“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.
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?
And when their "assessment" proves to be wrong they suffer no consequences, unlike the people they inflict their "assessment" upon.
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.
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.