Under Biden, U.S. economic growth becomes the ‘envy of the world’
Under Biden, U.S. economic growth becomes the ‘envy of the world’
The United States' economy looks strong compared to recent history, but comparing it to countries abroad, the Biden-era economy looks even more amazing.
Too bad prices are up 20% on average since 2020, and aren't coming back down. That the 2023-2024 inflation rate is only 3% doesn't matter when wages never caught up with the giant price jumps from the pandemic.
People are still hurting.
https://www.bankrate.com/banking/federal-reserve/latest-inflation-statistics/
Prices have risen 20.8% since the pandemic-induced recession began in February 2020, with just 6% of the nearly 400 items the Bureau of Labor Statistics tracks cheaper today.
That’s well above the historic average for a four-year period. For comparison, inflation rose 18.9 percent in the 2010s, 28.4 percent in the 2000s and 32.4 percent in the 1990s.
wages never caught up with the giant price jumps from the pandemic
I’m gonna have to go ahead and sorta disagree with you there
I was gonna link you to wage numbers or find something in my post, but it’s actually right there in your link, in the quote from Mark Hamrick. “ Will consumers suddenly feel relieved from the burden of elevated prices? No. But they are supported by a still robust job market that supports employment and wage gains rising above the recent pace of inflation.”
Yeah, a more accurate title would be:
Big Business Profits & Pricing Soar; Price Fixing, Abusive Practices Unchecked Under Biden
Yeah if only the working class were seeing any of that growth
Boy do I have some good news for you
The nation’s unemployment rate has sat below 4 percent for more than two years now, the longest such streak since the 1960s. With labor markets persistently tight, low-income workers have finally secured some leverage over their employers, and wage inequality has fallen as a result.
We're just waiting on the profits to trickle past the executives and shareholders to get to us. Any day now
Boy do I have some good news for you
The nation’s unemployment rate has sat below 4 percent for more than two years now, the longest such streak since the 1960s. With labor markets persistently tight, low-income workers have finally secured some leverage over their employers, and wage inequality has fallen as a result.
Any day now for me 😭
Now look at labor participation rate.
It's not that the US economy is better than others, it is just trusted to be the default place for people to invest their excess money which has resulted in most of the US stock market being overvalued compared to the rest of the world.
"U.S. stocks' outperformance on average over the past half-century or so has simply been due to increasing price multiples, not an improvement in business fundamentals. That is, U.S. companies did not generate more profit than international companies; their stocks just got more expensive. [...] Cheap stocks have greater expected returns and expensive stocks have lower expected returns."
Let's just say I'm glad I'm not it Japan right now. My friend is having a difficult time there, wages have been stagnant for years and nothing seems to be working with fixing the yen. She can't just job hop to get better pay either, it isn't there.
