this post was submitted on 15 Apr 2024
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Tell these Americans that the economy is humming, that median wage growth has nudged ahead of the core inflation rate, and that everything’s grand, and you’re likely to see a roll of the eyes.

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[–] trebuchet@lemmy.ml 11 points 5 months ago (5 children)

It seems to me the most important element of this conversation is wage growth and unemployment versus inflation.

My understanding is those numbers being favorable are what make economists scratch their heads on why everyone feels so negatively and why the economists say the economy is doing great. The most convincing explanation I've seen that mirrors my own feelings is that wage growth feels like I've earned it through my own hard work but inflation feels like I'm being cheated, so even though overall people can buy more than before they don't feel good about it.

This article doesn't really address this big point at all.

[–] Aecosthedark@lemmy.world 7 points 5 months ago

Who can buy more than before? I can't. Fuel, mortgage, insurance, food, alcohol, electricity, entertainment, services ect have all gone up way more than my wage has. Mortgage alone means i have less money each month than before interest rates and inflation went up.

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