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Democratic President rebuilds economy, just in time to hand it off to Trump — again
(www.huffpost.com)
this post was submitted on 12 Dec 2024
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It basically happens every cycle, easy to go back all the way to George Bush Sr -> Clinton ( if not earlier).
But the problem is, the current economic boom is even more K-shaped than any other in recent history; half of the population are struggling worse than before, but their plight is masked by an incredible boom for the other half.
I can’t blame the working class for thinking back to ~2016, and remembering things fondly.
Trump will only make the current situation worse, but I can at least understand how the US ended up in its current predicament.
What is K shape? Like V but added flat? Or just direction where right side of K goes both up and down?
Chart taken from Investopedia’s article on K-shaped Recovery; but the underlying principle is the same: Some parts of the economy are performing so well that it masks the other sectors which are struggling.
i.e. the rich are getting so much wealthier, that when looking at the overall average the number is trending positively and not showing that the rest of society is getting poorer. This is one of the reasons when using aggregate measures, the median value is significantly more valuable than the average.
The rich got richer (top of K) the poor got poorer (bottom of K).