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this post was submitted on 17 Dec 2023
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People don't think the economy is strong right now. Wages still haven't caught up to the last few years of inflation.
A year is a long time. Look at the labor market right now. Companies are crying for workers and desperately trying not to raise wages. Big companies are laying people off because they are getting squeezed to show continued unsustainable growth but that is self-sabotage in the long run - investments will flow to new competitors who have room to actually grow. But the UAW prevailing and the writer's guild prevailing are bellwethers for the future. The workers are collectively demanding more even if most of us aren't organized into unions.
The economy isn't as weak as people think and improving, so the environment is ripe for wages to rise and people to catch up with the reality. That's all my interpretation anyway. I'm quite positive about the next year. We'll see, but I think it's way too early for any doom and gloom.
Trump is certainly a huge threat, but Biden beat him once and it's likely barring an economic downturn that he will lose again. Never in the history of the United States that I can find has a presidential candidate ever lost an election and then come back to defeat the same opponent they lost to the first time. That's a comfort when I'm feeling stressed about it.
Feels don't beat actual numbers. The economy is bouncing back strong from the pandemic. As another comment said, everyone is hiring. They haven't all (yet) broken and increased wages enough to bring in enough talent but it's slowly getting there. It's been a few years now since wmt, tgt and others increased starting to like $15/hour. That's not enough to retire on but it's a start.
We also have the waves of unions going on strike. This will definitely have a negative impact on the economy (short lived) but then the higher wages these strikes make happen will be part of the next economic boom over the next decade or so. At least that's what I see happening and hope I'm right about.
There is a place for nuanced discussions but letting feelings guide you is not the way forward and neither is letting perfect be the enemy of good.
That's not a uniquely American situation at the moment.