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A comment on The U.S. Economy Reaches Superstar Status.

Re:The U.S. Economy Reaches Superstar Status by xnx on Monday June 10, 2024 @12:04PM (#40635038)
Perception is reality. It seems that changing the direction of a trillion dollar economy ended up being easier than peoples feelings about it. "Truthiness" is an appropriate word here. The rapid step-change in the price of goods (robbery!) is overpowering the less visible gains in wages (hard-earned by the sweat of my brow!).
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Re:The U.S. Economy Reaches Superstar Status by hamster77 on Monday June 10, 2024 @12:13PM (#40635141)
Maybe what people feel is more real / closer to practical reality than the numbers the elites point to argue otherwise?
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Re:The U.S. Economy Reaches Superstar Status by xnx on Monday June 10, 2024 @12:29PM (#40635283)
Yes. Feeling is believing, but I don't know how policy makers should handle it when so much of how people feel is dependent on if their "team" is in the White House: https://news.clas.ufl.edu/partisan-politics-and-consumer-sen...
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Re:The U.S. Economy Reaches Superstar Status by leereeves on Monday June 10, 2024 @06:57PM (#40640236)
That's not surprising at all. People expect their preferred candidate to set policies that benefit them, so their sentiment rises.
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Re:The U.S. Economy Reaches Superstar Status by dgfitz on Monday June 10, 2024 @08:27PM (#40640922)
People have a preferred candidate? Jesus, how?
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Re:The U.S. Economy Reaches Superstar Status by tivert on Monday June 10, 2024 @01:14PM (#40635742)
> Maybe what people feel is more real / closer to practical reality than the numbers the elites point to argue otherwise?

Bingo.

People who argue the economy is doing well based on some coarse high-level numbers are missing a lot, because the numbers are coarse and high-level. The most charitable interpretation is they're confusing the map for the territory.

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Re:The U.S. Economy Reaches Superstar Status by nightski on Monday June 10, 2024 @12:16PM (#40635168)
Or maybe those wage gains are not evenly distributed.
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Re:The U.S. Economy Reaches Superstar Status by xnx on Monday June 10, 2024 @12:32PM (#40635323)
Definitely: "from the end of 2019 to the end of 2023, the lowest-paid decile of workers saw their wages rise four times faster than middle-class workers and more than 10 times faster than the richest decile."

That said, 1% of one million is ~double 10% of $45,000.

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Re:The U.S. Economy Reaches Superstar Status by HDThoreaun on Monday June 10, 2024 @03:57PM (#40638048)
Theyre not. Most of the gains are going to the poorest and richest. The poorest especially are doing better than they have ever before.
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Re:The U.S. Economy Reaches Superstar Status by nightski on Monday June 10, 2024 @09:42PM (#40641376)
I'd imagine most of that "doing better" is wiped out by much higher housing costs and food inflation for the least fortunate.
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