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https://www.businessinsider.com/us-recession-americans-believe-economic-downturn-new-poll-unemployment-2024-5?op=1 https://www.businessinsider.com/us-recession-

https://www.businessinsider.com/us-recession-americans-believe-economic-downturn-new-poll-unemployment-2024-5?op=1 https://www.businessinsider.com/us-recession-americans-belie... A significant number of people believe we're currently in a recession and that unemployment is at a 50 year high (in fact, it's a 50-year low). That's likely due to significant propagandizing on outlets like Fox News, Newsmax, OAN, etc. But, to be fair, economic gains have been vastly disproportionately going to the wealthy, and despite recent (as in the last year) inflation being low, prices in the last 5-10 years have skyrocketed, so it's pretty easy to get the impression that inflation is still high. That's especially true when wage growth only recently started outpacing inflation. https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/ https://www.statista.com/statistics/1351276/wage-growth-vs-i... For many people, it doesn't feel like the economy is doing well, so it's pretty easy to confirm their biases by telling them it isn't.

tuatoru 2y ago
If it doesn't feel like a good time to most people, then it isn't a good time. No one cares, or no one should care, about "the economy", some abstract bogeyman that the MSM is always going on about. They should be caring about the wellbeing of median and modal households. GDP was only ever intended by Kaldor to be a measure of general wellbeing, highly imperfect but the best available at the time. Now, it's a target, and we all know how that goes.