US grew faster than any other large advanced economy last year. Additionally it’s poised to break records again. It’s hard to unseat an incumbent with a strong economy. Good luck selling the economy sucks. U.S. Winning Economic War The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024. Why it matters: America's outperformance is rooted in its distinctive structural strengths, policy choices, and some luck. It reflects a fundamental resilience in the world's largest economy that is easy to overlook amid the nation's problems. By the numbers: U.S. GDP looks to have grown 2.5% in 2023, according to the IMF's hot-off-the-presses World Economic Outlook, the highest among the G7 economies (Japan was second at 1.9%). IMF economists forecast similarly best-in-class growth this year, with 2.1% U.S. growth (second place: Canada at 1.4%).
I'll continue to say the problem is the purchasing power of the dollar is still way down, and that's all that matters to most folks. People aren't sitting around talking about our GDP being good. They're talking about how they can't afford groceries or housing. US Consumer Price Index: Purchasing Power Of the Consumer Dollar
That chart isn’t in real dollars and was only a very short time period. Real CPI prices are about flat with 2019. You’re earning more and paying more.
Has to be fake news as it contradicts the narrative that since their orange god left the WH the entire country is a complete disaster and only he can fix it.
Definitely no major economic problems right now. It is going to taper off over the next 6 months, but feds will cut rates in late summer. Will it be enough for Biden to pull out a w? We'll see.
The ECI doesn't measure buying power for consumers. But even without getting into the nuance of econ stats, it doesn't change the narrative. In fact, you're further proving my point. People arent sitting around talking about ECIs or adjusted stats or econ jargon. They're talking about how housing costs are now 50% of their take home pay. And insurance costs are crazy. And groceries. The narrative is bad. That's all that matters to your average voter.
IMO one big omission in this is our deficit. If we’re paying our annual operating costs vs borrowing how would this look? And yes we were borrowing a lot under Inmate P01135809. And his tax cuts is another driver for our deficit now.
One issue with this argument is that Usain Bolt’s speed is only notable if we exclude cheetahs. And house cats.
look at the sectors that are saving in the cpi and the ones that are losing. computers, tv. printers, electronic equipment down, food, housing up. cpi is a good tool but doesn't tell the whole story unless segmented. business costs are down vs dollar, personal costs are up vs dollar. good for business, bad for labor. more disparity where capital is being awarded over labor.jmo
So some would prefer double digit inflation, double digit unemployment, and soup lines because it will somehow help the orange god in November. At least they are being honest.
Their favorite time in history was being unemployed with everything shut down because gas was $2 and Trump was tweeting from the shitter at 4am.
Recognizing the accuracy of your statements, you are arguing with logic against the feelings that @channingcrowderhungry is referencing. And logical arguments almost always fail in changing opinions that are based on feelings. If the Democrats' plan to battle the "bad economy" narrative is charts and graphs, they're going to lose that argument bigly, imo.
