1y ago

After searing inflation, "American workers are getting ahead," Treasury Secretary Janet Yellen says

www.cbsnews.com

As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic, and had an additional $1,400 to spend or save per year, according to a January analysis by Treasury officials.

Demar Byas of Pontiac, Michigan referred to experts touting the nation's economic performance as a "slap in the face."

"You're celebrating these numbers, but we are struggling," said Byas, who juggles several jobs to make ends meet. "It's no relief in sight, and just say those numbers and to celebrate that, and as I said stuff becomes a slap in the face."

56 comments

Yeah I don't think this is something they're gonna be able to talk people into lol. The economy might be doing okay, but that means fuck all for the average Joe.
- It always takes time for these sorts of numbers to permeate society and for people to feel a difference. This is why inflation might feel like it's more acute today when it's down to 3% than when it was at 8%, because it took time for those costs to sink in. As prices have stabilized and wages are still rising, people are going to start feeling a bit better about their economic positions, but it's going to take time for them to feel it
  
  Still, when you say "wages are still rising" you mean companies are, on average, offering slightly higher pay to new hires. That doesn't help anyone who has been working the same job since covid started. All they see are higher prices. Averages can be useful metrics but this particular average means fuck all to a huge chunk of working people.
  
  Whos wages are rising? Those who earn 150K+?
  
  If it takes time, then things arent better.
  Also youre full of shit. Inflation isnt down when it was 8% last year and 10% the year before and 3% this year AFTER they modified the reporting to get the better results they wanted.
  Those inflation stats are YoY numbers. The rate may appear to be dropping, but inflation hasnt stopped being absurd.
  
  Yes, they will notice price rises immediately at purchase but only notice they have a few dollars left over when all is paid and that might be a slow trickle depending on their purchase patterns. One big purchase or repair and they could take longer to notice.
Remember to translate economic news properly.
~~The Economy~~ Rich people’s yacht money is at record highs, so clearly we don’t have a problem with ~~inflation~~ corporate price gouging to keep their profit margins above the margins when they were stealing from taxpayers during Covid.
Any increase I've experienced in my pay has been completely surpassed by healthcare bills and inflation.
- And gas and groceries and...
As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic
The hell I can.
and had an additional $1,400 to spend or save per year
Bullshit.
And Yellen acknowledged that life remains precarious for millions of people
Yeah, that's not good. There are 209M 16-64 people in the US.
Childcare is expensive. Education is expensive
That affects a shitton of that 209M.
We know that almost half of Americans on one occasion or another have felt they couldn't afford to fill a prescription
That's not getting ahead. Lady you've got some WILD definition of "ahead" that I would say over 50% of the United States does not share. Holy fucking shit. You all should fucking stop for a second, especially with interviews with CBSNews. We are not in positive territory. That is not the definition of victory by anyone grounded in reality.
I'm glad people's paychecks are going up a paltry sum. But none of that makes any difference if we cannot afford food, live saving medicine, or child care. Those are really, really, really fucking important things. There is no victory if those are not addressed. I get since you're under the treasury, money in/money out is the primary research here. But maybe just stick to those factors and not a broader commentary on the economy if those three basic things are still major issues with over 50% of the United States.
HOLY SHIT how disconnected from reality can one be?
- Life is perfect... for her.
- Line go up and to the right = economy good. Not that any of us plebs will ever notice. Oh, when line goes down we surely do. But up?
  Remember, if you substitute "the economy" with "Rich people's yacht money", you have a much clearer picture of where we're at and where we're headed, and it'll put the quotes into perspective.
This is almost on the level of Maoist censorship of any societal ills, while reporting that "all is well as it should be, as laid out for us by our benevolent system"
- Reminds me of the prices of commodities always 'going down' in 1984.
- There is no war in Ba Sing Se
- "The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command." Orwell, 1984
Fuck. Janet. Yellen.
Looks at my paycheck
Looks at my last grocery receipt
Bullshit
- exactly.
  I buy the same stuff every week. The most that changes are condiments I don't need frequently. My grocery bill went from $60-70/week to $100-$110/week. That number hasn't budged one iota. Neither has my income.
Janet Yellen takes money from Goldman Sachs and many other K-street banks and continues to do their bidding.
All while unabashedly lying and shitting all over the American citizenry.
She’s been lying about inflation for YEARS now. She thinks we are clueless.
- Correct.
  
  Apparently Yellen has some fans in here who dislike facts/history.
  So fucking weird, it’s all verifiable information. I’m sick and tired of being gaslit. This administration actually changed the definition of RECESSION
  Every administration lies, but it has gotten completely ridiculous.
- Why are you booing him? He’s right!
I am?
- Well, you have to be one of those "hard workers"... like CEOs.
Another crypt-keeper-style government official
I've gotten three raises from my company that haven't kept pace with inflation lol. It's ridiculous. Oh, and insurance benefits cut substantially.
- My employer hands out raises April 1. They are largely the same for everyone.
  April 2021: 2% Inflation the prior 12 months: 3%
  April 2022: 2% Inflation the prior 12 months: 8%
  April 2023: 2% Inflation the prior 12 months: 4%
  Upcoming April 2024: 2% Inflation up to January: 2% (sure to get at least to 3% by March, considering the latest annualized numbers are around there)
  So my last 3 and at least my next raise will be below inflation. CPI up ~21% by April 2024. Wages only up 8.2%. I’m now going to be down some $11,000 a year. And that ignores that some necessities (notably food) are outpacing the CPI.
She need to learn difference between main and median.
I make 80% more than my 20 year younger self and I feel like I’m worse off. So yeah not so much.
Ahead of what, Janet, homelessness? Wages are only just catching up enough to keep supporting poverty for the lower class.
Don’t look at the man behind the whatever. Things are awesome, I’m tellin’ ya!
People will say the economy is bad for as long as it takes for them to acclimate to post-covid price increases.
Where the stats they use. Are they following one family or an entire town in bumpkins-ville-field-ton to make these statements. Taxes aren’t even due, earnings reports mean diddly from companies who have hit “record profits” after global pandemic. Whose ass do these economists sniff to get this numbers crunched. We still have variances in from 350$k earners hiding money, all while people less than 100k$ can afford to put down payments for cars, houses, food, credit cards, student debt.
- Lol, do you think they just make it up? It certainly skews towards creating wealth for the wealthiest but Treasury is not making stuff up, even if they massage in favour of a narrative.
  
  So then why are representatives saying something else. Im trying to understand on why our government can give away money, okay one reason is charity makes sense. But there are depts in the us gov that say we can’t account for X$. And when I mean X I mean more than millions.
I for one can definitely afford more than I did in 2019, but I am in Europe. Now just waiting for interest rates to go down following inflation, that would be great.

56 comments