661
US economy going strong under Biden – Americans don’t believe it
(www.theguardian.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 15 Sep 2023
661 points (93.4% liked)
politics
19244 readers
2667 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 2 years ago
MODERATORS
Because, for a lot of people, the economy isn't improving.
Say you were on the verge of buying a house, interest rates have doubled, are at a 22 year high, and now you're priced out of the market.
Or, say you're like me and bought a house in 2021 with a 3.25% interest rate. You're locked in. You can't sell your house, a) because nobody could afford the 7% it's going to take to buy it and b) you likely can't afford the 7% it will likely take to buy a new house.
Refinancing isn't an option because who wants a higher rate. Ditto for a 2nd mortgage.
And this doesn't even get into rising food and fuel costs.
I don’t know how people are surprised by the current interest rates or market… when lockdowns happened my wife and I had bought our house a year prior and I immediately told her since we both had high paying and safe jobs we should remodel everything we wanted and buy three cars since I figured interest rates would get jacked up and supply economics indicated people were going to stop doing renovation work using contractors for a minute before supplies would get expensive.
These are all market reactions. It’s a rubber band of effects that happened because of the pandemic and the shock to the economy. Capitalism requires constant feeding so when the world stopped it for even a month it did major damage and when it went on longer in key areas it basically collapsed those sectors. It’s gonna be a while before things get better, but honestly this recovery is better than I expected.
Sounds like capitalism is the problem. Boom and bust cycles are terrible for working people and great for billionaires.
100% it’s why I mentioned Capitalism requiring feeding. It’s like when people say “I can’t wait for the next housing collapse so I can afford a home.” While forgetting the part of housing collapsed where the average worker can’t afford a house and often all that happens is the millionaire and billionaire class swoops in and buys up all the property. 08 wasn’t famous for making more average Americans able to afford a house. It made it so companies like Blackstone could go around and feast for cheap.
Facts
That isn't a reflection of the strength of the economy. That's just capitalism. Republicans are even further from being able to fix that. They somehow think getting rid of taxes and benefits will somehow fix that. Sure you can get some deflation if you increase the amount of debt of the populace, but that's not an actual fix.
Our economy's health is not directly related to the average person's buying power. One can argue that it's actually inversely proportional.
If that's the case then a weak economy is what we should be aiming for
Or just fix the problem and stop letting capitalism run rampant without regulations and start taxing the corporations and wealthy individuals who's own profits are responsible for a majority of inflation.