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Majority of Americans wrongly believe US is in recession – and most blame Biden
(www.theguardian.com)
this post was submitted on 22 May 2024
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politics
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The issue is voters talk about how regular people are doing, while politicians talk about "the economy" which is rich people and business....
For them, shits going great. Because their record profits are coming from regular Americans being priced gouged.
Also, I stopped reading when the article clearly couldn't understand inflation compliants.
The inflation rate is slowly going down. But it's a rate, prices are still up and continuing to go up. That 9.1% from 2022 is still baked into the 3% increase we're experiencing.
Like. Say it was 100, 9% increase makes it 109. 3% of 109 is more than 3% of 100...
It's compounded, but it's not complicated and anyone writing about economics should understand that and explain it to their readers when talking about inflation rates.
So the inflation rate should go down but it's not like that means lower prices, it just means 1% increase now is more than a 1% increase in the past.
And that's not even getting into the harsh truth about inflation and capitalism:
A lack of inflation means people save money. That takes money out of circulation. A lot of our problems are because the wealthy do that with huge sums.
If enough money gets taken out of circulation then it leads to a recession as there's less money floating around and changing hands.
We need inflation to prop up this bullshit economic system the wealthy are obsessed with.
^ This!!
Inflation isn't going down, it's just going up slightly slower than before!
Not only is it compounding, but 3-4% inflation hasn't happened in over a decade. To get anything comparable to the last three years you have to go back to the 80s.
I mentioned it in a different comment, but there was a paper written by some economists that compared the current inflation formula with the one they used to use (in use in the 80's, iirc) which takes borrowing costs such as mortgage into account, and that 9.1 peak pandemic inflation number doubled to 18 something %, with our current 3.4% becoming something north of 9%. So yeah, not great.