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Under Biden, U.S. economic growth becomes the ‘envy of the world’ (www.msnbc.com)

submitted 6 months ago by mozz@mbin.grits.dev to c/usnews@beehaw.org

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[–] t3rmit3@beehaw.org 3 points 6 months ago* (last edited 6 months ago) (1 children)

My disagreement with the post's article is that it is conflating the stock market with the economy, and the financial news sector is pushing this narrative very hard, or even saying it openly.

My issues with the article you linked about wages, in the comments, is that you're omissively citing bits and pieces to different people in order to support the idea that the economy is doing well, as the post article claims, when the post article is really about the stock market, not wages or living standards.

If the wage growth at the bottom 10th percentile doesn't mean they're not fucked, why would you even cite it?

[–] mozz@mbin.grits.dev 3 points 6 months ago* (last edited 6 months ago) (1 children)

Stock market

Who the fuck said anything about the stock market

The article talks about "growth" which is presumably GDP, which is a bullshit metric absolutely, but the overall context is:

The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The stock market is based on total crap and can swing up or down by like tens of percents on a whim for literally no reason at all. The only reason stock market even got mentioned tangentially was because Trump said something about the stock market, and they mentioned that at the end of the article.

IDK why I've spent so much time on this. Honestly man it seems like you're literally just saying anything, casting about for some thing you can poo poo or disagree with that has nothing to do with what I or the article are saying.

[–] t3rmit3@beehaw.org 2 points 6 months ago* (last edited 6 months ago) (1 children)

The bottom 10th percentile covers people making less than $22,880, according to BLS.

That firmly excludes the ~~median~~ mode of American households, by wages. The vast majority of Americans were not helped by that number. Is it good that it happened? Yeah, absolutely. It wasn't Biden though. And it isn't most Americans. And it isn't the economy as a whole.

[–] mozz@mbin.grits.dev 2 points 6 months ago* (last edited 6 months ago)

Yeah, I definitely don't know why I've spent so much time on this 🥲

This is like trying to explain to a drunk person why they can't drive home