5 ms·

Americans are feeling much better about the economy thanks to slowing inflation

31 points by MilnerRoute 3y ago

givemeethekeys 3y ago
[flagged]
- beej71 3y ago
  Reporting a University of Michigan study.
  - ta8645 3y ago
    Because science is so well trusted right now? The people who reject CNN, don't trust the universities to be politically neutral either.
    - beej71 3y ago
      Infinitely more trust in science than non-science.
      - givemeethekeys 3y ago
        Since when did economics become a science?
Izkata 3y ago
https://archive.is/ANBJx https://archive.is/ANBJx
0xy 3y ago
It's the #1 political issue in every single poll. Biden is polling so badly because of economy, and economy alone.
- beej71 3y ago
  Polling also shows people not liking how old he is.
  - mulderc 3y ago
    He is basically the same age as his likely opponent and unlike him can string together a coherent sentence so I’m not sure that will be a big deal in the end.
    - jeffbee 3y ago
      Yeah I think polling reflects that Republicans constantly talk about this and the media just can't help saying "many are saying". Just today on PBS Newshour they let Chris Sununu talk, unchallenged and uninterrupted, for over a minute about how Democrats just stop him in the street to talk about how old Biden is, which is an obviously made-up story that doesn't pass the smell test.
    - mcphage 3y ago
      Yeah, who out there is saying “we can’t vote for an 82 year old! But a 78 year old, that’s fine!”
      - beej71 3y ago
        There's a little difference between 28 and 32. There's a lot of difference between 78 and 82.
        mulderc 3y ago
        Not in my experience. At that point it is really just how well someone lived and not much about the specific age. I find Biden to be much more coherent than trump and he also appears to be significantly more physically active. Hell he bikes more than I do.
- rayiner 3y ago
  Immigration is also a major issue. Not as much as the economy overall, but similar to inflation specifically: https://news.gallup.com/poll/1675/most-important-problem.aspx https://news.gallup.com/poll/1675/most-important-problem.asp.... And Biden fares poorly in polls of trust on that issue: https://www.pewresearch.org/politics/2023/12/14/assessments-of-joe-biden https://www.pewresearch.org/politics/2023/12/14/assessments-.... He also does poorly on foreign policy, though that’s not an important issue overall.
debacle 3y ago
I am upper middle class. A friend of mine, who is wealthier than I, were talking about being able to afford groceries. Not organic groceries, not special local grass fed beef or anything silly like that. A family of four is paying about 1k a month in groceries to eat "reasonably" well. In that I am including things like dog food and detergent, but still this is a ridiculous number. Inflation, on paper, might be okay, but each week I find myself curtailing our grocery selection more and more, simply to maintain the budget at status quo. Inflation may be slowing, but it's still bad, and it is much worse for many more people than it is for me.
- heartbreak 3y ago
  I’m not sure what to make of this, but my 2012 weekly grocery budget for a family of two was $200. I can’t imagine trying to feed a family of four on $250 each week.
- Gow8876 3y ago
  My friends based in Singapore, roughly same criteria and food living standard as you described, about 2K sgd a month or 1.5K usd after exchange rate. This doesnt factor in car, housing, schooling, recreation, utility, and medical. And food are to some extend subsidized or indirectly price controlled by government (through market intervention by state-based companies). You had it better at 1K usd. At least, you can move to somewhere rural midwest and have your own farm. To do the same in Singapore, he will have to be multi-millionaire owning multi millions USD small plot the equivalent of a poor family home land area in suburb in 2nd or 3rd tier city in America. I am sure someone similar in NY or San Fra will be even worst. Again, at least they can run to somewhere cheap.
  - CuriouslyC 3y ago
    Having your own farm is a fast track to poverty for most people, and your friends can always go to Thailand if they want to live cheaply.
  - refurb 3y ago
    It’s wild what Singaporeans spend on food. Many people don’t prepare meals regularly at home. Kitchens are small and super basic. It’s pretty common to eat out for most meals. The plethora of options and low cost is obviously a big driver, but it’s getting hard to find meals for under $5 now. So 150 meals a month times $5 is $750 for food. And that’s eating super cheap. The more hearty hawker meals are more like $6-8. Of course not everyone eats every meal out and there are people that cook at home a lot (seems to be more common with Malay), but when this 25 year old colleague making $5,000 per month told me they spend $1,000 per month on meals I was surprised. When I was in the Bay Area our family of 4 spent $600 per month on food (all prepared at home). That was shopping at Costco and Asians markets and not really counting dollars while doing it.
thinkerswell 3y ago
Play stupid games, win stupid prizes, what did the fed expect?
ravenstine 3y ago
> We apologize, but your web browser is configured in such a way that it is preventing this site from implementing required components that protect your privacy LOL You must think I'm pretty dumb, CNN.
- readyplayernull 3y ago
  Nice. What are you using?
- illiac786 3y ago
  Same. weird, I was curious so I switched to LTE, disabled all content blockers in my Safari on iOS, no luck. dunno what they don't like.
ThisIsMyAltAcct 3y ago
A bunch of metrics show the economy is doing very well, but lots of people believe nothing except tiktoks and doomposts now.
- arcticbull 3y ago
  I do think the economy is doing fairly well, but the question is more one of sustainability in my opinion. We're seeing dwindling personal savings levels [1] and the housing market is the least affordable it's been probably on record. The argument I've seen is that people are spending down their savings, which is of course translating into healthy economic data - but once those savings are gone, things may not look so good. Personally, I'm not sure, but it doesn't seem cut and dried. [edit] Note that inflation numbers are improving but still well above target and in past instances, this last bit has been hard to shake. Higher for longer and no real new supply of housing means that's not going to change any time soon. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT
  - ajross 3y ago
    Isn't this exactly the doomslinging the upthread commenter was complaining about? You conceded that in aggregate the economy is "doing fairly well", and then list a bunch of nitpicky reasons for you to believe the opposite. I mean, a mild drop in personal savings rate since the pandemic[1] and inflation that is higher than the last decade but just barely above its long term average don't really seem that concerning to me. Economies are cyclic and there will always be doom in the future. But there's no good justfication for predicting any particular doom. You're reaching, basically. [1] Conveniently ignoring the huge boom during the pandemic due to assistance programs.
    - ThisIsMyAltAcct 3y ago
      I don’t think GP’s post is particularly doomery. I’m talking about people who think the statistics are all fake or wrong, but who believe sensational social media posts about hyperinflation and recession
    - deleted 3y ago
midtake 3y ago
[flagged]
judge2020 3y ago
> In addition to high prices, Americans continue to grapple with an impenetrable housing market, persistent income inequality, and rising debt, prompting some to think that the so-called “American Dream” is broken. I think the main reason for this is that improvements implemented after the subprime mortgage crisis worked too well - in that, now, every buyer is guaranteed to be able to afford the monthly payment for their home. The crash in home values only happened because the market was flooded with foreclosures in a very short period of time, and that isn't happening now. Although maybe people can only make their mortgage by putting more of their spending on revolving credit[0]. 0: https://abcnews.go.com/US/credit-card-users-avoid-mounting-debt-bills-reach/story?id=106479070 https://abcnews.go.com/US/credit-card-users-avoid-mounting-d...
frogamel 3y ago
I know many people who've gotten big raises over the last 2-3 years, including individuals who have more than doubled their pay. And they always attribute their raises to hard work, job hopping, or climbing the promotion ladder. At the same time, they'll also act like the 20% or whatever inflation we've had over the past few years is equivalent to the government stealing their hard earned money. From a macro perspective, the same factors that drove inflation is what drove their big pay hikes. But most people only see that "I earned more money and now I'm being screwed by inflation". These are often the people who spend like crazy while simultaneously complaining about how bad the economy is!
deleted 3y ago
[deleted]

31 points by MilnerRoute 3y ago

givemeethekeys 3y ago

[flagged]

beej71 3y ago
Reporting a University of Michigan study.
- ta8645 3y ago
  Because science is so well trusted right now? The people who reject CNN, don't trust the universities to be politically neutral either.
  - beej71 3y ago
    Infinitely more trust in science than non-science.
    - givemeethekeys 3y ago
      Since when did economics become a science?

Izkata 3y ago

https://archive.is/ANBJx https://archive.is/ANBJx

0xy 3y ago

It's the #1 political issue in every single poll. Biden is polling so badly because of economy, and economy alone.

beej71 3y ago
Polling also shows people not liking how old he is.
- mulderc 3y ago
  He is basically the same age as his likely opponent and unlike him can string together a coherent sentence so I’m not sure that will be a big deal in the end.
  - jeffbee 3y ago
    Yeah I think polling reflects that Republicans constantly talk about this and the media just can't help saying "many are saying". Just today on PBS Newshour they let Chris Sununu talk, unchallenged and uninterrupted, for over a minute about how Democrats just stop him in the street to talk about how old Biden is, which is an obviously made-up story that doesn't pass the smell test.
  - mcphage 3y ago
    Yeah, who out there is saying “we can’t vote for an 82 year old! But a 78 year old, that’s fine!”
    - beej71 3y ago
      There's a little difference between 28 and 32. There's a lot of difference between 78 and 82.
      - mulderc 3y ago
        Not in my experience. At that point it is really just how well someone lived and not much about the specific age. I find Biden to be much more coherent than trump and he also appears to be significantly more physically active. Hell he bikes more than I do.
rayiner 3y ago
Immigration is also a major issue. Not as much as the economy overall, but similar to inflation specifically: https://news.gallup.com/poll/1675/most-important-problem.aspx https://news.gallup.com/poll/1675/most-important-problem.asp.... And Biden fares poorly in polls of trust on that issue: https://www.pewresearch.org/politics/2023/12/14/assessments-of-joe-biden https://www.pewresearch.org/politics/2023/12/14/assessments-.... He also does poorly on foreign policy, though that’s not an important issue overall.

debacle 3y ago

I am upper middle class. A friend of mine, who is wealthier than I, were talking about being able to afford groceries. Not organic groceries, not special local grass fed beef or anything silly like that. A family of four is paying about 1k a month in groceries to eat "reasonably" well. In that I am including things like dog food and detergent, but still this is a ridiculous number. Inflation, on paper, might be okay, but each week I find myself curtailing our grocery selection more and more, simply to maintain the budget at status quo. Inflation may be slowing, but it's still bad, and it is much worse for many more people than it is for me.

heartbreak 3y ago
I’m not sure what to make of this, but my 2012 weekly grocery budget for a family of two was $200. I can’t imagine trying to feed a family of four on $250 each week.
Gow8876 3y ago
My friends based in Singapore, roughly same criteria and food living standard as you described, about 2K sgd a month or 1.5K usd after exchange rate. This doesnt factor in car, housing, schooling, recreation, utility, and medical. And food are to some extend subsidized or indirectly price controlled by government (through market intervention by state-based companies). You had it better at 1K usd. At least, you can move to somewhere rural midwest and have your own farm. To do the same in Singapore, he will have to be multi-millionaire owning multi millions USD small plot the equivalent of a poor family home land area in suburb in 2nd or 3rd tier city in America. I am sure someone similar in NY or San Fra will be even worst. Again, at least they can run to somewhere cheap.
- CuriouslyC 3y ago
  Having your own farm is a fast track to poverty for most people, and your friends can always go to Thailand if they want to live cheaply.
- refurb 3y ago
  It’s wild what Singaporeans spend on food. Many people don’t prepare meals regularly at home. Kitchens are small and super basic. It’s pretty common to eat out for most meals. The plethora of options and low cost is obviously a big driver, but it’s getting hard to find meals for under $5 now. So 150 meals a month times $5 is $750 for food. And that’s eating super cheap. The more hearty hawker meals are more like $6-8. Of course not everyone eats every meal out and there are people that cook at home a lot (seems to be more common with Malay), but when this 25 year old colleague making $5,000 per month told me they spend $1,000 per month on meals I was surprised. When I was in the Bay Area our family of 4 spent $600 per month on food (all prepared at home). That was shopping at Costco and Asians markets and not really counting dollars while doing it.

thinkerswell 3y ago

Play stupid games, win stupid prizes, what did the fed expect?

ravenstine 3y ago

> We apologize, but your web browser is configured in such a way that it is preventing this site from implementing required components that protect your privacy LOL You must think I'm pretty dumb, CNN.

readyplayernull 3y ago
Nice. What are you using?
illiac786 3y ago
Same. weird, I was curious so I switched to LTE, disabled all content blockers in my Safari on iOS, no luck. dunno what they don't like.

ThisIsMyAltAcct 3y ago

A bunch of metrics show the economy is doing very well, but lots of people believe nothing except tiktoks and doomposts now.

arcticbull 3y ago
I do think the economy is doing fairly well, but the question is more one of sustainability in my opinion. We're seeing dwindling personal savings levels [1] and the housing market is the least affordable it's been probably on record. The argument I've seen is that people are spending down their savings, which is of course translating into healthy economic data - but once those savings are gone, things may not look so good. Personally, I'm not sure, but it doesn't seem cut and dried. [edit] Note that inflation numbers are improving but still well above target and in past instances, this last bit has been hard to shake. Higher for longer and no real new supply of housing means that's not going to change any time soon. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT
- ajross 3y ago
  Isn't this exactly the doomslinging the upthread commenter was complaining about? You conceded that in aggregate the economy is "doing fairly well", and then list a bunch of nitpicky reasons for you to believe the opposite. I mean, a mild drop in personal savings rate since the pandemic[1] and inflation that is higher than the last decade but just barely above its long term average don't really seem that concerning to me. Economies are cyclic and there will always be doom in the future. But there's no good justfication for predicting any particular doom. You're reaching, basically. [1] Conveniently ignoring the huge boom during the pandemic due to assistance programs.
  - ThisIsMyAltAcct 3y ago
    I don’t think GP’s post is particularly doomery. I’m talking about people who think the statistics are all fake or wrong, but who believe sensational social media posts about hyperinflation and recession
  - deleted 3y ago

midtake 3y ago

[flagged]

judge2020 3y ago

> In addition to high prices, Americans continue to grapple with an impenetrable housing market, persistent income inequality, and rising debt, prompting some to think that the so-called “American Dream” is broken. I think the main reason for this is that improvements implemented after the subprime mortgage crisis worked too well - in that, now, every buyer is guaranteed to be able to afford the monthly payment for their home. The crash in home values only happened because the market was flooded with foreclosures in a very short period of time, and that isn't happening now. Although maybe people can only make their mortgage by putting more of their spending on revolving credit[0]. 0: https://abcnews.go.com/US/credit-card-users-avoid-mounting-debt-bills-reach/story?id=106479070 https://abcnews.go.com/US/credit-card-users-avoid-mounting-d...

frogamel 3y ago

I know many people who've gotten big raises over the last 2-3 years, including individuals who have more than doubled their pay. And they always attribute their raises to hard work, job hopping, or climbing the promotion ladder. At the same time, they'll also act like the 20% or whatever inflation we've had over the past few years is equivalent to the government stealing their hard earned money. From a macro perspective, the same factors that drove inflation is what drove their big pay hikes. But most people only see that "I earned more money and now I'm being screwed by inflation". These are often the people who spend like crazy while simultaneously complaining about how bad the economy is!

deleted 3y ago

[deleted]