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Why are Americans so gloomy about their great economy? (www.economist.com)

submitted 9 months ago* (last edited 9 months ago) by bedrooms@kbin.social to c/news@beehaw.org

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Inflation, partisanship and the pandemic have made them glummer than the numbers suggest they should feel

I think the author just looked up statistics to reach a conclusion convenient to them.

Just ask the actual people. (Why didn't they do interviews?) There are so many details lost in their cherrypicked numbers. Prices, wages, housings, they are very bad according to what I read online, contrary to what the author argues citing average growths. Maybe they have no grasp of reality anymore?

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[–] Kwakigra@beehaw.org 35 points 9 months ago* (last edited 9 months ago) (1 children)

Because the literal majority of Americans live paycheck-to-paycheck. Trickle down doesn't work.

[–] AndrasKrigare@beehaw.org 11 points 9 months ago (1 children)

Weekly reminder that "trickle down economics" was always meant as a criticism. Coined by Will Rogers

This election was lost four and six years ago, not this year. They [Republicans] didn't start thinking of the old common fellow till just as they started out on the election tour. The money was all appropriated for the top in the hopes that it would trickle down to the needy. Mr. Hoover was an engineer. He knew that water trickles down. Put it uphill and let it go and it will reach the driest little spot. But he didn't know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night, anyhow. But it will at least have passed through the poor fellow's hands. They saved the big banks, but the little ones went up the flue.

https://en.m.wikipedia.org/wiki/Trickle-down_economics#:~:text=Trickle%2Ddown%20economics%20is%20a,critics%20of%20supply%2Dside%20economics.

[–] Kwakigra@beehaw.org 4 points 9 months ago

Far from the only joke in American politics. Will Rogers is as relevant now as always.