Posted on 04/08/2024 8:07:37 AM PDT by Diana in Wisconsin
Nathan Frederiksen is doing pretty well for himself.
He turns 40 this year and is on track to retire by 60. It takes some sacrifice — he drives the “unsexiest car ever,” takes a DIY approach to home repairs and doesn’t eat out much — but he’s able to save 10% of his income for retirement and maintain an emergency savings fund while supporting his wife and four children in the suburbs of Boise, Idaho.
“I understand that I’ve been lucky with some of my job prospects, but I don’t make a crazy amount of money,” he told CNN. “I have a solidly middle-class income.”
Frederiksen, who manages a small team of financial analysts, thinks his bank account is in good shape. But he doesn’t feel the same way about the larger economy.
“It’s definitely gotten tough for the last couple of years,” he said. “We’ve felt inflation in our budget and our expenses, but I’ve got some peace of mind knowing that if something comes up, we’re in a pretty good place, financially.”
He’s not alone. A recent Wall Street Journal poll of American voters in swing states found that while people think the national economy is in bad shape, they feel good about their personal finances.
The vast majority of those surveyed — 68% — said it was becoming harder for the average person to get ahead, while nearly half of respondents said their own finances were moving in the right direction.
Just one-quarter of registered voters in seven key states — Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin — said the economy has improved in the past two years, according to the Journal’s poll.
*SNIP*
(Excerpt) Read more at channel3000.com ...
“It all comes down to where people are getting their information,” said Ben Harris, director of the Economic Studies program at Brookings. “I can assess, without anyone else’s help, how I’m doing financially. But I need other people’s help when I want to assess a $20 trillion economy. And I have a PhD in economics.”
Harris looks toward official data sources, “but, you know, I don’t think the average American is going to the Bureau of Labor Statistics,” he said.
So where do they get their information?
“I think the answer is increasingly, unfortunately, social media and biased cable news sources,” said Harris. “So if you’re going to TikTok or Facebook to get information about the macroeconomy, the chances are very good that it’s going to be wrong.”
“I think the answer is increasingly, unfortunately, social media and biased cable news sources,”
Hey, Mr. Author? I look at the Bureau of Labor Statistics website all the time for my economic information! EVERYTHING IS UP! Everything!
CONSUMER PRICE INDEX - FEBRUARY 2024 (last data available)
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in February on a
seasonally adjusted basis, after rising 0.3 percent in January, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal
adjustment.
The index for shelter rose in February, as did the index for gasoline. Combined, these two indexes
contributed over sixty percent of the monthly increase in the index for all items. The energy index
rose 2.3 percent over the month, as all of its component indexes increased. The food index was
unchanged in February, as was the food at home index. The food away from home index rose 0.1 percent
over the month.
The index for all items less food and energy rose 0.4 percent in February, as it did in January.
Indexes which increased in February include shelter, airline fares, motor vehicle insurance, apparel,
and recreation. The index for personal care and the index for household furnishings and operations were
among those that decreased over the month.
The all items index rose 3.2 percent for the 12 months ending February, a larger increase than the
3.1-percent increase for the 12 months ending January. The all items less food and energy index rose
3.8 percent over the last 12 months. The energy index decreased 1.9 percent for the 12 months ending
February, while the food index increased 2.2 percent over the last year.
https://www.bls.gov/news.release/cpi.nr0.htm
That can only serve to help Biden’s re-election chances. Big sigh.
https://cdn.mises.org/the_vampire_economy_20201022.pdf
Folks,
You want a good economic analysis, read the above. That is where we are.
Easy read, pick a chapter that most interests you.
Great addition. Thanks! You can’t go wrong with Mises! :)
Imagine not being able to understand how some people can care about more than just themselves.
...and to stop believing ANYTHING that they see with their own 2 eyes(reality).
Victory for them is when the masses actually BELIEVE poop is apple butter.
Unfortunately things seem to be headed in that direction.
The indicators are all there. Record high consumer debt, record low savings. People love to point to the stock market as a litmus test of the economy when it reality , the two are not really interconnected intimately. Rich folks shuffling around billions of dollars making stocks pop is not the same as real wages climbing, inflation going away and folks bailing themselves out of debt. And the jobs report? lordy. People getting canned, trading in one great job for door dash and Uber gigs ....not the same...but CNN can work with it.
Ok. So what unimpeachable source would one look for to make sure that the US Gubmint is NOT coming for your 401k?
Not the mention the even more devastating result of some form of amnesty (voting) for illegal aliens and 2 or 3 new Supreme Court justices!
And when their "assessment" proves to be wrong they suffer no consequences, unlike the people they inflict their "assessment" upon.
> The all items index rose 3.2 percent for the 12 months ending February...
That reminds me, I have to re-up my car insurance today - about twice what I was paying 3 years back.No tickets, no accidents.
So what? Is this guy supposed to quit taking care of his own family just because the economy is bad?
“Oh, the economy is bad so I’m going to keep spending and close my bank account.”
After decades of frugality, we’re finally able to live comfortably. We just bought a 2020 F150 and a camper shell for cash. I’m not sorry.
He should’ t be either. He’s a great father fulfilling his first responsibility.
I can get by but my investments did not keep up with inflation.
I will get back what I lost to inflation when the Dow hits 50,000.
bkmk
I’m not complaining about their ‘example man.’ I’m just tired of others being lied to by CNN, MSNBC, etc.
I’ve always lived below my means. Debt free and retired at 56. Yay! I pay cash for large purchases as you do. Currently saving for a replacement washer and dryer. 30+ years is long enough to wait - something’s gonna blow, LOL!
This article is just more election tampering by CNN as far as I’m concerned. The economy is not The Best Ever. And with our National Debt, we’re never going to turn this thing around. At least not in my lifetime. :(
I get my outlook on the economy’s health by going to the grocery store, the gas station and other common places I have no other choice than to spend money.
All are looking grim and any improvement seems to be transitory.
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