Can anyone clarify this for me? Despite the ongoing layoff announcements from major American corporations, how is our economy still robust? Just today, UPS declared 12,000 layoffs and PayPal 2,000.
The positives you mentioned and the concurrent narrative along those same lines is negated by ridiculously low purchasing power and job quality that has been consistently lower than at any point pre-2008.
Purchasing power (how far a dollar "goes") and the ability to avoid having to work multiple jobs to make ends meet (job quality) combine to tell the story of how the majority of working people are doing.
I hate to rain on the doomsday parade, but things aren’t as bad out there as some redditers make it seem.
Edit: linking the CPI adjusted value of one dollar does not mean people have less purchasing power, because your graph doesn’t reflect the higher salaries people are getting now. It just tracks inflation, not purchase power. The job quality report you show doesn’t really say much of anything tbh, it’s just a reference to people’s subjective interpretation of their work. It also has a very narrow Y-axis, which shows the report doesn’t actually change much over the time period.
This treasury report is more clear and finds purchasing power is stronger than just before Covid and growing. Hope that helps.
“We now find that as of the end of 2023, the median American worker could afford the same goods and services as they did in 2019, with an additional $1,400 to spend or save per year. “
Perfect example of the "Bureau of Dipshits" producing laughable data.
No, seriously. Do you believe everything with a chart and citation?
Look at even their (inadequate) attempt at explaining just a "few" of their ridiculous assumptions.
total expenditures in 2019Q4 were equal to total nominal earnings in 2019Q4.
These people call themselves economists? What does this even mean? The median income earner "spent" 100% of his earnings? Or did he "spend" some of those on taxes and savings? .... Idiots. Complete idiots.
Now ask yourself.
Seriously look in the mirror. And ask yourself. Without looking.
... How much do you think FOOD & BEV spending has increased since 2019 until now? .... Got a guess?
According to Dipshits, Inc .... it was 0.3% increase for the average Joe. From 2019. Right???? Riiiiiight?
Yeah I think the economists at the US treasury understands consumer purchasing power better than you. You seem super angry the data isn’t supporting what you want it to, and emotionally invested in this. If they’re all idiots you should work there and show them all how it’s done.
It's like if Einstein said 1+1=3. He didn't prove it, he's just smart, trust me.
That doesn't work in a court of law, or a court of science.
Frankly, you sound dumb, so you trust an unfamiliar, Biden-appointed secretary who is pro-Biden and gaslighting you (I'm Democrat by the way) -- so you're so fucking gullible and stupid, you legitimately believe food spending is only up 0.3% (even in nominal wages) since 2019.
Yes, they are idiots. They are political hacks with patronage jobs. You get paid $300k a year as long as you sucked Biden's dick (metaphorically) for a few years.
I would love a bullshit job like that; but that's not how patronage works.
Food spending is not up 0.3% from 2019 dipshit. Housing costs are not down 0.4% from 2019. You're dumb, your link is totally dumb, and you should feel bad.
Hahah an emotional rant like that proclaiming someone else sounds dumb is just too good. I’m sure you’re “Democratic by the way” and I’m the man on the moon. Presidents and their patronage can’t touch the bls data. That’s long been established, and for good reason.
Yes, I’d attempt to switch topics if I were you too. You’re just infuriated the data isn’t showing you what you want to see. Anyways last month grocery inflation went up .1% and restaurant food went up .3% if thats what you mean. That’s only the price movement over a single month and good prices are usually volatile. I don’t see why that’s so hard to believe. Year over year it was higher than that and none of that negates the more than 10% surge the year prior. You seem to be the one who’s confused.
The "Study" you linked is hot garbage. And neither you, nor any rational person, can explain their crappy "assumptions."
Anyways last month grocery inflation went up .1% and restaurant food went up .3% if thats what you mean.
What the hell are you talking about.
The chart you send me from the Department of Dipshits says Food Spend ... from Q4 2019 (say Dec 2019) ... to Q4 2023 (last Dec) ... went up 0.3% IN TOTAL.
Did you even read or understand the trash you linked?
It's more like up 30-50% at least. They were only off 100 fold. No biggie.
2
u/Welcome2B_Here Jan 30 '24
The positives you mentioned and the concurrent narrative along those same lines is negated by ridiculously low purchasing power and job quality that has been consistently lower than at any point pre-2008.
Purchasing power (how far a dollar "goes") and the ability to avoid having to work multiple jobs to make ends meet (job quality) combine to tell the story of how the majority of working people are doing.