20 ms·

and if you look at the industries where jobs were added in December 90% of them were directly or indirectly tied to government deficit spending. If/when the gov

and if you look at the industries where jobs were added in December 90% of them were directly or indirectly tied to government deficit spending. If/when the government is forced to cut spending you are going to see a lot of job losses if the economy was good we wouldn't have people doing early 401K withdrawals at record rates, record car repo rates, and record credit card debt. I'm just tired of the apologists who apparently live in a bubble or are outright lying for other reasons https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html https://www.cnn.com/2023/08/08/economy/401k-hardship-withdra... https://www.gao.gov/blog/american-credit-card-debt-hits-new-record-whats-changed-post-pandemic https://www.gao.gov/blog/american-credit-card-debt-hits-new-... https://www.pymnts.com/loans/2023/auto-loan-delinquency-rates-reach-highest-level-since-1994/ https://www.pymnts.com/loans/2023/auto-loan-delinquency-rate...

creer 3y ago
The same article claims car repossession rate is still below pre-covid.
- fakedang 3y ago
  And we know from other data posted on this site that car sales are falling. Which likely means that mostly relatively well-off people who are less likely to default are buying cars.
lumost 3y ago
Folks have been Pointing out issues with US economic metrics for some time. Core inflation only works if you don’t buy food or pay market rate housing. On its face, the Fed logic makes sense - most people do not pay market rates for housing in the short term. In the long term, everyone pays market rate.
- orop8jrj 3y ago
  It’s almost like all symbolic logics are leaky abstractions and economics abstraction is being leveraged to leak undesirables in deference to decree of the fiat rich, whose skill is “been alive longer, was born into post world war economy.” The luck is in being alive this long. Doesn’t say anything about their fitness to steer society via socialized memes there’s a communal upside to capitalism. Sounds pretty socialist. “It’s good your agency is expropriated and your value deflated for the cause!”
- tnel77 3y ago
  Can you elaborate on the housing part? I guess I would have assumed that people paid market rate in the short term and below market rate long term, assuming they owned a house and were starting to see some benefits from locking in that lower mortgage.
  - lumost 3y ago
    Assuming that in The long term individuals get below market rate housing presumes that A) individuals will eventually be able to afford home ownership B) the local economy is stable enough for them to purchase a house C) interest rates/principal are low enough at the time of purchase for this to be worth the opportunity cost D) Once I purchase a home, I needn’t move or purchase another at market rates. In the post war years the above conditions held for decades leading to relatively steady home ownership rates and ages of first home ownership. However due to the rapidly rising cost of housing since the late 80s home ownership is rapidly changing. Millennials have famously deferred home ownership, while gen z is starting to believe its is simply impossible to acquire. 22%[1] of all housing sales now go to private equity firms. Unlike the stats collection used by the Fed of asking private home owners what they would rent their house for - rental rates are now often the subject of collusion through pricing algorithms[2]. Finally, individuals rarely own a single house forever - this would reduce economic mobility and be problematic in and of itself. When a home owner purchases a new home, they are subject to market pricing. 1. https://www.dwell.com/amp/article/ban-private-equity-single-family-home-housing-shortage-geoff-smith-db8cbca0 https://www.dwell.com/amp/article/ban-private-equity-single-... 2. https://www.businessinsider.com/real-estate-apartment-rent-price-setting-landlords-realpage-lawsuit-illegal-2023-11?amp https://www.businessinsider.com/real-estate-apartment-rent-p...
2OEH8eoCRo0 3y ago
> I'm just tired of the apologists who apparently live in a bubble or are outright lying for other reasons I'm tired of the crowd that for whatever reason needs to downplay and attack any positive fact or stat about the US. From your own sources: > overall employee contributions continued to hold steady for the first half of the year, and a greater share of participants upped their contribution rate than decreased it. > “The data from our report tells two stories — one of balance growth, optimism from younger employees and maintaining contributions, contrasted with a trend of increased plan withdrawals,”
- tnel77 3y ago
  While I agree that the internet has a “USA bad” fan club that loves to bash every positive metric, I just don’t see the good in my day to day life. I don’t hear about the positives from my fellow Americans either. It’s great that the numbers are happy, but there’s probably a reason a large number of Americans aren’t vibing with this economy and it’s not just propaganda from Fox News.

creer 3y ago

The same article claims car repossession rate is still below pre-covid.

fakedang 3y ago
And we know from other data posted on this site that car sales are falling. Which likely means that mostly relatively well-off people who are less likely to default are buying cars.

lumost 3y ago

Folks have been Pointing out issues with US economic metrics for some time. Core inflation only works if you don’t buy food or pay market rate housing. On its face, the Fed logic makes sense - most people do not pay market rates for housing in the short term. In the long term, everyone pays market rate.

orop8jrj 3y ago
It’s almost like all symbolic logics are leaky abstractions and economics abstraction is being leveraged to leak undesirables in deference to decree of the fiat rich, whose skill is “been alive longer, was born into post world war economy.” The luck is in being alive this long. Doesn’t say anything about their fitness to steer society via socialized memes there’s a communal upside to capitalism. Sounds pretty socialist. “It’s good your agency is expropriated and your value deflated for the cause!”
tnel77 3y ago
Can you elaborate on the housing part? I guess I would have assumed that people paid market rate in the short term and below market rate long term, assuming they owned a house and were starting to see some benefits from locking in that lower mortgage.
- lumost 3y ago
  Assuming that in The long term individuals get below market rate housing presumes that A) individuals will eventually be able to afford home ownership B) the local economy is stable enough for them to purchase a house C) interest rates/principal are low enough at the time of purchase for this to be worth the opportunity cost D) Once I purchase a home, I needn’t move or purchase another at market rates. In the post war years the above conditions held for decades leading to relatively steady home ownership rates and ages of first home ownership. However due to the rapidly rising cost of housing since the late 80s home ownership is rapidly changing. Millennials have famously deferred home ownership, while gen z is starting to believe its is simply impossible to acquire. 22%[1] of all housing sales now go to private equity firms. Unlike the stats collection used by the Fed of asking private home owners what they would rent their house for - rental rates are now often the subject of collusion through pricing algorithms[2]. Finally, individuals rarely own a single house forever - this would reduce economic mobility and be problematic in and of itself. When a home owner purchases a new home, they are subject to market pricing. 1. https://www.dwell.com/amp/article/ban-private-equity-single-family-home-housing-shortage-geoff-smith-db8cbca0 https://www.dwell.com/amp/article/ban-private-equity-single-... 2. https://www.businessinsider.com/real-estate-apartment-rent-price-setting-landlords-realpage-lawsuit-illegal-2023-11?amp https://www.businessinsider.com/real-estate-apartment-rent-p...

2OEH8eoCRo0 3y ago

> I'm just tired of the apologists who apparently live in a bubble or are outright lying for other reasons I'm tired of the crowd that for whatever reason needs to downplay and attack any positive fact or stat about the US. From your own sources: > overall employee contributions continued to hold steady for the first half of the year, and a greater share of participants upped their contribution rate than decreased it. > “The data from our report tells two stories — one of balance growth, optimism from younger employees and maintaining contributions, contrasted with a trend of increased plan withdrawals,”

tnel77 3y ago
While I agree that the internet has a “USA bad” fan club that loves to bash every positive metric, I just don’t see the good in my day to day life. I don’t hear about the positives from my fellow Americans either. It’s great that the numbers are happy, but there’s probably a reason a large number of Americans aren’t vibing with this economy and it’s not just propaganda from Fox News.