Numbers very easily lie when liars are using them. Please explain how people are better off when their wages catch up four years later to the prices increases that they have paying for those four years? People’s took a beating for four years. The fact that wages have caught up going forward doesn’t put that money back in their pockets. Put that money back in their pockets and I will agree that they are better off. Until then, please stop peeing on their backs and telling them that it’s raining. PS- I’m not calling you a liar AzCat, but the premise of the article linked in the OP is a complete lie. It’s election year and the sins of the incumbent must be covered up
Interestingly, first and second quartile workers have actually been outpacing inflation for almost 2 years now (since the start of 2023). The people who lost purchasing power were the highest quartile and, to a lesser degree, the second highest quartile. Wage Growth Tracker
Time only goes in one direction. The simple question today is, who has more purchasing power? The average worker in 2021 or same person today? That answer is the same person today. So, how is he not better off today than he was 3 years ago? And as MD pointed out, wages have been keeping up, if not outpacing inflation for the better part of two years. Ask yourself this. If people took such a beating, why all the discretionary income to make several 2024 holidays the busiest X holiday travel day ever? Where did the money come from? Maybe do many didn't take a beating after all? Because they saw their wages rise in concert with inflation? But they assume others were suffering, because we all see the prices we pay, but we don't know what everyone's salary is.
To be fair, to people on fixed income or that have not had wage growth, it probably still stings. That’s the issue with dealing with averages. Not everyone comes out at or above average. Some people will come in BELOW average. Not a disparagement as while it’s mostly the poorest that get hit hard by this type of inflation, I’m sure there’s plenty successful small businesses out there that get squeezed by inflation or maybe didn’t see increased income or even took hits to income (and thus couldn’t increase their pay). But that is always the case in any economy, not everyone can be a winner. Can really only look to empirical data then give a hand to those that are struggling. The problem with GOP policy is they slap back the hand that needs help.
I'm not sure how to approach it, but I wish Harris would figure out a good attack on the economy argument. Trump has the "Bidenomics" ads on repeat here in NC. Like every third commercial. It is clear the economy is not crushed like the Diaper Don keeps saying. Pretty much all indicators of a healthy economy is not just up, but way up. Wage growth, especially for the lower class, is way up. But more importantly, Bidenomics is what helped us get out of the inflation crisis, not put us in it. Investments in infrastructure, future tech like chips, solar, energy storage, etc. Trump wanted to bring back coal mining. Biden and Harris are bringing in investments in manufacturing and future industries.
Agree. Also included in that group are union members that negotiated a CBA before Bidenomics. There’s a reason that the Big Three automakers and now Boeing have been struck. COLAs were not a big factor in 2018 and 2019. They are a huge issue now with membership.
Economic illiteracy is bad enough, but it is even worse when the illiterate are addicted to the kool aid.
The economic effects of a POTUS are rarely realized during their term. For instance, it could be argued that George HW Bush's tax increase both saved the Reagan economic legacy (by preventing a recession) and provided 60-70% of Clinton's vaunted surplus. Keep in mind, this was a major reason he lost the election.
Govt liars lie...we're only paying 2.5% more on top of the last few years increases? I guess everything's awesome then!
There are winners and losers in all economies. Persons who make poor choices, or others who make what they believe to be good choices only to find out later it was a bad choice, often through no fault of their own, can struggle even in the best of times. For people on fixed incomes like social security, the COLA adjustments have kept up for the most part over the last few years. The next COLA will likely be the smallest one during the Biden term. For others, like union members, they have had the chance to renegotiate or change jobs. Remember the Great Resignation of 2021/22? The point of OP stories is to take a look at the macro level. And overall, the average person today is in a better position than he/she was four years ago. Doesn't mean everyone is, but as a whole, it's true.
Anyone not making it in this economy I guess will have to set themselves on fire during the next recession because low unemployment, copious job openings, wage gain, stock market, savings levels, home equity, and credit balances are almost never in as good of a shape as they are now.
