Yeah I don't think this is something they're gonna be able to talk people into lol. The economy might be doing okay, but that means fuck all for the average Joe.
this post was submitted on 15 Feb 2024
141 points (90.3% liked)
News
23259 readers
3399 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
It always takes time for these sorts of numbers to permeate society and for people to feel a difference. This is why inflation might feel like it's more acute today when it's down to 3% than when it was at 8%, because it took time for those costs to sink in. As prices have stabilized and wages are still rising, people are going to start feeling a bit better about their economic positions, but it's going to take time for them to feel it
Still, when you say "wages are still rising" you mean companies are, on average, offering slightly higher pay to new hires. That doesn't help anyone who has been working the same job since covid started. All they see are higher prices. Averages can be useful metrics but this particular average means fuck all to a huge chunk of working people.
It's been several years since Covid started. If your job hasn't given you any annual raises in that time, what the hell are you doing still working for them?
Not being white collar who can move wherever they want and constantly get raises. There's a gigantic portion of the workforce that doesn't have that option.
As a blue collar worker ANY job change comes with a gigantic pay cut...
I've been in the same loop for 15 years now... Spend 5 years at a company, get slight raises, leave for a new job for my mental health, take pay cut, repeat.
Do you still have some notion of "faithfulness" to a company? If they don't rise your salary to market value, you ask for it. If they refuse, you find someone who will. Be the new hire.
I'm sure that works for some people but it's not a universal solution. It's like telling someone who complains of high home prices to just move somewhere else. Yeah, in the scenario where you can make that happen it will likely help but it ignores the complexities of life that make such a solution impractical for a multitude of reasons.
load more comments
(1 replies)
Whos wages are rising? Those who earn 150K+?
If it takes time, then things arent better.
Also youre full of shit. Inflation isnt down when it was 8% last year and 10% the year before and 3% this year AFTER they modified the reporting to get the better results they wanted.
Those inflation stats are YoY numbers. The rate may appear to be dropping, but inflation hasnt stopped being absurd.
Yes, that's how inflation works. Once prices go up, they don't come back down. The only time deflation happens is with Great Depression level events that would cause far more damage than the inflation.
The only way to fight inflation is to slow it down and then have wages rise enough to compensate for the higher prices.
load more comments
(7 replies)
load more comments
(1 replies)
Remember to translate economic news properly.
~~The Economy~~ Rich people’s yacht money is at record highs, so clearly we don’t have a problem with ~~inflation~~ corporate price gouging to keep their profit margins above the margins when they were stealing from taxpayers during Covid.
Any increase I've experienced in my pay has been completely surpassed by healthcare bills and inflation.
And gas and groceries and...
As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic
The hell I can.
and had an additional $1,400 to spend or save per year
Bullshit.
And Yellen acknowledged that life remains precarious for millions of people
Yeah, that's not good. There are 209M 16-64 people in the US.
Childcare is expensive. Education is expensive
That affects a shitton of that 209M.
We know that almost half of Americans on one occasion or another have felt they couldn't afford to fill a prescription
That's not getting ahead. Lady you've got some WILD definition of "ahead" that I would say over 50% of the United States does not share. Holy fucking shit. You all should fucking stop for a second, especially with interviews with CBSNews. We are not in positive territory. That is not the definition of victory by anyone grounded in reality.
I'm glad people's paychecks are going up a paltry sum. But none of that makes any difference if we cannot afford food, live saving medicine, or child care. Those are really, really, really fucking important things. There is no victory if those are not addressed. I get since you're under the treasury, money in/money out is the primary research here. But maybe just stick to those factors and not a broader commentary on the economy if those three basic things are still major issues with over 50% of the United States.
HOLY SHIT how disconnected from reality can one be?
Life is perfect... for her.
Line go up and to the right = economy good. Not that any of us plebs will ever notice. Oh, when line goes down we surely do. But up?
Remember, if you substitute "the economy" with "Rich people's yacht money", you have a much clearer picture of where we're at and where we're headed, and it'll put the quotes into perspective.
This is almost on the level of Maoist censorship of any societal ills, while reporting that "all is well as it should be, as laid out for us by our benevolent system"
Reminds me of the prices of commodities always 'going down' in 1984.
There is no war in Ba Sing Se
"The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command." Orwell, 1984
Looks at my paycheck
Looks at my last grocery receipt
Bullshit
exactly.
I buy the same stuff every week. The most that changes are condiments I don't need frequently. My grocery bill went from $60-70/week to $100-$110/week. That number hasn't budged one iota. Neither has my income.
Groceries, property taxes, insurance, restaurants, electricity, it's all going up.
Fuck. Janet. Yellen.
must be weird to be so divorced from reality....
Can't be divorced from reality if you were never married to it in the first place!
:P
Janet Yellen takes money from Goldman Sachs and many other K-street banks and continues to do their bidding.
All while unabashedly lying and shitting all over the American citizenry.
She’s been lying about inflation for YEARS now. She thinks we are clueless.
Correct.
Apparently Yellen has some fans in here who dislike facts/history.
So fucking weird, it’s all verifiable information. I’m sick and tired of being gaslit. This administration actually changed the definition of RECESSION
Every administration lies, but it has gotten completely ridiculous.
It was p.r bullshit to put a spin on it, but the actual institutions that "officially" declare a recession didn't change their definition.
It hasn't changed, the white house was just pulling typical spin bullshit, while those that actually have the final say on what state we're in didn't.
This fully supports my point, thank you 🙏
Why are you booing him? He’s right!
I've gotten three raises from my company that haven't kept pace with inflation lol. It's ridiculous. Oh, and insurance benefits cut substantially.
My employer hands out raises April 1. They are largely the same for everyone.
April 2021: 2% Inflation the prior 12 months: 3%
April 2022: 2% Inflation the prior 12 months: 8%
April 2023: 2% Inflation the prior 12 months: 4%
Upcoming April 2024: 2% Inflation up to January: 2% (sure to get at least to 3% by March, considering the latest annualized numbers are around there)
So my last 3 and at least my next raise will be below inflation. CPI up ~21% by April 2024. Wages only up 8.2%. I’m now going to be down some $11,000 a year. And that ignores that some necessities (notably food) are outpacing the CPI.
I am?
Well, you have to be one of those "hard workers"... like CEOs.
Another crypt-keeper-style government official
She need to learn difference between main and median.
I make 80% more than my 20 year younger self and I feel like I’m worse off. So yeah not so much.
Ahead of what, Janet, homelessness? Wages are only just catching up enough to keep supporting poverty for the lower class.
Don’t look at the man behind the whatever. Things are awesome, I’m tellin’ ya!
I for one can definitely afford more than I did in 2019, but I am in Europe. Now just waiting for interest rates to go down following inflation, that would be great.
Where the stats they use. Are they following one family or an entire town in bumpkins-ville-field-ton to make these statements. Taxes aren’t even due, earnings reports mean diddly from companies who have hit “record profits” after global pandemic. Whose ass do these economists sniff to get this numbers crunched. We still have variances in from 350$k earners hiding money, all while people less than 100k$ can afford to put down payments for cars, houses, food, credit cards, student debt.
load more comments
(5 replies)
view more: next ›