Re:Economic Termites Are Everywhere: stats hide the experien...
by JumpCrisscross on Sunday June 09, 2024 @10:05AM
(#40624513)
> method for understanding the economy is flawed and is not properly capturing what all consumers know intuitively
It’s not flawed, economic literacy in the general population just sucks and thus so does the popular discourse. The closer you are to the minimum wage or tech sector, the worse you’re doing; the more you make and more assets you have the better you’re doing [1].
The measures are there. They show a bifurcating economy, and in particular, one fracturing along social lines, thereby inhibiting information permeation. They’re just buried in e.g. the Fed’s Beige Books, which aren’t consumed as vociferously as TV news.
It’s not flawed, economic literacy in the general population just sucks and thus so does the popular discourse. The closer you are to the minimum wage or tech sector, the worse you’re doing; the more you make and more assets you have the better you’re doing [1].
The measures are there. They show a bifurcating economy, and in particular, one fracturing along social lines, thereby inhibiting information permeation. They’re just buried in e.g. the Fed’s Beige Books, which aren’t consumed as vociferously as TV news.
[1] https://www.wsj.com/economy/consumers/economic-data-paint-a-...