Opinion If the US economy is doing great, why are most Americans not feeling it?

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If the US economy is doing great, why are most Americans not feeling it?​

There’s been a debate lately in the United States about the supposed success of President Joe Biden’s economic policies and the “vibecession” (a perceived recession based on a pessimistic outlook on the economy, term coined by financial influencer Kyla Scanlon) apparently taking place, which has been led by one X (formerly Twitter) user named Will Stancil.

Will argues that Bidenomics – the collective name for the current administration’s economic strategy, which is directed ostensibly at supporting the working class, reducing income inequality, and strengthening the social safety net – is working. The US economy is red-hot and, on the back of historically low unemployment, labor finally has the power to push for higher wages and fairer contracts, which ought to be making people’s lives better.

But, as is always the case, the internet disagrees, and people’s lived experience contradicts the hard numbers. X users shouted Stancil down with the fact that property prices are through the roof, so much so that Generation Z can probably never even fathom home ownership. Others are pointing to the fact that most Americans still live paycheck-to-paycheck, which means that any semi-large financial event could see them on the streets.

These are fair points. Homeownership is the primary way for people to build generational wealth. Due to high interest rates and ballooning property prices, it’s true that young Americans who aren’t already in the market may never get in. That’s a huge factor in this and leads to the pervasive feeling that things aren’t going well. But there’s something a bit bigger at play.

At the same time, before delving further, it must be said that Will is correct. Bidenomics is apparently working, at least to the extent that finding a job is quite easy these days. According to recent surveys, job satisfaction is at a historic high, wages are going up and inflation has gone way down. But people just don’t feel that way. Another recent Wall Street Journal poll found that 58% of registered voters think that the economy has gotten worse over the past two years and 74% of them think inflation has moved in the wrong direction despite that evidently not being the case.

So what gives? Why do people feel so pessimistic if things are so great? Stancil would say that today’s world is different than the past. Particularly, due to the advent of social media and (perhaps) the polarization of the media, there is a large narrative that hypes up people’s discontent. He would say, much like the ancient philosophers, that we live in a world constructed by narratives and that our lived experience is highly influenced by our preconceptions.

There might be some merit to this, evidenced by how people were split on the economy of former US president Donald Trump even though it looked similarly good on paper. However, what’s really changed the most in about the past seven years or so is the fact that Americans – particularly younger Americans – are beginning to apply comparative politics in how they view the world, i.e. they are seeing the difference between how America functions compared to the rest of the world.

With just a pedestrian understanding of virtually any other country, you will see that our system is very unforgiving: Americans do not have universal health care, universal higher education, accessible public transportation, government-mandated vacation time, or generous social benefits found in most other countries. This alone creates a sense that we’re being cheated and that our lives are highly precarious, which I would argue, as an American who has lived and traveled to many countries, is mostly the case.

Today, outrageous housing costs are creating more and more blight and visible poverty, including more homeless people on the streets. For Americans, this creates an inherent fear, because we implicitly understand that we are one emergency or bad choice – in the case of addiction – from being on the streets too. So, even if the economy is doing quite well today by American standards, we feel that total financial ruin is always right around the corner if just one thing goes wrong.

This is why it’s important to approach the “vibecession” debate from a broader and systemic point of view that both looks at the numbers and takes lived experiences into account. For example, if it really is true that the economy has never been better – or, some might argue, at least not for decades – then how is it possible that so many people are on edge? Because the American socioeconomic system is designed to be that way.

Americans started to realize this once things like ‘Medicare for All’ and ‘Tuition-free college’ entered into mainstream discussion, and when ‘Democratic Socialism’ and leftist politics, in general, had a rejuvenation on the back of the 2016 Bernie Sanders campaign. That movement highlighted these systemic issues front and center, and it has continued to this day in helping Americans realize that the way we run things is perhaps not the best in terms of taking care of basic needs.

On this, I am reminded of one quote from Friedrich Engels in ‘Socialism: Utopian and Scientific’, in which he describes the concept of historical materialism. He wrote, “The growing perception that existing social institutions are unreasonable and unjust, that reason has become unreason, and right wrong, is only proof that in the modes of production and exchange changes have silently taken place with which the social order, adapted to earlier economic conditions, is no longer in keeping.”

While the average American is obviously not a card-carrying communist, the point is still relevant. It doesn’t matter how many jobs are created or how much wages grow in a quantitative way if the qualitative American experience remains precarious. That’s probably what is at the heart of why so many people feel that things are wrong.
 
Is this retard seriously trying to argue that inflation has gone down? Pretty amazing considering how much money has been printed over the past few years, along with the feds changing the method at which they count/measure inflation.

There’s been a debate lately in the United States about the supposed success of President Joe Biden’s economic policies and the “vibecession” (a perceived recession based on a pessimistic outlook on the economy, term coined by financial influencer Kyla Scanlon) apparently taking place, which has been led by one X (formerly Twitter) user named Will Stancil.
The only people I know who use "vibe" and assorted words are low to mid 20 somethings who have no real life experience. Throw in that they're a "financial influencer" and it tells me everything I need to know about the retardation this article is based on.

Another recent Wall Street Journal poll found that 58% of registered voters think that the economy has gotten worse over the past two years and 74% of them think inflation has moved in the wrong direction despite that evidently not being the case.
People feel one way, but they're wrong; says the guy who probably hasn't looked as gas prices or shopped for their own groceries within the past few years. Sure shit fluctuates and has even gone down at times, but gas is pushing close to $5/gallon where I am again, and food prices aren't going down either. The problem with measuring the economy, to me anyway, depends on who you want to listen to. The average person wants lower prices, the dickhead in a suit on Wall Street wants maximum profits; and these two things are diametrically opposed. Is the economy doing well, yeah, probably, if you have more than enough money to do whatever you want.

Dude boasts he's an American that has visited a number of foreign countries and quotes Friedrich Engels. You know this dude has never had to worry about anything in his life, and now he needs to dictate to the lessers about what's really going on.
 
Dude boasts he's an American that has visited a number of foreign countries and quotes Friedrich Engels. You know this dude has never had to worry about anything in his life, and now he needs to dictate to the lessers about what's really going on.
Well, yeah, he's a faggot who thinks we're broke because the government isn't paying for MAiD and college. I knew he had a hole in his head the minute I saw that line, no need for his Engels fellatio.
 
I love how they always say "inflation is down" as if that's a big win. There's still inflation but its only 5 percent not 10 percent see biden keeps winnin!

pre French revolution behaviors from the nobility class will get french revolution behaviors if they don't sort their shit out.
That's a moot point anyways because they are referring to the inflation rate, not how much the dollar has actually inflated by.

The US is already running a 1.7 trillion dollar yearly deficit. To put that into perspective that that's more than double what was printed up for the bank bailouts in 2008 and that's on a YEARLY basis. Inflation will shoot right back up as soon as the Feds have to print up the money to pay the deficit.
 
Why do you think "Rich men from Richmond" is so damn popular despite not being pushed by Youtube? Same reason. People are having trouble getting jobs, making a living and making ends meet. The US is in a depression. And if socially it unravels further, thanks to all the lying journos and useful idiots of the left pushing communist politics, it might lead to collapse.
 
the economy can do as good as it wants to. but that does not mean anything will change because at the end of the day companies get to choose the prices at which their goods are sold. so if they dont feel the need to lower prices they wont no matter how good the economy is. its all about profits and maintaining them. it does not matter who the president is they all lie about the economy and they all lie about fixing things.
 
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This is my least favorite form of article, rampant with postulation and false neutrality acting as a Trojan Horse for the writer's opinions. Add in a dose of condescension and dismissiveness for good measure.
 
Economist are completely out of touch.
paul krugman economist.png
 
Because the billions being printed are being given to Economically Illiterate Rich people who shove it into stocks where it doesn't do anything of actual value for the economy and financially illiterate poor people who blow it on Cigarettes and other useless Sheeet the moment it gets in their hands.
 
I'm tired of paying more for everything just because Biden can't run a country. Maybe he can't. But that's why we need to vote him out of office and get someone in who can and will. Don't know how my week is going to work out. The craft show tomorrow is supposed to be at the High School, but with the students back and working, I'm not sure they'll let us do it there.
 
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I love how they always say "inflation is down" as if that's a big win. There's still inflation but its only 5 percent not 10 percent see biden keeps winnin!

pre French revolution behaviors from the nobility class will get french revolution behaviors if they don't sort their shit out.
You want to know something? Before the Revolution, they knew the numbers were fucked. Everyone knew. The government knew, the people knew, everyone knew. The people know, but does the government?
 
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