> This would explain why 99% or so of the US population's lived experience is that we're currently in a recession yet the economic statistics make it look like

> This would explain why 99% or so of the US population's lived experience is that we're currently in a recession yet the economic statistics make it look like the economy is booming. For many, this is to a significant degree due to the high price of housing and education (whether paying for your children's education or paying off your own educational debt). All of this is in a context where median real wages haven't increased in 50 years: https://sgp.fas.org/crs/misc/R45090.pdf https://sgp.fas.org/crs/misc/R45090.pdf > Indicators that the economy is extremely bad right now include the current state of the job market The current state of the job market is that 199k jobs were added in November and the unemployment rate came down to 3.7%: https://www.bls.gov/news.release/empsit.nr0.htm https://www.bls.gov/news.release/empsit.nr0.htm > That's not something that would be happening if we had 5% growth and 0% inflation like the president claims Note the clarification on the tweet that 0% it is referring to the PCE - the monthly change in inflation, not the latest inflation rate, which is 3.24%. Nonetheless it's very clumsy wording by POTUS. > at least if that looks remotely like it did back in the 1980s and 1990s during the Reagan and Clinton booms when the American economy was actually booming for everybody. That claim isn't supported by the historical data. https://eprints.lse.ac.uk/59386/1/blogs.lse.ac.uk-Rising_income_inequality_in_the_US_was_fuelled_by_Ronald_Reagans_attacks_on_union_strength_and_contin.pdf https://eprints.lse.ac.uk/59386/1/blogs.lse.ac.uk-Rising_inc... Note that family inequality grew under both Reagan and Clinton. The article posits that this was due to Reagan's anti-union activity and Clinton's financial deregulation.