this post was submitted on 03 Feb 2024
127 points (93.2% liked)

News

30923 readers
2583 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. 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. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago
MODERATORS
 

The world is starting 2024 on an optimistic economic note, as inflation fades globally and growth remains more resilient than many forecasters had expected. Yet one country stands out for its surprising strength: the United States.

After a sharp pop in prices rocked the world in 2021 and 2022 — fueled by supply chain breakdowns tied to the pandemic, then oil and food price spikes related to Russia’s invasion of Ukraine — many nations are now watching inflation recede. And that is happening without the painful recessions that many economists had expected as central banks raised interest rates to bring inflation under control.

Part of the reason that economic growth has been so surprisingly strong in the United States is simple: The American government has continued to spend a lot of money.

Government expenditures as a share of overall output hovered around 35 percent in America in the years leading up to the pandemic, based on I.M.F. data. But in 2020 and 2021, they jumped above 40 percent as the government responded to the coronavirus with about $5 trillion in relief and stimulus to people, businesses, institutions, and state and local governments.

Both states and households have only slowly spent down the savings they amassed during those pandemic years, so the money has continued to trickle through the economy like a slow-release booster shot. On top of that, government spending has remained elevated as the Biden administration has begun to make sweeping infrastructure and climate investments.

Non-paywall link

you are viewing a single comment's thread
view the rest of the comments
[–] Stovetop@lemmy.world 89 points 1 year ago (8 children)

Getting real tired of constantly seeing news articles saying "The economy is healthy! The US has never been richer."

Meanwhile, cost of food has never been higher. Rent has never been higher. People are still getting laid off left and right.

I feel like I am being gaslit by economists. Are economists all just yes men who are afraid to tell their clients that their practices are unsustainable?

[–] Taco2112@lemmy.world 8 points 1 year ago (1 children)
[–] gAlienLifeform@lemmy.world 18 points 1 year ago (2 children)

... administration officials say Mr. Biden is keenly aware that prices remain too elevated for many families, even as key items, like gasoline and household furnishings, are now cheaper than they were at their postpandemic peak.

And yet there is a general belief across administration officials and their allies that there is little else Mr. Biden could do unilaterally to force grocery prices down quickly.

Ugh, I swear every single issue with this administration is just "We understand there is a problem, but you can't expect us to do anything about it!"

[–] Taco2112@lemmy.world 7 points 1 year ago* (last edited 1 year ago) (1 children)

Really, it’s Congress who should be trying to tackle the issues but they don’t want to make decisions so they’ve basically relinquished their powers to the President who can only govern by executive decision and the Supreme Court who were supposed to be the ones making decisions on unclear laws. At the end of the day, the President only has so much power and Congress is where people are failing to do their jobs.

[–] gAlienLifeform@lemmy.world 14 points 1 year ago (2 children)

I am so incredibly fucking tired of hearing this bullshit excuse over and over and over. Yes, Congress sucks and should do more, no, that does not excuse the Biden administration's unwillingness to play hard ball with investigations and law suits and executive orders and the million and two other things they could be doing.

"But the courts would ju-"

I don't care and neither do a lot of other voters. If a court throws your executive order out, change a superficial word or two and issue it again, and make them throw it out all over again. If a court enjoins you from doing something that needs doing, put on a silly hat and keep doing it, and tell the court "no, this is totally different, I'm doing it while wearing a silly hat, your order didn't mention anything about this silly hat." And when they enjoin your silly hat, get a silly wig and keep doing what needs doing.

Under our current laws a determined executive branch can move a hell of a lot faster than judicial or congressional oversight can, they just need to be willing to go for it. Until I see dozens of attorneys for federal agencies sitting in jail cells for contempt of court, don't tell me this administration is really trying because they're just not.

[–] Taco2112@lemmy.world -5 points 1 year ago (1 children)

If a court enjoins you from doing something that needs doing, put on a silly hat and keep doing it, and tell the court "no, this is totally different, I'm doing it while wearing a silly hat, your order didn't mention anything about this silly hat." And when they enjoin your silly hat, get a silly wig and keep doing what needs doing.

Sounds like you’re okay with Fascism as long as the party you like is in power.

[–] gAlienLifeform@lemmy.world 6 points 1 year ago (1 children)

a) a democratically elected authoritarian government is not fascism. If I said "throw all the Mormons into prison camps and conquer Alberta for their tar sands, and if a court tells you no break out the silly hats and insinuate the judge is mormon" that would be fascism.

b) I'm not okay with it, but compared to sitting around wringing our hands while things get worse it seems like the lesser of two evils.

[–] Taco2112@lemmy.world -2 points 1 year ago (1 children)

Yes, the lesser of two evils, the thing that brought us to our current situation in the first place. How about no evils? How about we actually hold those we elect accountable rather than just letting them throw up their hands and hope the President does something.

I know you and I are only two people but shouldn’t we encourage dialogue and finding common ground? I know one party is out of their mind right now but taking their agency from them and saying you don’t know what to do because your stupid and I know better doesn’t help, it breeds more discontent.

[–] gAlienLifeform@lemmy.world 10 points 1 year ago (1 children)

I agree with holding those we elect accountable, which is why I'm holding Biden accountable for the fact that his administration hasn't been trying hard enough to help people. I breezed last it for the sake of the conversation here, but I absolutely believe our legislature can and should do more, and there's some things even I will admit are going to require congress (e.g. I think we really need higher taxes on the wealthy and I don't think there's anything the president alone can do about that), but there are tons of things the administration could be doing that they're not.

I know you and I are only two people but shouldn’t we encourage dialogue and finding common ground?

I'm not sure exactly what this means in the context of this conversation, but I like answering this question when it comes up,

Yes, I think we should encourage dialogue and finding common ground, and actually I think I am, just in a more long term way. See, I have tried debating with Republicans to change their minds, and I have tried negotiating with Republicans to see if they would be willing to support policies I want in exchange for policies they want, and I have seen elected leaders do those things as well, and, well, look at how that's turned out for us. So, I have become deeply convinced that they either can't or don't want to empathize with us or be fair to us, they just want to dominate us and take all the stuff they can consume and own. With that being the case, I think the only way we get them to behave better is to make them believe that it's in their own interest to do so. Put another way, I think in the short term we need to make it so unbelievably painful for them to keep being bigoted and selfish that they'll want to act tolerant and charitable whether they genuinely feel that way or not. Long term, we'll all find that it's a lot easier to just skip to the part where we treat each other with respect instead of going through the effort of fighting each other first, and I think that's the only way this world gets better.

[–] Taco2112@lemmy.world 2 points 1 year ago (1 children)

I think we agree on a lot but would rather see congress do their jobs and take responsibility than for them and the US public to have an over reliance on one person we hope will do the right thing.

[–] gAlienLifeform@lemmy.world 2 points 1 year ago

I think you're right, we even agree on

would rather see congress do their jobs

I just think things have gotten too dire to keep waiting for that to happen

[–] EatATaco@lemm.ee -4 points 1 year ago

I think the point of that article is to point out the absurdity of the top level comment that implies these economic articles never talk about how prices are still high.

[–] Nobody@lemmy.world 3 points 1 year ago

Rich people’s yacht money is increasing, so the economy is strong. That’s where all the money is, so that’s what drives the indicators.

[–] Draedron@lemmy.dbzer0.com 2 points 1 year ago

Every year is a year where costs of food and costs of living have never been higher because they never go down.

[–] afraid_of_zombies@lemmy.world 2 points 1 year ago

Economists are zealous advocates for their employers. Which is fine. If I hire a lawyer I expect them to be on my side. The only problem is when we pretend that they aren't just saying what their employer wants them to say.

[–] HurlingDurling@lemmy.world 2 points 1 year ago

Because if people stop spending out of recession fears, then the economy will trully tank.

[–] EatATaco@lemm.ee -1 points 1 year ago (2 children)

Meanwhile, cost of food has never been higher. Rent has never been higher. People are still getting laid off left and right.

These are statements that are literally almost always true. Prices always rise by design and there are always some companies going through hard times and paying people off.

Maybe you have an argument that it's "unsustainable" and there is no doubt that the previous period of inflation is still putting massive pressure on people's finances, but at the same time the outlook is good for the economy.

It might be tough to hear that because you are struggling, but you are not the economy, and where you are right now is not necessarily where you'll be down the road in a year.

[–] Stovetop@lemmy.world 4 points 1 year ago

I mean prices of many food items have risen way faster than the rate of inflation within the past couple years.

A grocery run that was once $100 in 2020 is now $150 or more today.

[–] Coreidan@lemmy.world 3 points 1 year ago* (last edited 1 year ago)

Meanwhile household debt is sky rocketing because those families can’t afford their necessities anymore and have little recourse but to put it on credit cards.

Meanwhile families are hitting the streets at record levels while layoffs are happening across the board.

Meanwhile tent cities are popping up all over the country at levels never seen before in the last 50 years.

Sick take bro /s