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Please stop telling us everything is fine with the economy; it is not

  

Category:  Op/Ed

Via:  gregtx  •  5 months ago  •  19 comments

Please stop telling us everything is fine with the economy; it is not
ERIE, Pennsylvania — Two weeks ago, Nobel Prize-winning economist Paul Krugman told CNN anchor Christiane Amanpour there is a peculiar disconnect between how the economy is doing and how the public is feeling about it.

S E E D E D   C O N T E N T


ERIE, Pennsylvania —Two weeks ago, Nobel Prize-winning economist Paul Krugman told CNN anchor Christiane Amanpour there is a peculiar disconnect between how the economy is doing and how the public is feeling about it.

Amanpour pressed him on why people weren't understanding that they are living in a "sunny economy." He had asserted that "the economy's rebound has been surreally good," yet people keep saying it is terrible.

Krugman pointed to surveys and even some people's behavior, noting robust discretionary spending in travel with hotels and restaurants, and was perplexed as to why people, as if all people were traveling, thought there was a problem.

"We don't really understand why this is happening … [but] there is a real profound disconnect going on," Krugman said.

A few days earlier, The View co-host Joy Behar was strident in her assertion that everything was fine for all in our economy: "The economy is booming, inflation is down, the stock market is doing well, people are having an easier time putting bread on the table, etc. [Biden] doesn't seem to be getting the credit for that."

She then asked if people think because Biden is old that the economy is bad.

Huh? People think the economy is bad because they are paying, at least here in western Pennsylvania, $3.99 a gallon for gas, and in places such as Arizona, where the state now ranks seventh among the nation's highest-paying markets at $4.69, last week alone it climbed 14 cents a gallon. In Nevada, it jumped a whopping 33 cents a gallon, with California coming in at a 29-cents-a-gallon jump.

When gas prices rise, food prices rise. Has Krugman or Behar bought milk lately? A staple in almost every family's home is now well over a dollar more a gallon than it was in 2021, with the average price at $4.31 per gallon for conventional whole milk, $4.26 per gallon for conventional reduced fat 2% milk, $4.86 per half-gallon organic whole milk, and $4.86 per half-gallon organic reduced fat 2% milk.

And that is just one food staple. The USDA said this week that on top of the already escalated costs, all food prices are predicted soon to increase another 5.8%, with a prediction interval of 5.4% to 6.2%.

And food-away-from-home prices are predicted to increase 7.1%, with a prediction interval of 6.9% to 7.4%.

Ardell Martin, a retiree who lives on a fixed income, said her trips to the grocery store, a thing she used to enjoy, now fill her with dread.

"Everything has gone up, and gone up a lot," she said. "What irks me is that people keep telling us that everything is fine. Well, everything is not fine. When your income doesn't change but the costs of basics keep going, your ability to find what you need shrinks because you cannot afford it."

Interviews with a number of voters across the political and economic spectrum find them frustrated by the administration not understanding that by the administration's measure, the economy is doing well, but for them, it is not.

They are even more incensed when an economist or a Hollywood figure scolds them for not feeling good about something that has not trickled down to them. This week's Reuters/Ipsos poll showed the economy remained the public's top concern, with 23% of respondents selecting it as "the most important problem facing the U.S. today."

U.S. inflation rates have been historically high during Biden's term, prompting central bankers to raise interest rates in a bid to tame prices. Biden's pitch saying "Bidenomics is about the future" and "Bidenomics is just another way of saying 'restore the American Dream' because it worked before," still isn't resonating with voters, even ones who voted for him.

Martin said she is frustrated by Biden and everyone else telling her everything is OK: "He needs to walk in our shoes before telling us something is working."


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GregTx
PhD Guide
1  seeder  GregTx    5 months ago
The USDA said this week that on top of the already escalated costs, all food prices are predicted soon to increase another 5.8%,...
 
 
 
JohnRussell
Professor Principal
1.1  JohnRussell  replied to  GregTx @1    5 months ago

Then complain about corporate greed. 

 
 
 
Texan1211
Professor Principal
1.1.1  Texan1211  replied to  JohnRussell @1.1    5 months ago

That's a bullshit cop out employed by many Dems 

Biden can't slap enough lipstick on the pig that is Bidenomics to make it look good.

 
 
 
Nerm_L
Professor Principal
1.1.2  Nerm_L  replied to  JohnRussell @1.1    5 months ago
Then complain about corporate greed. 

So, what can be done about corporate greed?  Raising taxes won't lower prices.  Raising wages won't lower prices.  Blaming scapegoats won't lower prices.

Electing Democrats won't lower prices, either.

 
 
 
bugsy
Professor Participates
1.1.3  bugsy  replied to  Texan1211 @1.1.1    5 months ago

Even the Biden admin is backing away from the term "Bidenomics". They know to most Americans, that term means high prices, inflation, lowered wages, etc.

 
 
 
GregTx
PhD Guide
1.1.4  seeder  GregTx  replied to  JohnRussell @1.1    5 months ago

Why? Is corporate greed increasing the  cost of fuel?

When gas prices rise, food prices rise. 
 
 
 
devangelical
Professor Principal
1.2  devangelical  replied to  GregTx @1    5 months ago

gee, what happened to dropping the prices of gas and groceries that maga trash ran on in 2022? oh yeah, that would be taking money away from their corporate owners and shorting their dark money donors of cash...

 
 
 
Texan1211
Professor Principal
1.2.1  Texan1211  replied to  devangelical @1.2    5 months ago

Bidenomics, according to your fearless, clueless leader, is saving America!

 
 
 
GregTx
PhD Guide
1.2.2  seeder  GregTx  replied to  devangelical @1.2    5 months ago

You're a broken record...

 
 
 
Ed-NavDoc
Professor Quiet
2  Ed-NavDoc    5 months ago

Those that feel the economy is doing so good should take a trip to the grocery stores or gas stations more often.

 
 
 
Texan1211
Professor Principal
2.1  Texan1211  replied to  Ed-NavDoc @2    5 months ago

Or try to buy a home right now!

 
 
 
arkpdx
Professor Quiet
2.1.1  arkpdx  replied to  Texan1211 @2.1    5 months ago

Or even try to rent an apartment or house. 

 
 
 
JohnRussell
Professor Principal
2.1.2  JohnRussell  replied to  Texan1211 @2.1    5 months ago
Or try to buy a home right now!

Try to make a comment based on something other than right wing cliches. 

 
 
 
Texan1211
Professor Principal
2.1.3  Texan1211  replied to  JohnRussell @2.1.2    5 months ago

I am sure the sky rocketing mortgage rates escaped your notice, as has the rise in food costs and energy costs.

Ever heard that Biden has presided over the worst inflation in decades, or don't left wingers talk about that stuff?

 
 
 
Jasper2529
Professor Participates
2.1.4  Jasper2529  replied to  Texan1211 @2.1.3    5 months ago

Left wing "legacy media" sure doesn't talk about it!

 
 
 
JBB
Professor Principal
2.1.5  JBB  replied to  arkpdx @2.1.1    5 months ago

Yet, we can only imagine how the rightwingers would carry on if the values of their homes and 401Ks plummeted...

 
 
 
Texan1211
Professor Principal
2.1.6  Texan1211  replied to  JBB @2.1.5    5 months ago

we can only imagine why, in Biden's wonderful economy, people can't pay their bills.

 
 
 
GregTx
PhD Guide
2.1.7  seeder  GregTx  replied to  JohnRussell @2.1.2    5 months ago

Try to make a comment based on something other than left wing cliches...

 
 
 
arkpdx
Professor Quiet
2.1.8  arkpdx  replied to  JBB @2.1.5    5 months ago
Yet, we can only imagine how the rightwingers would carry on if the values of their homes and 401Ks plummeted...

Well then I guess you wouldn't mind if you found out your home was now worthless than you paid for it or that your 401K or whatever retirement fund was losing money hand over fist. 

Question. When things get slow at the company you work fordo you go to your boss and tell him you will take a substantial payout in order to help him out. 

 
 

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