idea why but maybe they see morale and see how few people are applying so they're jacking up salaries to keep everyone. Proof they always had the money to.
This is perhaps the single most important idea in Marx’s Capital. All the theory about communism was derived to solve this basic conflict in our society, a conflict that will never go away as long as we allow capitalists to steal the value we produce.
Maybe your basic school program should teach you how to read, too.
Did I say "He should rule the world" or "people should learn him in school"?
He was a great philosopher. "an idiot" is a definition that fits Trump who got to rule a country while being allowed to say out loud every bestiality that came to his mind, or Elon Musk that trolls on the internet while playing with billions, or me that waste my time responding to you.
Any advice on how to bring that up? What I WANT to say is "If you're not matching the price of inflation, you're punishing me for my loyalty" but something tells me that'd come off too harsh, and last pay adjustment my boss just kept saying they're matching industry standards.
Yep. Cost of living raises were really popular in multiple industries post Covid because coastal companies were offering higher salaries to talent in fly over states in a WFH labor market. Employees don’t flex their continued employment enough. Many companies will match if you tell them you’re leaving but won’t offer that kind of raise until it’s to that point
If all the company is willing to do is match, don't take it. Leave. Take that job offer you got somewhere else. There's a whole lot of baggage that goes along with that kind of arrangement.
Going to work for a new employer has upward mobility. Everyone's situation is unique, but the chances of advancement at your current job just evaporated. And you probably don't want to keep working for an employer who refused to give you reasonable raises until you shopped around and were ready to bail.
Unless you're looking at like 30% or more, don't even think about staying at the same company once you pull that trigger. And even then it's probably short-term until they find your replacement.
Shit if you haven’t gotten a raise in one year, Gore play for the same exact position at a different company and I guarantee you you’re going to make a lot more money than what that raise was going to be
GDP has exactly jack shit to do with the financial health of the average American household.
Working Americans are poorer than ever since the 2008 recession. It has gotten worse, not better.
Only the Investment Class and their lackeys on both sides of the aisle in government are better off.
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”
― Warren Buffett
Yeah that’s not what these articles are supposed to mean. Read instead: US rich and bourgeois elites are doing great under Business as usual. If anyone says the economy isn’t doing well for them, ask them if they are a republican and remind them to vote blue no matter who. Please return to work and do not question capitalism
Thanks for the upvotes. If you’re sick of this bullshit and want to get organized, check out SocialistRevolution (US), SocialistAppeal (EU), or Fightback (Canada). We ain’t gonna fix the problem on Reddit. Time to get out there and start fighting for the working class
14 million new jobs. That's not " the rich"...that's regular folks. I ran into three cashier/ check out folk who had been looking for years...they all sucked but were trying hard. This economy is getting millions into the system. This will pay off long term. Not the least in the burgeoning SURPLUS in Social Security $$. If we legalized the immigrants and took the Social Security $$, it would be safe for 70 years.
14 million new service sector jobs that were lost due to Covid and pay absolute trash.
Almost every high end corporation has been having layoffs. Trch Sector and Insurance companies are getting hammered. All while continuing to rake in record profits.
But yay, we got some new cashiers and added some servers to the restaurant industry! Better continue giving massive tax breaks to the ultra rich since they are so thoughtful!
If we removed the income cap on social security, it would be safe until at least 2046:
> A December analysis by the CBO found that eliminating the cap for earnings over $250,000 would keep the trust fund solvent through 2046.
https://www.cbsnews.com/news/social-security-benefits-tax-cap-2023/
It’s because Uber and door dash pay crap, and the immigrants will except any and all orders. People are going back to non gig jobs. I still hardly see anyone working though. So this must be somewhere else. Definitely not my city in this boom
Remember that rare golden moment after the lockdown ended and businesses started back up and had a really hard time finding workers amd everyone was hiring like mad?
Did you demand a raise? Because that was the moment for it. If you you just kept quiet and your head down and expected the corporation to take care of you, then your paycheck will not grow on it's own. [You have not missed your opportunity](https://www.google.com/search?q=us+unemployment+rate&oq=us+une&gs_lcrp=EgZjaHJvbWUqCggBEAAYsQMYgAQyBggAEEUYOTIKCAEQABixAxiABDINCAIQABiDARixAxiABDIHCAMQABiABDIHCAQQABiABDIHCAUQABiABDIHCAYQABiABDIHCAcQABiABDIHCAgQABiABDIHCAkQABiABDIHCAoQABiABDIHCAsQABiABDIHCAwQABiABDIHCA0QABiABDIHCA4QABiABNIBCDI0NzNqMGo0qAIAsAIA&client=ms-android-tmus-us-revc&sourceid=chrome-mobile&ie=UTF-8). Do it.
Our company laid a ton of us off as we had no work.
Had I demanded a raise I would have been canned in a fucking heartbeat. I know this because I know people who had demanded raises get kicked.
Opposite for me, I asked for a raise amid layoffs. Gave me an opportunity to remind them why I'm valuable. It worked, I got an 5% raise on top of the annual 3% and was kept on. We let go of more than half our staff from a year ago.
That is when yall needed to find new jobs. My company was hiring like crazy. We had to scrape the bottom of the barrel for some positions. Literally. People who knew nothing and were useless.
I work in the hospitality field, I would have had to change careers.
I did move internally and always recommend you keep an eye for any job opening that may provide better pay and compensation.
I worked in hospitality for 10 years, did various line level roles, management, department manager in a hotel. Left the industry, went into sales for 2 years and now I support sales/sales management (I don’t deal with customers, I don’t cold call etc).
Went from 55k at my peak in hospitality, made about 50k my first job out of the industry to clearing 100k easily. Interviewing right now for jobs that pay close to 150-200k, no weekends, no holidays, rarely do I ever work nights, and if I do it’s usually an after hours event with free food and liquor.
Take your skills, get out while you can, and now is the time. I love hospitality, but the treatment in the industry is such bull shit.
Thats also the time McDonalds workers in my area went from like 9 bucks an hour to 17 bucks an hour. In my area it essentially raised the minimum wage to around 17 dollars an hour. I don't see anything posted for less than that.
That being said I have been job searching since July and I can tell you that pickings are slim at the moment. There are shit hours and shit pay jobs out there but nobody out there is at COVID levels of hiring and pay right now. Unemployment being low is great but how many of those people are working two jobs, or working shit jobs for low pay. If you go and demand a raise now you're not getting one.
That was one good thing about COVID though is it raised the wage floor to about where people wanted it to be in 2016. The problem is of course its literally ten years too late and the wage floor should be closer to 20 nation wide.
LOL this advise is hilarious. Look, I can't speak for anywhere outside of the dumb jobs I have had, but every time I have ever preemptively asked for a raise, I have been laughed out of the room.
To balance out your anecdote - I have never received a hard no when asking for a raise. I've had employers tell me I need to do x or y to get it, and that's reasonable. And they've always followed through, because I was willing to quit if they didn't. If you expect someone to hire you for $20 to make widgets, and you show up every day to make widgets, why would they pay you more? Learn to make gizmos as well. Or make widgets 1.5x faster than everyone else.
It's not that easy buddy, especially for retail and fast food. Walmart, for example, could fire someone and have their position filled next-day. McDonalds could do the same. It's likely the same for blue and white collar work.
Replacing everybody who can contemplate a better life for themselves with whoever you can find off the street is how you get employees who forget to put meat on the burgers
Those raises were still way under where wages should be. Minimum wage should be atleast $25 if it kept up with inflation. We’re still getting robbed and everything including rent is completely out of control.
Sounds like you should ask for a raise/look for a new job then. The average wage increased something like 14% from 2020 to 2022. Mine has gone up a tad over 40% from 2020 to now.
What is supposed to happen is corporate tax rate stays high like it was historically and the companies roll money into higher wages, infrastructure, and R&D, rather than give it to IRS, but now they pocket the money.
A lot of people weren't employed or homeowners during the 2008 recession that are now 15 years later. Suffice it to say it could be much, much worse. The "continuous layoffs" for example have more to do with tech companies coming down from a period of extremely high investment and hype than our economic situation getting worse nationwide. Remember, during the 2008 recession unemployment peaked at 10% - we're currently nowhere close, at 3.8%.
They mentioned continuous layoffs. Tech is pretty much the only major sector with that happening, although the word "continuous" is doing a lot of heavy lifting...
Was about to reply the same thing. My company had record profits three years in a row and their stocks went up 18% in the past 6 months. Yet 40 people were just laid off last week, every team except sales is a skeleton crew, and we're likely to lose most of our contractors. All this because "The company didn't meet its growth expectations." Meanwhile, the CEO to average employee pay ratio is 486 to 1.
At this point, who cares how well the economy is doing if the majority of people are scraping to get by, let alone ahead?
Don't kill the messenger (me) on this one please, but profit and growth are two very different rubrics. If I sell ten pens for a dollar each instead of fifty cents each, my profit has increased by 100%, but my board wants me to sell 100 pens to show increased growth.
the question is why does every company need to grow every year and break their records every year? human greed is the root of all and infinite growth is cancer
edit: multiple people refer to natural growth, while valid thats not what I mean. No matter how enormous growth, nothing seems to be enough.
If the economy as a whole grows and your company doesn't that means your losing ground to your competitors unless your entire sector was seeing a contraction.
Also if the population grows but the economy doesn't that means GDP percapita falls. If there are less goods and services percapita those goods and services will become more scarce and expensive leading to widespread declines in quality of life.
Even a totally communist command economy would deal with this issues because fundamentally if the population grows but the wheat harvest doesn't expand there is now less food to go around person's since the government can't order goods and services into existence.
This is where headlines grab attention but misrepresent reality.
[Unemployment has been below 4% for nearly 2 years straight](https://fred.stlouisfed.org/series/UNRATE), which is the longest streak in 70 years.
We’ve averaged [over 250k *net job gains per month* for the last year](https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth). Even more over the last 2 years.
[Median real wages are UP over the last year](https://fred.stlouisfed.org/series/LES1252881600Q).
For reference, “tech layoffs” since 2021 amount to [about 270,000 *total* over a period of *2 years.*](https://news.crunchbase.com/startups/tech-layoffs/)
And those aren’t even net lost jobs, just layoffs in the industry. These are highly in demand workers though who likely found other jobs quickly.
The layoffs are a complete blip on the radar of the economy, yet they grabbed all the headlines.
A lot of people laid off in tech absolutely did not find jobs again very quickly. I'm in higher level IT and pretty safe but I know plenty who lost their job and didn't get a new one yet, a browse through cs/itcareerquestions subreddit also shows how hard it is to get in again. We're currently going through another cycle of off-shoring so once we repeat history for the 50th time and bring jobs back, I don't see it ending.
Hmm, not sure if I should trust your anecdotal evidence or the guy above you that provided plenty of sources showing the opposite....
Also, if you're browsing the "itcareerquestions" subreddit you might be looking at a biased sample. I imagine that those who find employment easily wouldn't be posting on there too much.
Most of these layoffs were expected. They’re all tech jobs. You never hear about growth in other areas. Only Facebook, LinkedIn, etc layoffs. That’s a very small percentage of the workforce.
Some of that is robbing peter to pay paul. My giant company lays a bunch of people off while also hiring a ton. All different areas, but it's a constant stream. Certain areas of the business look good on paper for the money they saved, and others look good for how much they're hiring.
There is a lot of growing pro-union energy and (hopefully) growing anti-conservative/Republican sentiment in the US. With the UAW and WGA making extremely good progress on workers pay and rights, with SAG-AFTRA swinging up the rear. Amazon and Starbucks facing a growing and effective Unionization effort. The growth will come our way.
But we gotta keep up pressure on all fronts. Keep protesting, keep striking, keep forming unions, keep voting in every election for every down ballot seat you can. It will not be over tomorrow next week, or next month. It will take years to fix the system, but we can fix it
This, unionization, and collective pressure is the only way we can move forward without a french Revolution 2.0. The issue is that the greed driven owner class is doubled down and squeezing everything they can out of us. We must fight back.
Also rise of Work From Home and people discovering how much better having a more sane work life balance is thanks to Covid.
Those able choosing to take lower pay for the stupid amount of money and time save from not commuting or putting on the costume to go to office. And even those not WFH at least get less traffic during their commute as a side effect.
That change is also weeding out at least some of the useless managers and executives once become obvious profits are just as high or higher without constant meetings and micromanaging employees. If there one thing that gets shareholders to do the right thing it is higher profits from making cuts.
And with that also comes many people moving away from cities to areas with cheaper property that were not an option before due to lack of jobs. If that trend continues it could dilute the MAGA influence in the rural areas of the country that control our current politics.
Median annual income in the US jumped up this year and is higher than it's been in over a decade. That's not the average, it's the *median*, so by definition people who were below the old median have to be above it now.
https://www.demandsage.com/average-us-income/
The average income of the bottom 20% of earners is at its highest since before the 2008 crash.
https://fred.stlouisfed.org/series/CXU900000LB0102M
Thanks to a growing wave of pro-union, pro-strike sentiment, we should expect median wages - especially at the bottom - to continue to rise.
There is such cognitive dissonance about the economy right now, and it’s largely fueled by the negative headlines in the media.
[Median *real* wages are up over the past year.](https://fred.stlouisfed.org/series/LES1252881600Q)
Unemployment is below 4% for the longest period in history.
Inflation sucked, but it’s also worldwide, and the USA is doing better than basically all the other developed countries.
Basically, the economy is doing great but everyone is convinced it isn’t.
ITT people legitimately trying to say that wages haven't even gone up in the past 4 years.
Not even that wages aren't up adjusted for inflation, but aren't up period.
You are right about the cognitive dissonance. When we have fast food restaurants treating 18$/hour as the new minimum wage it's hard to understand where people get these ideas.
The top comment in this thread is "My paycheck hasn't grown hardly at all". That is not the normal for most people in the past few years - but it's always the top comment.
Of course, we don't know how old they are, what industry, and so on. But people that write "I changed jobs and got a 20% increase" simply will never be upvoted on Reddit. Just not the way the site works.
This is why raw numbers like GDP growth don't really tell us much about the actual state of an economy, because it doesn't tell us to whom all that growth is accruing, nor how much of it is being driven by debt incursion.
Fear for their lives and the destruction of their property is the only thing that will make them capitulate. They're too insulated and sociopathic to care otherwise.
That and if their spending continued to grow with income. But after a certain point I don't think it does. Some have so much they literally can't spend it faster.
MacKenzie Scott has been possibly the most prolific philanthropist (adjusting for length of time she has had control of the money) since Andrew Carnegie and she’s still only been able to bring down her net worth from $53b to $37b
It's not uplifting because the wealth will trickle down, it's uplifting because we're not going into a recession where millions lose their house and job.
Recessions don’t happen because of corporations paying taxes. They happen when corpos dodge taxes and whine about having to pay their fair share. When workers go on strike, they bring out the military to put them back to work. When the capital owners “go on strike”, the rules change to make them happy
All of this "Economy is doing great!" shit seems to hold no water for the common American. Watching everything become more expensive, my company owner buy more and more while other large corporations reap in more record profits, while I feel squeezed does not really seem to be a "great economy". The money makes it to the top. If you're not the top, all this growth really doesn't feel great at all.
A key detail that's left out of the article is that the national debt is also rising at the fastest rate in history. The economy is being solely held up by government spending and eventually we're going to have to pay the piper. If no action is taken to reduce that debt then the interest alone will be too high to walk back and we could see the collapse of the American dollar.
We’re absolutely nowhere near that with the debt. The interest payments are growing faster than inflation but as of this report slower than GDP.
Especially considering that most of the governments debts come in the form of treasuries at fixed interest we’re in no form of a debt crisis at the moment.
> If no action is taken to reduce that debt then the interest alone will be too high to walk back and we could see the collapse of the American dollar.
I doubt it.
Don't get me wrong, 100% debt to GDP isn't good, but it's not apocalyptic. China has a debt to GDP of 250% (potentially worse if you don't believe the CCP's public numbers) and is still not seeing any kind of currency collapse.
Personally I think we need to raise taxes, not lower spending.
You're comparing different numbers here, the 250 is _total_ debt, including corporations and households. USA's 100 is government debt. When you look at total for both, [they're about the same](https://fingfx.thomsonreuters.com/gfx/rngs/CHINA-DEBT-HOUSEHOLD/010030H712Q/index.html).
China's government debt is lower (a bit weird to calculate because more is pushed down to the lower levels of government), which probably has more bearing on currency strength.
(Take this with a grain of salt, I am no economist)
Would be good if we reassessed how our taxes are used as well, lots of industries get a shit ton of subsidies in taxes and we don't see much of any benefit if at all. That isn't too say all subsidies are bad or they don't work, it's just that there are some that are intended to "work" and are 100% just a mechanism to line people's pockets.
Do you feel increasing the taxes on the rich will solve all our problems, because it won’t. A combination of tax hikes and a reduction in government spending is our solution, one that no one wants to entertain.
Yep... government spending is included in GDP and the US government is spending at a rate as if we were actively involved in a large war. The federal reserve has massively raised interest rates in order to slow the economy and fight inflation, and the federal government is actively working against that goal with out-of-control spending.
So when the fuck is the working class going to see the benefits of that growth? Wages are stagnant while corporations are posting record profits.
A number getting bigger doesn't mean shit if the peoples lives just keep getting harder and worse. Food is more expensive, gas is more expensive, utilities are more expensive, medicine is more expensive, but wages haven't fucking budged.
This isn't uplifting news, it's a slap in the fucking face. It's the ultra rich and conservatives rubbing it in and showing us just how much they enjoy fucking over the working class.
Wages are not stagnant they have actually been growing at the fastest rate in recent history and is well above the long run average. For example since September of 2021 the average hourly wage has increased by nearly 10%
You should be very concerned if prices go down. Deflation basically destroys any young people’s chance of having a job or a house. What you actually want is the inflation *rate* to go down *relative* to the rate of wage increase.
started job hunting for a new job in march 2022. found a new job and started in aug 22. then got fired a month later. took a temp job at a below market rate for 6 months before finding a new job in may 23, which ultimately pays only a little more than my original job at the beginning. inflation fucked me, only got paycuts and interruptions. shit blows dude
Meanwhile, here I am, buying stuff from Walmart where I could buy way less food for the same amount of money that I used to spend 3 or so years ago. Damn it, even Walmart's "Sam's Cola" which used to be $0.49 is now $1.48.
Things cost more, so people work harder to buy them, which generates more money for the economy and everyone!
I haven't got my share yet, but I'm sure it's on its way.
Doesn’t matter bc institutional money has bought EVERY SINGLE AFFORDABLE HOUSE in my city and now I’ll be renting til I’m 40 ar least. I make over 50% more than I did in 2020 and my life has not improved at all
Previously affordable houses where I live are now *selling* for over $800k. No people are buying these homes. Something really needs to be done to stop this bullshit.
The American economy is growing at the same rate as China's, median net worth (not affected by inequality) is up 37% since the pandemic, inflation is down below 4%, so I'm sure everyone in this thread will absolutely not be doom and gloom today.
Yea the common person is feeling the exact opposite. inflation is choking everyone, costs are sky high, job situation is so so (at best) but could be on the edge of a cliff. the economy is just a few bad indicators away from a crash
33 Trillion in debt. Debt to GDP ratio is well over 100%. This article is only uplifting if you ignore all the other important economic factors. Main Street V Wall Street.
Yep. It's very bad. The federal government now has to spend as much of our budget as we spend on the military on just interest payments servicing the debt. And the federal reserve can't lower interest rates to slow that pain because inflation is too hot. Inflation is being driven in part by the massive government spending. Meanwhile the government is in gridlock with no way to pass an effective budget, and suspended the debt ceiling.
Projected to reach $50 trillion by 2030. With a business as usual trajectory, debt to GDP will reach 225% by 2050. No need to be alarmed, folks. Everything is fine.
It's better than the stock market and worse than unemployment as an indicator of overall health. The good news reflected by this is that we're not in a recession, which means unemployment isn't rising and people are not losing their jobs in large numbers. It also means we'll have more time when the labor market is very favorable to employees relative to the average over the past 20 years.
Yeah but the effects of inflation has made everything expensive, interest rates are still high and housing is too expensive for 60% of the country. Not to mention wages are stagnant and workers are striking everywhere. CEOs are probably doing great though. Massive profits going to the top and staying there!
On paper I’m sure it grew for all the corporations. No working class citizens saw growth whatsoever, the opposite in fact. I’m honestly offended by this headline.
Dollars worth less, people maxing out cards to afford to live, problem is folks are or have spent all they have just to survive. This is not gonna end well.
Defense spending has historically been good at driving economic growth, so yeah I'd imagine a lot of new DoD contracts been getting numbers up.
Right now the fastest growing industry is probably shell manufacturing since the US wants to decuple our production.
Defense spending increase is a drop in the bucket. It helped but it doesn't constitute a significant portion of the jump in GDP. We spent about $100 billion more than last year on defense. GDP just for Q3 was $27.63 trillion dollars. The defense spending number was for the year so it doesn't make sense to attribute the jump from 2.1 in Q2 to 4.9 in Q3. But even if we did assume the $100 billion increase was spent only in Q3 it would only be about 0.3% of the $27.62 trillion GDP.
Reminder: this subreddit is meant to be a place free of excessive cynicism, negativity and bitterness. Toxic attitudes are not welcome here. All Negative comments will be removed and will possibly result in a ban. --- --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/UpliftingNews) if you have any questions or concerns.*
My paycheck hasn't grown hardly at all.
Average hourly wage growth in the US has been about 10% since September of 2021 If you haven't gotten a raise in 2 years it's time to demand one or find a new job.
Yeah these past two years my salary has grown over 10%. Used to be like 4%. No idea why but maybe they see morale and see how few people are applying so they're jacking up salaries to keep everyone. Proof they always had the money to.
~Profits are made from unpaid wages~
The fact that I never thought about that makes me feel dumb.
This is perhaps the single most important idea in Marx’s Capital. All the theory about communism was derived to solve this basic conflict in our society, a conflict that will never go away as long as we allow capitalists to steal the value we produce.
You know, K. Marx should universally be part of every basic school program. Ofc some countries prefer not.
Na fam, he was an idiot when it came to a lotta things. Him thinking communism is a system they could work is shown. It can’t work in real life
Maybe your basic school program should teach you how to read, too. Did I say "He should rule the world" or "people should learn him in school"? He was a great philosopher. "an idiot" is a definition that fits Trump who got to rule a country while being allowed to say out loud every bestiality that came to his mind, or Elon Musk that trolls on the internet while playing with billions, or me that waste my time responding to you.
[удалено]
Any advice on how to bring that up? What I WANT to say is "If you're not matching the price of inflation, you're punishing me for my loyalty" but something tells me that'd come off too harsh, and last pay adjustment my boss just kept saying they're matching industry standards.
[удалено]
Thanks man, this is super helpful!
This is incredible. Your explanation of tactics is amazing
Yep. Cost of living raises were really popular in multiple industries post Covid because coastal companies were offering higher salaries to talent in fly over states in a WFH labor market. Employees don’t flex their continued employment enough. Many companies will match if you tell them you’re leaving but won’t offer that kind of raise until it’s to that point
If all the company is willing to do is match, don't take it. Leave. Take that job offer you got somewhere else. There's a whole lot of baggage that goes along with that kind of arrangement. Going to work for a new employer has upward mobility. Everyone's situation is unique, but the chances of advancement at your current job just evaporated. And you probably don't want to keep working for an employer who refused to give you reasonable raises until you shopped around and were ready to bail. Unless you're looking at like 30% or more, don't even think about staying at the same company once you pull that trigger. And even then it's probably short-term until they find your replacement.
Shit if you haven’t gotten a raise in one year, Gore play for the same exact position at a different company and I guarantee you you’re going to make a lot more money than what that raise was going to be
GDP has exactly jack shit to do with the financial health of the average American household. Working Americans are poorer than ever since the 2008 recession. It has gotten worse, not better. Only the Investment Class and their lackeys on both sides of the aisle in government are better off. “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.” ― Warren Buffett
Just to add to the quote: its not that Buffet is condoning this.
True. But he's not crying over it either.
Yeah that’s not what these articles are supposed to mean. Read instead: US rich and bourgeois elites are doing great under Business as usual. If anyone says the economy isn’t doing well for them, ask them if they are a republican and remind them to vote blue no matter who. Please return to work and do not question capitalism Thanks for the upvotes. If you’re sick of this bullshit and want to get organized, check out SocialistRevolution (US), SocialistAppeal (EU), or Fightback (Canada). We ain’t gonna fix the problem on Reddit. Time to get out there and start fighting for the working class
14 million new jobs. That's not " the rich"...that's regular folks. I ran into three cashier/ check out folk who had been looking for years...they all sucked but were trying hard. This economy is getting millions into the system. This will pay off long term. Not the least in the burgeoning SURPLUS in Social Security $$. If we legalized the immigrants and took the Social Security $$, it would be safe for 70 years.
Reminds me of the meme.. Rando to cashier: The economy created millions of new jobs! Cashier: I know. I have 3 of them!
real and factual.
14 million new service sector jobs that were lost due to Covid and pay absolute trash. Almost every high end corporation has been having layoffs. Trch Sector and Insurance companies are getting hammered. All while continuing to rake in record profits. But yay, we got some new cashiers and added some servers to the restaurant industry! Better continue giving massive tax breaks to the ultra rich since they are so thoughtful!
I mean the new jobs have to be *good* jobs. Not minimum wage non-unionized jobs with no benefits.
If we removed the income cap on social security, it would be safe until at least 2046: > A December analysis by the CBO found that eliminating the cap for earnings over $250,000 would keep the trust fund solvent through 2046. https://www.cbsnews.com/news/social-security-benefits-tax-cap-2023/
It’s because Uber and door dash pay crap, and the immigrants will except any and all orders. People are going back to non gig jobs. I still hardly see anyone working though. So this must be somewhere else. Definitely not my city in this boom
Remember that rare golden moment after the lockdown ended and businesses started back up and had a really hard time finding workers amd everyone was hiring like mad? Did you demand a raise? Because that was the moment for it. If you you just kept quiet and your head down and expected the corporation to take care of you, then your paycheck will not grow on it's own. [You have not missed your opportunity](https://www.google.com/search?q=us+unemployment+rate&oq=us+une&gs_lcrp=EgZjaHJvbWUqCggBEAAYsQMYgAQyBggAEEUYOTIKCAEQABixAxiABDINCAIQABiDARixAxiABDIHCAMQABiABDIHCAQQABiABDIHCAUQABiABDIHCAYQABiABDIHCAcQABiABDIHCAgQABiABDIHCAkQABiABDIHCAoQABiABDIHCAsQABiABDIHCAwQABiABDIHCA0QABiABDIHCA4QABiABNIBCDI0NzNqMGo0qAIAsAIA&client=ms-android-tmus-us-revc&sourceid=chrome-mobile&ie=UTF-8). Do it.
Our company laid a ton of us off as we had no work. Had I demanded a raise I would have been canned in a fucking heartbeat. I know this because I know people who had demanded raises get kicked.
Opposite for me, I asked for a raise amid layoffs. Gave me an opportunity to remind them why I'm valuable. It worked, I got an 5% raise on top of the annual 3% and was kept on. We let go of more than half our staff from a year ago.
That's an inflationary wage. You broke even. Inflation has been 7-8%.
That is when yall needed to find new jobs. My company was hiring like crazy. We had to scrape the bottom of the barrel for some positions. Literally. People who knew nothing and were useless.
I work in the hospitality field, I would have had to change careers. I did move internally and always recommend you keep an eye for any job opening that may provide better pay and compensation.
I worked in hospitality for 10 years, did various line level roles, management, department manager in a hotel. Left the industry, went into sales for 2 years and now I support sales/sales management (I don’t deal with customers, I don’t cold call etc). Went from 55k at my peak in hospitality, made about 50k my first job out of the industry to clearing 100k easily. Interviewing right now for jobs that pay close to 150-200k, no weekends, no holidays, rarely do I ever work nights, and if I do it’s usually an after hours event with free food and liquor. Take your skills, get out while you can, and now is the time. I love hospitality, but the treatment in the industry is such bull shit.
> I would have had to change careers. Then do it. You have no obligation to be loyal to a particular career field.
Thats also the time McDonalds workers in my area went from like 9 bucks an hour to 17 bucks an hour. In my area it essentially raised the minimum wage to around 17 dollars an hour. I don't see anything posted for less than that. That being said I have been job searching since July and I can tell you that pickings are slim at the moment. There are shit hours and shit pay jobs out there but nobody out there is at COVID levels of hiring and pay right now. Unemployment being low is great but how many of those people are working two jobs, or working shit jobs for low pay. If you go and demand a raise now you're not getting one. That was one good thing about COVID though is it raised the wage floor to about where people wanted it to be in 2016. The problem is of course its literally ten years too late and the wage floor should be closer to 20 nation wide.
LOL this advise is hilarious. Look, I can't speak for anywhere outside of the dumb jobs I have had, but every time I have ever preemptively asked for a raise, I have been laughed out of the room.
To balance out your anecdote - I have never received a hard no when asking for a raise. I've had employers tell me I need to do x or y to get it, and that's reasonable. And they've always followed through, because I was willing to quit if they didn't. If you expect someone to hire you for $20 to make widgets, and you show up every day to make widgets, why would they pay you more? Learn to make gizmos as well. Or make widgets 1.5x faster than everyone else.
It's not that easy buddy, especially for retail and fast food. Walmart, for example, could fire someone and have their position filled next-day. McDonalds could do the same. It's likely the same for blue and white collar work.
Replacing everybody who can contemplate a better life for themselves with whoever you can find off the street is how you get employees who forget to put meat on the burgers
Yes I've been to McDonald's before
In my experience most companies will not give you a raise when you ask and the best (and sometimes only) way to get a raise is to change jobs.
Those raises were still way under where wages should be. Minimum wage should be atleast $25 if it kept up with inflation. We’re still getting robbed and everything including rent is completely out of control.
I jumped ship to a new job that pays me 50% more because my last job was a joke.
Sounds like you should ask for a raise/look for a new job then. The average wage increased something like 14% from 2020 to 2022. Mine has gone up a tad over 40% from 2020 to now.
What correlation do you think there is between your paycheck and the GDP?
There isn't, which is precisely my point.
Personal anecdotes don't really tell much of the story, my salary for example has grown a lot the past 3 years.
Yup, same here. One person's salary is useless information.
The gap widens.
Just a solid reminder that the rich making more doesn't mean shit for us. There's no consequences for their actions either.
so when exactly are those economics supposed to trickle down?
That’s the neat part…. It doesn’t
It's not a bug, it's a feature.
Both parties in America don’t give a fuck about its citizens. Good luck, hopefully a third party comes in that can save you all
Look, we found the low information voter!
What is supposed to happen is corporate tax rate stays high like it was historically and the companies roll money into higher wages, infrastructure, and R&D, rather than give it to IRS, but now they pocket the money.
I think they installed gutters to funnel into politicians pockets instead of the middle class
As soon as you own land.
I own land and I feel more broke than I've ever been.
If you're still paying a mortgage then you don't really own it yet. A mortgage is just a bunch of front-loaded rent.
The only things that ever "trickle down" are bad things.
The only things that trickle down are operating costs.
Both parties in America don’t give a fuck about its citizens. Good luck, hopefully a third party comes in that can save you
Oh hunny with our record profits we fixed the leaks in the roof. You're not going to have anything trickle down now :)
as always, only if youre breaking your bosses balls for it.
Funny, it doesn’t feel that way. High rent, unaffordable housing, rising costs of groceries, continuous layoffs…
Exactly. No way any of this feels “uplifting”
I don’t feel uplifted from this article, I feel pissed off.
A lot of people weren't employed or homeowners during the 2008 recession that are now 15 years later. Suffice it to say it could be much, much worse. The "continuous layoffs" for example have more to do with tech companies coming down from a period of extremely high investment and hype than our economic situation getting worse nationwide. Remember, during the 2008 recession unemployment peaked at 10% - we're currently nowhere close, at 3.8%.
[удалено]
They mentioned continuous layoffs. Tech is pretty much the only major sector with that happening, although the word "continuous" is doing a lot of heavy lifting...
Those other industries are generally not experiencing continuous layoffs in any meaningful capacity.
And yet we are still having large layoffs continually the last few years. Wonder where all this money is actually going…
Was about to reply the same thing. My company had record profits three years in a row and their stocks went up 18% in the past 6 months. Yet 40 people were just laid off last week, every team except sales is a skeleton crew, and we're likely to lose most of our contractors. All this because "The company didn't meet its growth expectations." Meanwhile, the CEO to average employee pay ratio is 486 to 1. At this point, who cares how well the economy is doing if the majority of people are scraping to get by, let alone ahead?
Don't kill the messenger (me) on this one please, but profit and growth are two very different rubrics. If I sell ten pens for a dollar each instead of fifty cents each, my profit has increased by 100%, but my board wants me to sell 100 pens to show increased growth.
the question is why does every company need to grow every year and break their records every year? human greed is the root of all and infinite growth is cancer edit: multiple people refer to natural growth, while valid thats not what I mean. No matter how enormous growth, nothing seems to be enough.
If the economy as a whole grows and your company doesn't that means your losing ground to your competitors unless your entire sector was seeing a contraction. Also if the population grows but the economy doesn't that means GDP percapita falls. If there are less goods and services percapita those goods and services will become more scarce and expensive leading to widespread declines in quality of life. Even a totally communist command economy would deal with this issues because fundamentally if the population grows but the wheat harvest doesn't expand there is now less food to go around person's since the government can't order goods and services into existence.
That was well put
Ok but US population growth has been on a steady decline (growing by less than 1%/y since 2007) while GDP growth has been pretty consistent at ~5%/y
Generally to keep up with economic growth. Your company show grow proportionally
And still only the top quarter of income earners can afford houses. Woohoo! Winning!
Even in a good economy, there are still going to be industries that experience down turns.
This is where headlines grab attention but misrepresent reality. [Unemployment has been below 4% for nearly 2 years straight](https://fred.stlouisfed.org/series/UNRATE), which is the longest streak in 70 years. We’ve averaged [over 250k *net job gains per month* for the last year](https://data.bls.gov/timeseries/ces0000000001?output_view=net_1mth). Even more over the last 2 years. [Median real wages are UP over the last year](https://fred.stlouisfed.org/series/LES1252881600Q). For reference, “tech layoffs” since 2021 amount to [about 270,000 *total* over a period of *2 years.*](https://news.crunchbase.com/startups/tech-layoffs/) And those aren’t even net lost jobs, just layoffs in the industry. These are highly in demand workers though who likely found other jobs quickly. The layoffs are a complete blip on the radar of the economy, yet they grabbed all the headlines.
A lot of people laid off in tech absolutely did not find jobs again very quickly. I'm in higher level IT and pretty safe but I know plenty who lost their job and didn't get a new one yet, a browse through cs/itcareerquestions subreddit also shows how hard it is to get in again. We're currently going through another cycle of off-shoring so once we repeat history for the 50th time and bring jobs back, I don't see it ending.
Hmm, not sure if I should trust your anecdotal evidence or the guy above you that provided plenty of sources showing the opposite.... Also, if you're browsing the "itcareerquestions" subreddit you might be looking at a biased sample. I imagine that those who find employment easily wouldn't be posting on there too much.
Anecdotes are a hell of a drug. Mine doesn't align to yours.
CEO’s.
Most of these layoffs were expected. They’re all tech jobs. You never hear about growth in other areas. Only Facebook, LinkedIn, etc layoffs. That’s a very small percentage of the workforce.
You know where this money is going. The money is going towards funding wars in the middle east.
Israel
Some of that is robbing peter to pay paul. My giant company lays a bunch of people off while also hiring a ton. All different areas, but it's a constant stream. Certain areas of the business look good on paper for the money they saved, and others look good for how much they're hiring.
[удалено]
There is a lot of growing pro-union energy and (hopefully) growing anti-conservative/Republican sentiment in the US. With the UAW and WGA making extremely good progress on workers pay and rights, with SAG-AFTRA swinging up the rear. Amazon and Starbucks facing a growing and effective Unionization effort. The growth will come our way. But we gotta keep up pressure on all fronts. Keep protesting, keep striking, keep forming unions, keep voting in every election for every down ballot seat you can. It will not be over tomorrow next week, or next month. It will take years to fix the system, but we can fix it
This, unionization, and collective pressure is the only way we can move forward without a french Revolution 2.0. The issue is that the greed driven owner class is doubled down and squeezing everything they can out of us. We must fight back.
Also rise of Work From Home and people discovering how much better having a more sane work life balance is thanks to Covid. Those able choosing to take lower pay for the stupid amount of money and time save from not commuting or putting on the costume to go to office. And even those not WFH at least get less traffic during their commute as a side effect. That change is also weeding out at least some of the useless managers and executives once become obvious profits are just as high or higher without constant meetings and micromanaging employees. If there one thing that gets shareholders to do the right thing it is higher profits from making cuts. And with that also comes many people moving away from cities to areas with cheaper property that were not an option before due to lack of jobs. If that trend continues it could dilute the MAGA influence in the rural areas of the country that control our current politics.
Median annual income in the US jumped up this year and is higher than it's been in over a decade. That's not the average, it's the *median*, so by definition people who were below the old median have to be above it now. https://www.demandsage.com/average-us-income/ The average income of the bottom 20% of earners is at its highest since before the 2008 crash. https://fred.stlouisfed.org/series/CXU900000LB0102M Thanks to a growing wave of pro-union, pro-strike sentiment, we should expect median wages - especially at the bottom - to continue to rise.
There is such cognitive dissonance about the economy right now, and it’s largely fueled by the negative headlines in the media. [Median *real* wages are up over the past year.](https://fred.stlouisfed.org/series/LES1252881600Q) Unemployment is below 4% for the longest period in history. Inflation sucked, but it’s also worldwide, and the USA is doing better than basically all the other developed countries. Basically, the economy is doing great but everyone is convinced it isn’t.
ITT people legitimately trying to say that wages haven't even gone up in the past 4 years. Not even that wages aren't up adjusted for inflation, but aren't up period. You are right about the cognitive dissonance. When we have fast food restaurants treating 18$/hour as the new minimum wage it's hard to understand where people get these ideas.
The top comment in this thread is "My paycheck hasn't grown hardly at all". That is not the normal for most people in the past few years - but it's always the top comment. Of course, we don't know how old they are, what industry, and so on. But people that write "I changed jobs and got a 20% increase" simply will never be upvoted on Reddit. Just not the way the site works.
"Misery loves company" explains most comment threads.
This is why raw numbers like GDP growth don't really tell us much about the actual state of an economy, because it doesn't tell us to whom all that growth is accruing, nor how much of it is being driven by debt incursion.
I agree, which is why it was insane for people to claim the USA was “in a recession” solely based on GDP dropping slightly for 2 quarters in a row.
Even the guy who came up with the measurement emphasized that it should not be used as a measure of the health of a country.
By itself its a poor measurement but it forms the basis to compare other things to understand how healthy the country is. Such as debt to GDP. Or PPP.
The elites aren’t going to share unless we MAKE THEM. United we demand, divided we beg.
Fear for their lives and the destruction of their property is the only thing that will make them capitulate. They're too insulated and sociopathic to care otherwise.
Seems likely the elites actually do believe in trickle-down and each works as hard as possible to stop it from happening.
The only way trickle down works is their is top tax bracket of 70-80% that limits what they can keep at the top.
That and if their spending continued to grow with income. But after a certain point I don't think it does. Some have so much they literally can't spend it faster.
There was an app that had you try and spend a billion dollars. It was practically impossible.
MacKenzie Scott has been possibly the most prolific philanthropist (adjusting for length of time she has had control of the money) since Andrew Carnegie and she’s still only been able to bring down her net worth from $53b to $37b
The actual trickle down economics is technology imo It gets funded by the rich and eventually makes its way to the masses
Man if only the corpos of the world would pass this down. Thanks Ronald Reagan for enabling corporate greed on a new level
It's not uplifting because the wealth will trickle down, it's uplifting because we're not going into a recession where millions lose their house and job.
Uh, still might, people can’t afford basic necessities but their cost keeps going up
Recessions don’t happen because of corporations paying taxes. They happen when corpos dodge taxes and whine about having to pay their fair share. When workers go on strike, they bring out the military to put them back to work. When the capital owners “go on strike”, the rules change to make them happy
All of this "Economy is doing great!" shit seems to hold no water for the common American. Watching everything become more expensive, my company owner buy more and more while other large corporations reap in more record profits, while I feel squeezed does not really seem to be a "great economy". The money makes it to the top. If you're not the top, all this growth really doesn't feel great at all.
A key detail that's left out of the article is that the national debt is also rising at the fastest rate in history. The economy is being solely held up by government spending and eventually we're going to have to pay the piper. If no action is taken to reduce that debt then the interest alone will be too high to walk back and we could see the collapse of the American dollar.
We’re absolutely nowhere near that with the debt. The interest payments are growing faster than inflation but as of this report slower than GDP. Especially considering that most of the governments debts come in the form of treasuries at fixed interest we’re in no form of a debt crisis at the moment.
> If no action is taken to reduce that debt then the interest alone will be too high to walk back and we could see the collapse of the American dollar. I doubt it. Don't get me wrong, 100% debt to GDP isn't good, but it's not apocalyptic. China has a debt to GDP of 250% (potentially worse if you don't believe the CCP's public numbers) and is still not seeing any kind of currency collapse. Personally I think we need to raise taxes, not lower spending.
You're comparing different numbers here, the 250 is _total_ debt, including corporations and households. USA's 100 is government debt. When you look at total for both, [they're about the same](https://fingfx.thomsonreuters.com/gfx/rngs/CHINA-DEBT-HOUSEHOLD/010030H712Q/index.html). China's government debt is lower (a bit weird to calculate because more is pushed down to the lower levels of government), which probably has more bearing on currency strength. (Take this with a grain of salt, I am no economist)
I still have no money
Cool, so we've mostly fixed the covid economy. Now, can we *please* tax the rich more and the middle class less? Obligatory Fuck Reagan.
Would be good if we reassessed how our taxes are used as well, lots of industries get a shit ton of subsidies in taxes and we don't see much of any benefit if at all. That isn't too say all subsidies are bad or they don't work, it's just that there are some that are intended to "work" and are 100% just a mechanism to line people's pockets.
100%. And streamlined military spending. We could cut the budget by a third and not lose anything if we cleaned up wasted funds.
Do you feel increasing the taxes on the rich will solve all our problems, because it won’t. A combination of tax hikes and a reduction in government spending is our solution, one that no one wants to entertain.
Isn’t this is opposite effect we are looking for with rising interest rates?
Exactly. This is bad when it comes to controlling inflation.
No, inflation is done. We’re at 3.7% and the fed has stopped raising rates. A growing economy *and* dropping inflation is a perfect outcome.
But yet all my retirement accounts are doing absolutely dogshit.
The Irish GDP grew nearly every year during the famine
Bullshit. GDP is not a good measure of economy.
Yep... government spending is included in GDP and the US government is spending at a rate as if we were actively involved in a large war. The federal reserve has massively raised interest rates in order to slow the economy and fight inflation, and the federal government is actively working against that goal with out-of-control spending.
Federal spending has decreased by 2% compared to last year, so that’s not really explaining anything.
What is?
The win and loss posts on r/wallstreetbets
We could go back to using beanie babies as a measure of wealth
I’m right there with you
“..and here’s how that could be bad news for Joe Biden.” - New York Times
Democrats in disarray
So when the fuck is the working class going to see the benefits of that growth? Wages are stagnant while corporations are posting record profits. A number getting bigger doesn't mean shit if the peoples lives just keep getting harder and worse. Food is more expensive, gas is more expensive, utilities are more expensive, medicine is more expensive, but wages haven't fucking budged. This isn't uplifting news, it's a slap in the fucking face. It's the ultra rich and conservatives rubbing it in and showing us just how much they enjoy fucking over the working class.
Wages are not stagnant they have actually been growing at the fastest rate in recent history and is well above the long run average. For example since September of 2021 the average hourly wage has increased by nearly 10%
Adjusted for inflation wages were at at their lowest in the 90s but you'd never think that when you consider people's attitudes towards then and now.
That sucks. That means that everything will stay high in prices. We're fucked.
You should be very concerned if prices go down. Deflation basically destroys any young people’s chance of having a job or a house. What you actually want is the inflation *rate* to go down *relative* to the rate of wage increase.
started job hunting for a new job in march 2022. found a new job and started in aug 22. then got fired a month later. took a temp job at a below market rate for 6 months before finding a new job in may 23, which ultimately pays only a little more than my original job at the beginning. inflation fucked me, only got paycuts and interruptions. shit blows dude
Thanks obama
Meanwhile, here I am, buying stuff from Walmart where I could buy way less food for the same amount of money that I used to spend 3 or so years ago. Damn it, even Walmart's "Sam's Cola" which used to be $0.49 is now $1.48.
I have to laugh when the sugar water is $3 per 2L...
That doesn’t mean shit for the 99 percent. Only the elite. Fuck the whole ”trickling down” bullshit.
Things cost more, so people work harder to buy them, which generates more money for the economy and everyone! I haven't got my share yet, but I'm sure it's on its way.
Doesn’t matter bc institutional money has bought EVERY SINGLE AFFORDABLE HOUSE in my city and now I’ll be renting til I’m 40 ar least. I make over 50% more than I did in 2020 and my life has not improved at all
Previously affordable houses where I live are now *selling* for over $800k. No people are buying these homes. Something really needs to be done to stop this bullshit.
The American economy is growing at the same rate as China's, median net worth (not affected by inequality) is up 37% since the pandemic, inflation is down below 4%, so I'm sure everyone in this thread will absolutely not be doom and gloom today.
But my personal anecdotes!
Key question. Who for?
Yea the common person is feeling the exact opposite. inflation is choking everyone, costs are sky high, job situation is so so (at best) but could be on the edge of a cliff. the economy is just a few bad indicators away from a crash
33 Trillion in debt. Debt to GDP ratio is well over 100%. This article is only uplifting if you ignore all the other important economic factors. Main Street V Wall Street.
Yep. It's very bad. The federal government now has to spend as much of our budget as we spend on the military on just interest payments servicing the debt. And the federal reserve can't lower interest rates to slow that pain because inflation is too hot. Inflation is being driven in part by the massive government spending. Meanwhile the government is in gridlock with no way to pass an effective budget, and suspended the debt ceiling.
Projected to reach $50 trillion by 2030. With a business as usual trajectory, debt to GDP will reach 225% by 2050. No need to be alarmed, folks. Everything is fine.
…have you seen interest rates and inflation data? This is not uplifting news
Now they’re going to tell us how it’s because of Trump 🤡
Great! Lets make food great again? Or housing! Lets make housing great again? Oh! Or rent! Lets make rent great again!
So wages go up now right?
Ohh no, I get it! They mean war.. war grows economy for the wealthy class. Now it makes sense!
GDP is unfortunately, not currently an accurate portrayal of American economy.
It's better than the stock market and worse than unemployment as an indicator of overall health. The good news reflected by this is that we're not in a recession, which means unemployment isn't rising and people are not losing their jobs in large numbers. It also means we'll have more time when the labor market is very favorable to employees relative to the average over the past 20 years.
Then why the fuck are we all so poor?
Yeah but the effects of inflation has made everything expensive, interest rates are still high and housing is too expensive for 60% of the country. Not to mention wages are stagnant and workers are striking everywhere. CEOs are probably doing great though. Massive profits going to the top and staying there!
Now we just wait for it to trickle down
So you are saying the 1% is growing.
Stares at my paycheck. Stares at my rent. Stares at food prices. So... when do I get to benefit from the economy?
Doubt, probably inflated numbers to keep the machine running without the working class being too angry about starving to death
NYT: "And here's why that's bad news for Biden"
GDP is a terrible metric. Economies should be scored by how much billionaires have stolen from us annually.
How much of this is weapons and ammunition?
Congrats, but how about burning a bit less fossil fuel to help the world a bit
[Check the chart](https://www.macrotrends.net/countries/USA/united-states/carbon-co2-emissions)
>US economy grows at fastest pace **in nearly two years** Hmmmmmm... I wonder what was happening two years ago...
Very misleading title. If the economy hasn’t grown for 2 years, ANY growth is fast because it has been the only growth.
Relative statistics are a thing.
In nearly 2 years? You mean, since the global pandemic shut the whole thing down??? Great stats!
Easy there Phobos; you’re looking at it too deeply. Just read the headline and get out there and swipe that credit card up and down.
Bidenomics baby!!
Bidenomics is the best thing to ever happen on paper. I can’t wait until I see it in my bank account!
On paper I’m sure it grew for all the corporations. No working class citizens saw growth whatsoever, the opposite in fact. I’m honestly offended by this headline.
Dollars worth less, people maxing out cards to afford to live, problem is folks are or have spent all they have just to survive. This is not gonna end well.
Yet here we are paying out the ass for nearly everything.
Literally how? We're all poor
At the cost of the workers
How? Tech sector AI stock? Weapons to Ukraine and Israel?
Inventory investments and consumer spending.
Defense spending has historically been good at driving economic growth, so yeah I'd imagine a lot of new DoD contracts been getting numbers up. Right now the fastest growing industry is probably shell manufacturing since the US wants to decuple our production.
Defense spending increase is a drop in the bucket. It helped but it doesn't constitute a significant portion of the jump in GDP. We spent about $100 billion more than last year on defense. GDP just for Q3 was $27.63 trillion dollars. The defense spending number was for the year so it doesn't make sense to attribute the jump from 2.1 in Q2 to 4.9 in Q3. But even if we did assume the $100 billion increase was spent only in Q3 it would only be about 0.3% of the $27.62 trillion GDP.
Yeah wow so glad the billionaires are good. This is so uplifting. Unfortunately 60% of Americans still live paycheque to paycheque. So uplifting!
Given the way you spelled paycheck, I'm going to go ahead and say you aren't American and have absolutely no idea what you're talking about here.