The Truth About the US Economy!

[@PBoyle]

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[@Myexpectationsarerealistic]

Streaming a prerecorded video 😂 these hoes stole my driver’s license.

[@greggcal4583]

I have read that a lot of big cities like say, Chicago, do not report their crime to the FBI so the crime stats are a bit off. If you live in SF or LA or Portland you see decay. If you live in a nice suburb or small town that is not economically struggling, then crime seems under control. Economically price spikes in thing like grocery items, car prices and restaurant bills are what people see day after day.

[@tommy5499]

So interesting, I visit 10 to 15 business a day, Of all types. The reduction on our end and their end of goods and services provide, are going down. And Lay offs Increasingly growing. Is not some figure on a chart, it is living fact. Things are not looking so great, and all really started in July.

[@tinycareless3106]

I'm sorry Patrick, I really like your content but you appear to be comfortably out of touch on this issue. When you decriminalize theft and drug use, statistics go down because no one reports, arrests, or prosecutes. The reality is retailers are leaving these permissive urban cores because theft is out of control, and drug related crimes and homelessness is spiralling. Economic stats are all nice and fine for insulated urban elites like yourself, but the working man can no longer afford a home and thinks twice before pumping gas.

[@BetaBuxDelux]

@@tinycareless3106Yep, we stopped going to San Francisco. I’ve witnessed more crime there than I did 10 years ago. Maybe I’m just unlucky in the last 10 years? It’s possible.

[@CoderDBF]

I think you failed to mention purchasing power. For example, 19 years ago my rent was ~25% of my income. It is now close to 50%. Food and energy prices have gone up drastically as well. Electricity price doubled, price of water quadrupled. In comparison, my grandfather on my mother’s side had 5 children and a wife, owned 2 homes, with a single income. Everything is now subscription based. If you bought a phone or household appliance back in the old days it lasted for decades, now you’re fortunate if something lasts for 5 years. I think you might be looking at the wrong data. The average person doesn’t care if the dollar is strong and the stock market is at an all time high. I also believe that the statement “family size is now smaller” is a dangerous statement, because I think families are now smaller because children have become unaffordable.

[@jamesmitch9792]

have you considered getting a new job? they have those believe it or not.

[@Double512]

exactly. saying that everyone is earning more is pretty meaningless when inflation and rising costs mean that while my job pays twice as much as my dad's did i have less than half the purchasing power. as the old saying goes there's 3 kinds of lies: lies, damned lies, and statistics

[@Flipflopflopper]

Crazy that you are just wrong

[@tommyle3243]

@@jamesmitch9792that’s a really surface level conclusion lmao. When the average house cost more of a percent than the average wage finding a new job is an individual solution but obviously wouldn’t work as a whole. Is that like not obvious lol

[@Atirunfi]

@@jamesmitch9792 Me when I walk into a google shop and buy a certificate and get an epic new job that pays me 200% more

[@DataIsBeautifulOfficial]

The US economy is so hot, my paycheck evaporates before it even hits my account.

[@Tropper73]

Yap. Patrick unfortunately does not understand that even though inflation has dropped, the aggregated prices of services/goods still affect (quite significantly) the vast majority of household budgets

[@samsonsoturian6013]

That sounds like a you problem

[@supersleepygrumpybear]

It evaporates into the Great Hot Air Balloon we call the U.S. Consumer 🤑🤣

[@goober7535]

anecdotal evidence isnt actually evidence. facts and figures are.

[@johnrichmond8978]

@@goober7535 Wheres' you proof for that? ;)

[@gingerkilkus]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@JohnsonAshley-sy3lx]

In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.

[@williamDonaldson432]

True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of $350k...that's like 7times more than I average on my own.

[@foreverlaura-fq4eu]

@@williamDonaldson432 This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@foreverlaura-fq4eu]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@williamDonaldson432]

Rebecca Lynne Buie is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@oneillbilder]

The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.

[@Martina-Alan]

They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.

[@DallisonScramosin]

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

[@SladeCirrincione]

That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?

[@DallisonScramosin]

My CFA Vivian Jean Wilhelm, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@SladeCirrincione]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@PiotrMys]

The economy is doing great. But where is the wealth going? I think your take here is a bit limited.

[@kalef1234]

money going straight to the top. the 1%

[@scottyee707]

well not us, foreign investment in the stock market is why its doing so well

[@titangaming8627]

Yeah, the distribution of wealth and the wealth gap is a gaping hole straight to the bottom of the Mariana Trench

[@brandonburns5365]

You can't be serious

[@seneca983]

@@kalef1234 He clearly stated that it's not just the 1%.

[@MrMultiPat]

Patrick I think all you've shown here is that traditional economic indicators (GDP, unemployment, rate of inflation, etc.) can, at times, have little bearing on people's lived experience in the economy.

[@fromgermany271]

But is the result of thinking about why the good national numbers don’t trickle down really to move taxes more than already from top to bottom?

[@magesalmanac6424]

Patrick just doesn’t get it. All his recent videos have been like this. He lives in the clouds.

[@lunarmodule6419]

Traditional gaslighting from the conservatives. Classic. The reality is that for the last 40 years salaries haven't kept with inflation. So the middle class is stuck having to live with tons of debts. And younger families can't even buy a home.

[@SourDonut99]

Maybe he's a Harris voters. Ooooo I think I got him. Joke aside. A few problems with his indicators. He talks about exchange rates as a metric of how strong the dollar is. That's only relative to other currencies and it's a race to the bottom. Second, inflation being low. So if home prices inflated 300% over the last 10 years and this year the inflation rate is 0%. Does that mean houses are the 10 year number? No, it means it already locked in a 3x price hike and this year they graciously didn't inflate it further. Food inflated 25% to 33% and that's locked in. Who cares if it's inflating 0% this year.

[@fromgermany271]

@@SourDonut99 You know the difference between an absolute value and a rate of increase? 0% inflation does magically bring back the prices of what? 2023? 2000? 1776? And what is your idea with house prices? A value given by government? Or is it maybe the free market, that is trying to make it impossible for you to buy?!!! Unfortunately easy solution are only easy until you understand why they are not. Good luck!

[@Rainkit]

We're truly in a weird place economically. My state has been raising our minimum wage to $13 an hour. I make $20 an hour, more than I ever have before, but I still can't afford a god damn apartment, much less a house.

[@tabernathy0428]

20 dollars an hour is a below average wage. The median wage is 28 dollars an hour. You make about 30% less than the 50th percentile. You need to job hop or acquire a new skill.

[@PerfectTangent]

@@tabernathy0428 I don't think you understand that 25 years ago you could rent an apartment on an equivalent wage while today you can't. Or maybe you do understand and you're part of the problem. "You need to job hop or acquire a new skill" - yeah, you're part of the problem.

[@alexnahan969]

@@PerfectTangent 25 years ago someone making 20$ an hour wouldn't be making 20$ an hour lol.

[@jip230]

The U.S. is quickly becoming like Britton where the cost of living and salaries are so out of whack that most ladders of upward mobility have been shut down. The average U.S. salary is about $60k. You couldn’t buy a home in most areas of the country with that. I earn six figures and with the rise of the lower end of the economic spectrum, I’m lookin at my salary as insufficient. We’re going to have to see low inflation and rapid rising salaries to have subjective experience of the economy improve

[@cheesepanther]

​​@@alexnahan969it reads an 'equivalent wage' not 'the same wage'... Rather the minimum wage 25 years ago.

[@marcdiaz6447]

A friend of mine was priced out of his rental that he had lived in for 11 years. One day he said the stress of trying to find a place where he could live was killing him. The next day he was dead of a heart attack.

[@AntActApp]

im sorry for your loss

[@michaelsmith4904]

"problem solved" - some capitalist probably

[@KarlaKloppstock]

Sorry for your loss. Sadly this happens each and every day, likely every hour several times. If rents would be fixed (in its double meaning), people would be way happier and companies that actually produce goods or services would thrive as well.

[@JonM-ts7os]

Fake

[@Shams-fe6lq]

name of that friend? Albert Einstein

[@coprographia]

The pie is still growing. You’re just forced to fight over a shrinking share of it.

[@coprographia]

Housing prices are hyperinflationary. Wages diverged heavily from productivity decades ago. The inflation spike was hard enough, before all the brazen price gouging on top of that. The job market has become a farce so hideous it would have made Jonathan Swift puke. Everyone’s expected to have a college degree, just to demonstrate minimum viability for employment, while the demand for unaffordable tuitions is only sustained by massive debt. Everybody is paying more and more, for less and less. And they know it. It’s way overdue to stop pretending everyone benefits equally from a growing “economy”, and start addressing rampant wealth inequality. We all know we have drastically less opportunity and dignity than our parents’ generation. Nobody in the working class should care how the GDP is doing. Economists can’t keep lying to the public with averages.

[@sender5804]

@@coprographia house price might be up 10% but you would have to spend 100% more on mortgage due to higher interest rates ...

[@lkyuvsad]

@@sender5804 ...and save astronomically more to build up a deposit, while burning an increasing share of income on rent in the mean time

[@stankgangsta4105]

No, the pie is strictly getting bigger. At least now.

[@stankgangsta4105]

​@@sender5804Did you flunk out of elementary school math or something?

[@JasperElvenSky]

I think the pessimism is rooted in extremely high rents. It's true that some people (the owners) benefit - but non-owners are under extreme pressure, often paying half or more of their gross wages just for a place to sleep and keep their stuff (often a fairly cramped place). It's just constant high financial pressure for the bottom two thirds (or more), chasing high rental or mortgage payments, with no money saved up for emergencies and no room to do so. If rents declined by half, people would feel better.

[@jessip8654]

Yup. My very basic little condo is now worth more than the massive 5+ bedroom homes were just 10 years ago in my area. Housing just eats up people's entire paychecks unless you super lucked out and bought a home a decade ago.

[@momentsinstockhistory8330]

I am a huge 'the economy is good' truther. That said, different people experience different rates of inflation. Eat a lot of beef, and your groceries are up way more than someone who doesnt etc. On housing, it is especially tricky. In the US, ~67% of Americans live in homes owned by a member of the household. And almost all of those are paid off or with extremely low fixed mortgages since everyone refied in 2021. (the avg mortgage is still in the 3s across all payers even with all the 7s and 8s coming on line in the last years) To them rent is irrelevant and yet to the other 1/3 of the population it is the most important component.

[@greatestever9616]

I actually think is misinformation to win elections and algorithms that promote fear because it brings more clicks.

[@olenmees9150]

1% have zero incentive to build new houses - look at the stock graphs and interest rates on treasuries with zero risk , why would anyone in their right mind risk building for mob of 100 million of 50 IQ folk when they can earn same % practically risk free ? 100+ million voters have said it - and don orange said it back "he loves the poor and uneducated" education = NO 20% interest consumer loans = YES YES YES

[@LPMutagen]

Google "rent maximizer" software. I wish I was kidding.

[@Sakkyoku830]

Because people don't care about "The Economy" they care about how many hours they need to work to pay rent. They care about how many hours of work it takes to buy food. The higher income is not offsetting total inflation effects across all goods. If this is not true, we should see the average amount of bank account savings, and asset ownership rates increasing, which we simply do not see.

[@dx-ek4vr]

One thing I'm seeing lots of in this comments section is the amount of people trying to gaslight others into thinking all is well with the economy. Like, I'm seeing lots of "well, maybe you just suck with money", those kinds of statements

[@PerfectTangent]

@@dx-ek4vr Almost as if people don't realize that Patrick Boyle makes his money off of people making money.

[@SnowmanTF2]

Alternatively to bank savings and asset building, it does not seem to be going to more frivolous spending either (as in more items or higher quality items, regardless of current costs, given how much most everything has increased relative to a few years ago).

[@yuzu-tsuyu]

I guess for out-of-touch economists "If you constantly feel like you're on the brink of not being able to afford rent and groceries, have you tried going for a walk and adjusting your attitude?" is the hot new "If you stopped buying avocado toast you could easily afford a home."

[@littlestbroccoli]

I keep on slipping, slipping.. onto a lower rung financially

[@MattsMkia]

A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favourable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich

[@LUCIASMITH-d1z]

I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.

[@IamJonny-o4v]

True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.

[@JacobsErick-u8r]

this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation

[@IamJonny-o4v]

I've experimented with a few over the past years, but I've stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@amoreauMike-t6z]

Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.

[@JJKoester]

Yeah, the American economy is great because everyone is taking my money. The amount I spend every month on health insurance, groceries, rent, bills and running a business consistently leaves me in debt which is great for the economy because I'm also paying interest on what I can't afford. Congratulations economy! I'm so happy you're doing so well!

[@thelucidcrown]

why dont' you figure out how to make more money instead of complaining?

[@dev_ilmoon]

@@JJKoester sounds like you’re trying to tackle a lot of things at once on your own. Ask for help? My savings account looks great.

[@downstream0114]

@@thelucidcrown This is probably a spam thread.

[@laupernut]

Trump will make it better. Don't worry; he will give you other things to think about, and you won't have to worry about how poor you are. Dictators always give you something else to think about while stealing from the coffers and telling you how good you have it. Only I can fix it will be his mantra. I lived under Mugabe, and everything was Queen Elizabeth's fault. I'm guessing it's going to be Obama who's at fault for Trump.

[@MarquisLeary34]

@@dev_ilmoon Financial advisors cost money too...

[@jansenart0]

7:16 Economic growth means little to the masses if half their income goes to rent, which generates zero equity. 7:22 The masses do not own stock, therefore they only see the wealthy benefiting from growth at the cost of their labor. 7:30 Wage growth for which cohorts? Yes, on average wages are up, but when most people cannot afford a home, does that matter? Low unemployment doesn't matter if you work a no-benefit gig or as a contractor to make rent. Declining "inflation" is a function of corporations realizing that the people weren't buying their hyperprocessed corn because they wanted to, but because it used to be a cheap source of calories until they gouged the price and blamed "inflation". 7:55 The people feel like they've become homeless itinerant workers because they don't own where they live and work gigs where their apps tell them where to go and what to do.

[@krombopulos_michael]

Wage growth was actually strongest in the lowest income cohort and income inequality decreased over the past few years. The thing is that in America, nearly everyone in the upper 50% thinks they're the "middle class" and so won't see those income gains, and in many cases will feel poorer when inequality decreases.

[@jansenart0]

@@krombopulos_michael Don't forget that the "wage growth" was countered by corporations doing price gouging. "Inflation" has "slowed", but that only means things aren't getting more expensive as fast as they were, not that prices are coming down. The net effect is the raises went to the bosses, but regardless of that: no one earning under 50k/year (most Americans) will think the economy is "good" unless they can own a home!

[@orderfromchaos663]

Also there are big omissions for unemployment. One of the biggest misses is recent graduates, who are experiencing a tougher labor market. New grads cannot get unemployment as they did not recently have a job, so if (for example) the new grad job market gets 5x harder, then the unemployment rate will change 0%.

[@pierregravel-primeau702]

And chikens vote for colonel Sanders and are now shocked that they are turned into minced meat... The Irony... with capitalisation!

[@pierregravel-primeau702]

@@orderfromchaos663 lol. I entered the job market in 2008. You have it easy! You have no idea!

[@davekeating5867]

1975 I dropped out and quit school at age 16. Within a week I had a job in a ship yard paying more than twice the minimum wage ... no interviews, no drug tests I applied and got a call a couple of days later. That was $10k/year at a time when you could get a nice 1200 SF bungalow for $20K and the average new car cost 44800. That wasn't the only options open to me . There were jobs in the mills, factories, logging, construction ... . How many kids walk out of high school at 16 today and land a job in less than a week where they gross enough to buy a house on 2 years salary

[@jmanakajosh9354]

None in any western country

[@LiverpoolReject]

Right but then you voted for Reagan, so thanks for ruining it for everyone.

[@neonovalis]

​@@LiverpoolRejectyeah, right...blame it all on Reagan😮. House prices were ok till mid 1990s.

[@T0MapleLaughs]

Because this was right after the Vietnam War, capping off a long period of war that impacted the previous generations.

[@DKNguyen3.1415]

@@neonovalis I'm not old enough to remember what house prices were before the 1990s since that's when my memory started, but I do know that when I was a junior high and high school, the same house cost 10x more than the same car. Now the same house costs 30x more than the same car.

[@brianmcginity]

It's sort of like saying I lost 40% of my income two years ago but today I only lose 2% so everything is great. The problem is to damage is done.

[@glitchlife4639]

So, this is where I am at. In 2021 I was making 55k a year. I paid 850$ a month for my apartment and about 300$ a month on groceries, 250 a month on car and 60 on insurance. It was tight but made it work. Today I make 95k a year, My apartment is 1950, I had to downsize to a studio because the 1 bedroom is 2200. My car payment is 700 a month, My insurance is 250-300$ a month, and groceries are about 500$ a month. I am making far more, but my quality of life has decreased significantly. I decided to splurge and go to a nice coffee shop today. It was 9.50 for a coffee, and 20$ for a 12oz bag of coffee. Oh, and the same house I was looking to buy at 250k then is 700 now. I can never afford to purchase a home, prices are out of control and 3rd spaces to meet people that are free are gone. Everything has been about monetization and increasing yield. There is no value literally anywhere.

[@peterinoz4502]

$9.50 for a coffee, I hope you got a meal included for that price! ridiculous, that equates to $13 in Australia, I doubt we would pay that much even in elite or tourist areas

[@BB-iq4su]

Coffee at a coffee shop is not purchased by a rational person.

[@nielsdegraaf9929]

why pay for a car with a loan😅 on a flex rate🙃

[@Forcebewithyou594]

Did you have that same car in 2021 that you do now? You probably have full coverage because you have car note, so do you have the same insurance company, Why did you get a car note? You make enough to save and buy a car outright? What type of car do you drive(year as well)? Did you change apartments during that three year time period?

[@sawcior1253]

Ditch the car and get 100 coffees at $9.50 instead

[@KilgoreTroutAsf]

This may sound stupid, but if the economy grows at 2.8% but the S&P500 grows at 27%, doesn't that hint at the possibility of the stock market being completely divorced from reality? Isn't a fresh batch of newly printed money chasing after the same handful of assets a dangerous thing?

[@sergiojuanmembiela6223]

The S&P has a selection bias. By definition, it includes the firms that are doing well. If one of them does bad, it is expelled from the listing and a new up and coming business takes its place. The issue could also be speculation. Cheap money means that those who have money are more likely to invest in stocks than in safe options that give no returns, which increases demand for stock which increases prices. It is not that those firms are getting 27% more profits but that there is money available to buy the stocks.

[@inspectorchicken]

No, it's a sign that an index of the 500 most profitable companies is not representative for a whole nation's economy. The best example is the german "DAX" - the 30 best german corporations do perform a lot better than the current situation would suggest, because (surprise) these are all heavily export focused and do not react that much to inner moods.

[@JCintheBCC]

A large portion of that growth is attributable to the AI boom in Nvidia, Microsoft, Google, Meta, etc. However, no associated revenue has been linked to that boom in valuation and investment, so... yeah, it is kind of divorced from reality in that the valuations are not based on the actual revenue growth.

[@txdmsk]

The stock market is not any less of a scam than the crypto market. It does not reflect the real value or productivity of the company. It's just a pretend value with a pretend number.

[@waynecassagne-covellwaz2204]

Yes and stocks are easily manipulated by Wall Street. Dollar too is fairly easily manipulated. But it’s all nonsense, I mean look how much USD has been printed in past 4 years, and how much debt the US is in

[@PerfectTangent]

Funny how people talking about housing being affordable for X wages leave out that you still need to live where the jobs are. And the wages of "where the jobs are" are not equal across the country...but the lack of affordable housing is. And by housing, I mean rentals as well.

[@mageyeah7763]

It’s worse than that, the closer you get to the good jobs, the faster housing prices rise. There’s places in my state where I could double my income. But housing would quadruple.

[@ebx100]

AirBnB to the rescue!!! Just joking.

[@greglane501]

Yup. I'm making the most I've ever had and had to move to a rural area to work on this base. It's still a 15 minute drive to and from there, which isn't an issue, but transportation instantly becomes a variable now wheras in Germany and in the Army it wasn't absolutely mandatory to have a car. In fact, you kinda need two because if one gets fukt you can only ask coworkers for rides for so long.

[@thawhiteazn]

WFH helps with this, but unfortunately it seems like companies are trying to move away from this. I got lucky to get my job in 2022, basically a historically great time for me to have done so. Because of this job my income literally doubled, and I’m not even having to drive into an office.

[@JannyLuits]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@foden700]

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

[@NoorJari406]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@KaurKhangura]

How can I reach this person?

[@NoorJari406]

‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@KaurKhangura]

I checked Aileen up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.

[@matthewbutner8696]

When you ask a person about the US economy they are never going to tell you about the US economy. What they are going to tell you about is their economy: what they and their friends are experiencing. And if everyone is telling you times are tough, things aren’t getting better, and I don’t see thing’s getting better then that is probably what is happening. People telling me things are going great doesn’t make my groceries cheaper, make promotions come, lower my rent, or make home owning become feasible. Things are tough out there and I don’t see anything on the horizon that will make it better.

[@tylermc11795]

Things have always been tough. Economist are just saying it’s marginally less so compared to the past

[@taezonday]

​@@tylermc11795 I think this is the biggest factor, life has never been easier than it is now, each decade had more severe problems than we currently have. Its a good thing people are demanding more wealth, because it is all getting sucked up by the rent seeking suburban mansion class. But they voted for a billionaire who is going to deregulate banks and reduce social spending so they're absolutely screwed now.

[@weatherwar]

@@taezonday The more spoiled people are, the most able they are to complain that they're not even more spoiled. Generational QOL is plateauing - it was never going to keep gaining at the same rate... and people are pissed.

[@HHH906]

Yeah, Patrick is being really tone deaf here, most probably in response to the election result.

[@Forcebewithyou594]

may I ask where you shop? I shop at grocery stores like Aldi and am able to save hundreds compared to if I went to big box retailers.

[@ZionMcNull]

Really weird subject matter for a rap channel

[@Jennifer-vw6wo]

Right? I foolishly watched until the end.

[@arthurbriand2175]

This also works as an ASMR channel

[@rogergeyer9851]

That was so good I wanted to try a rap line in response. But being 65 and hating rap aside from, say, Blondie's "Rapture", I'll restrain myself out of principle.

[@andrewempson2629]

@@ZionMcNull He needs to do a part two on the Crocodile of Wall Street. She is my favorite white female crypto lovin rapper

[@tarstarkusz]

@@rogergeyer9851 That's a lousy song. Blondie has many better ones. The cover of Denise, Union City Blue, Tide is High, Heart of Glass, One Way or Another, Dreaming and some others.

[@kingbonezai4925]

So I like Patrick normally, but “the economy” (as an undegrad Econ major and a MBA student) as economists see it is so focused on theory, GDP and certain supply curves that it loses all meaning for the average person’s prosperity. Sure GDP is up and Unemployment (which is flawed as it is only counting those on unemployment benefits and not those who don’t apply/exhaust their entitlements) down, and the nebulous “economy” is great, but debt to GDP levels, workplace participation are all bad, and the general level of prosperity is lower than it was pre Covid. Economists metrics and reality are at odds.

[@DebatingWombat]

I’d argue that the picture becomes even more muddled when choosing data that’s either: A) Irrelevant to most Americans (e.g. stock prices, as very few have significant income from stocks), or B) Presented in a superficial and overly glib (not to say Panglossian) manner (the poorest have seen the greatest growth - in what? Percentages? Over what span of time? Because that might merely indicate a problematic baseline and/or show how bad their baseline was and thus not signal much of a positive development if the poor were barely scraping by at the outset). What a more serious analysis would include: - Real wage growth over the long term (several decades) divided into at least quintiles, though decentiles might be better. - Costs of bare necessities (food, housing, transportation etc.) as a proportion of the income of each quintile’s/decentile’s expenses and their trajectories. - Costs of key services (such as healthcare) their trajectories and their share in personal expenses. - Costs of key elements in improving personal wealth beyond wages (mainly real estate and education) and their trajectories when measured against income (this might give a hint as to why there is pessimism about the prospects of future generations). - Retirement savings (because it’s a place where people may need to underinvest to cover immediate shortfalls). - The proportion of Americans who are systematically able to accumulate wealth (i.e. not living pay check to pay check, or worse, relying on expensive short term credit, such as payday loans), especially if they’re able to do so without skimping on any of the key expenses already mentioned. Basically, people in “prime employment” (discounting students, semi-retirees etc.) who aren’t able to cover both their immediate daily needs (housing, food, transportation etc.), basic health and other insurance, who are able to save for retirement (as well as their children’s education, if they have or plan on having kids), while also being able to save up something for emergencies can’t be said to live in anything approaching financial security or fulfilment. Oh, and to continuously beat on the straw man that some idiot has compared the current US economy unfavourably to that of the Great Depression is just lazy.

[@kingbonezai4925]

@@DebatingWombatexcellent points!

[@avernvrey7422]

Except the participation survey captures those who have given up looking for a job. Participation is...UP, not down. As Patrick pointed out, in the past GDP and sentiment roughly matched. It's just a very modern phenomenon where they have diverged. Government debt to GDP doesn't directly affect individuals. Participation in the labor force is up. GDP is often used as a measure of national "prosperity" what alternative are you looking at that shows prosperity down?

[@ADobbin1]

in other words its great for super rich people but sucks for real people.

[@SinclairSound]

Interestingly, this is really only the story of the mainstream (minus some New Keynesian economists) - as you move into the heterodox you quickly find plenty of theory that shows exactly why and how we have ended up here. As you move further into economics you will likely encounter the DSGE model - the workhorse of the mainstream for the last 30ish years. Even the most complex DSGE models of the mainstream had no way of dealing with the post-recession stagnation.

[@numbereightyseven]

"The real median wage of the bottom 90% is stuck nearly where it was in the early 1990s, even though the economy is more than twice as large now as it was then. Most of the economy’s gains have gone to the top."

[@erickillian313]

This comment should be higher. All gains went to the top. Patrick is saying everyone's averages went up after Bill Gates walked into the room. Patrick so F'ing disconnected from reality it's really hard to fathom.

[@MidwestMountainMan]

This is just factually false. Since 1994, the median full-time earner has seen their real, inflation-adjusted wages increase 18%. That's the MEDIAN, not MEAN. If real wage growth was solely in the top 10%, the median would remain unchanged.

[@tonglu3699]

I'm a data scientist whose job used to involve modeling labor force productivity in the last two years (switched focus this year). My perspective is that the recent economic growth is not from the material economy, but rather mostly from very frothy and rent-seeking knowledge work - marketing, advertising, media, entertainment, consulting, administrative, etc., and the information tech that powers them. They don't actually fulfill people's needs and desires. For many of us knowledge workers, deep down we know our work is bullshit. We don't really produce or improve food, water, housing, transportation, education, social life, healthcare, etc. We are just producing and enabling the production of more and more useless opinions about them. Edit: I should clarify when I said “useless” I’m referring to the recent growth in knowledge work, not knowledge work in itself, in its entirety. The service sector is seriously saturated and commodified.

[@barba9791]

Kafkaesque

[@moschedajan11]

That is such a weird take. Media and entertainment are not material? What does material even mean?

[@moxopal5681]

@@moschedajan11 If someone hit you with a brick in your face, I bet you would be able to tell the difference between material and immaterial.

[@orbatos]

tldr: you are always online, get outside more. You are oddly bad at separating your bias from your work, and should examine that. I agree that people's emotional needs are not being met, but the investments made by speculative investors into meme techs aren't where these growth numbers are coming from and you should know that. Ultimately you are discounting employment in corporations (which is often soul crushing regardless of wages) as somehow not providing the economic benefits that they are, while also ignoring the active destruction of social supports by the capital class.

[@zesky6654]

@@orbatos This is a weird take. Most corporate work legitimately doesn't improve anything. Especially roles that provide immaterial goods, because it's basically impossible to measure the value of those products. We can intuitively know that a toon of bricks have some sort of value, but how much does a drawing cost? A powerpoint presentation? A interactive statistics dashboard?

[@esme454]

Age of first time home ownership is the highest it's ever been. Student loan debt has increased by 6% annually, and twice as many Americans have student loan debt as 20 years ago. Things are improving for some things, but there are whole generations unable to experience the stability Americans have traditionally had. Life expectancy is decreasing. I feel that acting like you're confused why a substantial portion of younger Americans are disappointed ignores the lived reality of those Americans.

[@samsonsoturian6013]

Student debt is a product of heavy subsidies on education from both state and private

[@GoBayside]

C'mon pull yerself by yer bootstraps.. herpy derp! We need to re-write the tax code. Why are seniors, after having a lifetime to save are given lower tax rates? Young people who are starting families actually spend and grow the economy, trips to home-depot, buying cribs, cars and carseats etc. For whatever reason seniors are some protected class we're not allowed to talk about.

[@weatherwar]

Age of marriage is also the highest it's ever been. People are having the fewest kids they've ever had. Maybe there's less reason to own a home?

[@esme454]

@weatherwar , I think for a lot of folks it's the other way around. At least among my circles, folks waited until they had a house (at the very least a rental house) before having kids. And if you can't buy a house til you're 40, you're probably only going to have one kid, if any. Part of why there's a reliance on fertility treatment even as birth rates drop

[@patty109109]

@@samsonsoturian6013 partly but the Canadian government, for example, subsidizes the hell out of education by paying schools directly. The American model is a joke.

[@Azerth]

The statistic claiming that people are now on average taller has been skewed by Patrick himself.

[@operator8014]

He's the "Spiders George" of height.

[@SigFigNewton]

The statistic that low income earners have seen their pay increase faster than inflation for one portion of the last four years ignores the fact that the inflation rate being referred to is lower than the inflation experienced by those low earners, who spend almost all of their income on the necessities that increased in price faster than other items.

[@jagolago-bob]

Is being taller an advantage? Don't shorter people generally live longer?

[@cyfangz9238]

@@jagolago-bob more food required to exist.

[@jed1nat]

@@jagolago-bob Taller people live taller lives.

[@dakaufman12]

Many of your points are well taken. I will take this moment to mention that a growing economy is not the be all and end all of our culture and society. To quote (at length), Robert F. Kennedy's remarks of over 50 years ago, "Too much and for too long, we seemed to have surrendered personal excellence and community values in the mere accumulation of material things. Our Gross National Product, now, is over $800 billion dollars a year, but that Gross National Product - if we judge the United States of America by that - that Gross National Product counts air pollution and cigarette advertising, and ambulances to clear our highways of carnage. It counts special locks for our doors and the jails for the people who break them. It counts the destruction of the redwood and the loss of our natural wonder in chaotic sprawl. It counts napalm and counts nuclear warheads and armored cars for the police to fight the riots in our cities. It counts Whitman's rifle and Speck's knife, and the television programs which glorify violence in order to sell toys to our children. Yet the gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile. And it can tell us everything about America except why we are proud that we are Americans."

[@smoadia85]

Listened for 5 min and came to check the commets Exactly the reaction i was expecting.

[@grapesoder1301]

I thought he was going to say all this and then make the point that the numbers dont truly reflect the situation on the ground. He needs to go back to his rap roots when he was thuggin it out like us.

[@smoadia85]

@@grapesoder1301 i sometimes wonder how reliable the survey and statistics are, what their methodology or who they really interviewed.

[@hunterk3974]

And that's the problem, he was talking about people like you, my friend. You didn't even watch the whole video and jumped straight up to your preconceived conclusions. As someone who lives in South America, it really irks me how "whiny" and self-centered Americans can be... Do you guys get any international news at all??!! The whole world is going through hard times. Rents, house market, inflation, grocery prices, etc. have gone up everywhere, Sweden, Germany, Switzerland, the UK, Canada... you name it!! Everyone, everywhere, is complaining about the same thing. But still, compared to the rest of the world, the US is doing very well 👍🏻 You will have the largest GDP among G7 members this year (Germany is under risk of recession), Inflation is under control , your currency is stronger than ever (which means cheaper imports, cheaper oil, gas prices.. ), unemployment is virtually zero (it's said that any number under 4% is almost the same as "no employment") ... I could go on and on here drawing comparisons against other economies and show you how well your country is doing, but I think it would be to no avail. You all seem to have your minds already set on the negative side of things...

[@grapesoder1301]

@@hunterk3974 Yeah I'm not gonna sit around quietly as everyone in the US gets turned into subsistence wageslaves just because some latinx country is doing poorly. The people of the US spoke and now we get for more years of mr. orange. All those pretty numbers dont mean anything to us when the numbers in my bank account look ugly.

[@smoadia85]

@@hunterk3974 FYI, just because I didn't say it didn't mean I could've also continued listening to it while I look through the comments. You typed a whole block of text for nothing. Also, I'm not an American.

[@scottm6875]

Does Patrick conclude by basically saying, "If you think you have economic problems, go touch grass"? Patrick would do better to remind himself that: GDP is a surveyed estimate for economists and not truly measured reality for anybody; that people live in actual localized contexts and not in national or global averages; that the pain of grocery inflation depends on household size; that growing home values are only worth something if you could buy another house as good or better with your inflated sale; that ordinary workers never have been able to replace their used car every "few" years; that increasing labor participation is only good for people who don't feel forced to work by circumstances; that people tend to have self-worth and status invested in their jobs that AI may replace; and that most people compare their economic circumstances to the last generation of 25 years rather than global history over 250 years.

[@MightyMerlin1]

bro really gave a list of statistics to convince me that im not poor

[@Paelmoon]

@@MightyMerlin1 Facts don't care about your feelings I suppose.

[@iller3]

Yep, he literally ended it on: "If you don't agree, it's because YOUR lifestyle sucks, try harder you introvert"

[@GeorgeSchneider8889]

CEO to worker compensation ratio 🇺🇸: 1965 : 20.4 1975 : 26.6 1985 : 50.5 1995 : 118.8 2005 : 318.4 2015 : 318.8 2021 : 389

[@GeorgeSchneider8889]

S&P 500 Stock Buybacks Year In billions Yearly change 2010 $319 16% 2011 $467 46% 2012 $413 -12% 2013 $496 20% 2014 $565 14% 2015 $592 5% 2016 $553 -7% 2017 $540 -2% 2018 $840 55% 2019 $749 -11% 2020 $538 -28% 2021 $919 71% 2022 $950 3% 2023 $815 -14% 2024e $924 13% 2025e $1,075 16%

[@foobarf8766]

US top tax rate over time: 1944 - 94% 1964 - 77% ... 2024 - 37%

[@strauss7151]

So? Besides envy, what's your argument?

[@Pat_KraPao]

@@strauss7151 His point is you're stupid

[@kalef1234]

@@strauss7151 lol not envy. it's a FACT that the working class is more and more oppressed. call it what you want, but in France they had a revolution over it.

[@TESkyrimizer]

you: "no one in my circle of 30yo friends can afford to buy a house with our mid 5-figure salaries" me, an enlightened economist: "SOURCE?!"

[@TheRealE.B.]

It's housing. We're all richer than ever, but a really basic commodity that everyone depends on is rocketing out of everyone's reach. And people who are paying attention might notice that falling birthrates could make retirement way less attainable in the future.

[@RocketmanUT]

He covers this in the video.

[@SusCalvin]

How does your retirement system work? Here, it is your savings during your career that goes into the pension fund, not what your kids pay. Some benefits rely on municipal taxes, in my country that's a lot.

[@rudysmith1552]

@@SusCalvin the pension fund is an economic vehicle to increase productivity for the younger generation nobody’s gonna be there to wipe your ass when the birth rate falls in Mexico doesn’t feel like it’s going to dump any more people across the border

[@sender5804]

@@RocketmanUT not really, he didn't mention that cost of housing using a mortgage has gone up 100% due to higher interest rates

[@Daijyobanai]

@@SusCalvin Govt. services are paid from "what your kids pay", policing, hospitals, roads infrastructure etc, all comes from the current tax payer. Your retiree sitting on a huge pension isn't paying for that, and most Americans it transpires, don't have a pension plan good enough to see them through old age. Al that impacts the working age people.

[@DonaldStokes-p]

The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?

[@viviancarolgioao]

There are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

[@Tonyrobs2]

Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.

[@PASCALDAB]

I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?

[@Tonyrobs2]

Sharon Ann Meny is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@PASCALDAB]

Thank you for the recommendation. I'll send her an email, and I hope I'm able to reach her.

[@epicrotfl7017]

Patrick, I love your stuff but this video is woefully out of touch. An entire generation of Americans is currently facing a projected retirement age of 75+ years and average home prices of nearly half a million dollars. Economic indicators are not reflective of the average person’s reality.

[@onetwothreefour-s1n]

Correct

[@joe90000000000]

The generation of Americans facing a projected retirement age of 75+ years is like half the baby boomers. Americans have been unable to save enough for retirement for much longer than the youngest generation

[@user-pi4qo3zc2e]

Talking about old people being asset owners is kinda stupid. They own a house. The house increases in price. Can you now eat the extra value of your house? Of course you cannot, and all other houses have also gone up in price, so there is no point in selling and buying another one. The same goes for any regular house owner: their house is not an investment that they can simply cash in. The only ones who benefit from increasing average home prices are the investors who do not live in the houses they buy.

[@epicrotfl7017]

@@user-pi4qo3zc2e not to mention the possibility of a real estate crash once people realize that they can’t actually claim the value of those homes if new home buyers can’t afford those inflated prices.

[@alexc7367]

@@user-pi4qo3zc2e this applies for home owners but lately housing has become an investment and large corporations are taking it over. The solution would be progressive taxation on housing real-estate to stop companies from monopolising housing and forcing everyone into eternal renting.

[@mydressmemos]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[@JacobsErick-u8r]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@JesusLeee-i9r]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@winifred-k9e]

That's impressive ! I could really use the expertise of these advisors.

[@JesusLeee-i9r]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Melissa Terri Swayne for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@HoskinsShanellNicole]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@carolinecolbert5692]

The economy is so great that my company is delaying raises globally for six months. Competitors in my industry have been cutting levels of management to save costs. I make above the median income for the US. I live comfortably. I can afford to rent an apartment that feels safe, I can drive a 12 year old car, I can eat out a couple times per month, go to a movie or the zoo every once in a while, I get my clothes from the thrift store but I can afford healthy food and a gym membership. Im comfortable now, but I don't know how I will ever make a downpayment or mortgage on a liveable house, so it feels like I'm on am endless treadmill that I will one day run out of energy to run on and then I'm screwed. But I'm fine until I run out of energy. My 401K is doing amazing.

[@Sabodable]

My 401k is doing great, too. After sacrificing for over a decade and making more contributions than 95% of my peers, it could buy me 1/4 of a house in my area. 😮

[@Roadwarior2]

@@carolinecolbert5692Yep, once we’ve worked our best child rearing years away and we’re old and alone, we can at least take comfort that our 401k allows us to afford a senior living facility where the nursing staff at least doesn’t spit into our daily meal allotment.

[@YTHandlesWereAMistake]

Sounds like 15 Million Merits, the black mirror episode

[@dianew2007]

I am one of the only three people who were immediately hired after graduation among my graduate program cohort, and the pay I received was absolutely minimal because rent takes 50% of my after tax pay, and this is in a small town. My unemployed classmates are still struggling, taking up three, four part-time jobs without medical insurance. I think at least among the new grads, it is very bad.

[@789know]

Btw, technically ur classmates aren't unemployed in the figure. So in statistics term they r good on the employment side. But u already talk about the reality behind those figures. Working low pay job, struggling to live by with no insurance coverage. That's when figure start not reflecting reality

[@MurderMostFowl]

Your classmates may bot be making very smart decisions if they can’t find a job with benefits… Starbucks, UPS, Costco, Meijer, Lowe’s all offer health insurance benefits for part time employees. There’s also the ACA, which isn’t intended to fix all problems, but it’s there and it works. Also… you have a masters your net take home pay is only 2x your rent? Time to suck it up and either move to a town that can pay you more competitively or time to find a place with cheaper rent.

[@gogudelagaze1585]

@@MurderMostFowl The more interesting question is what kind of master's degree. I'm not in the US, however considering how they're even more focused on the knowledge economy I can't imagine the situation is worse. With a degree that's actually valuable, there's absolutely no way their statement is true unless they live in a very posh place.

[@chrisfletcher86]

@@789know Some places collect stats for "underemployed" which is the correct term for it. Very difficult to measure though

[@stuartlawler2411]

In the figures, your classmates cou t as 3 or 4 empoyed people each...this is the core problem. Full-time employment is at an all time low.

[@paulpardee]

Labor force participation rate has risen for the last 3 years... after crashing during the pandemic. The labor participation rate today is still lower than it was pre-pandemic, which was lower than it was for almost the entire decade prior to the pandemic.... which was lower than almost the entire decade prior to that. At the beginning of the century, the labor force participation rate was a full 5% higher than it is today. In fact, ignoring the pandemic and recovery, the last time the labor force participation rate was this low was in the 1970s.

[@vonb2792]

The 1970s gen were rioting to have a chance to get a job... And thèse riots were meet with cavalry charges. Now in Canada we see the retires increasing and their job been Closed never to be filled again

[@seriousbees]

Labour force participation rate includes retirees in the denominator. That decline could be simply due to people living longer

[@feylezofriza]

Yeah man, I have no idea how Patrick can misuse statistics like that. I guess, ideology clouds everyone's judgment

[@SnowmanTF2]

Granted the Baby Boomer generation which is just over halfway through their window of retiring is larger than the generation currently entering workforce, and mismatching of skills needed given decades long steering people away from learning trades if plausible to go to collage; there should be some expectation of shrinkage of the workforce percentage. Though no idea where we are relative to what a deep analysis would project.

[@rpenm]

That's just Baby Boomer retirement. Working-age (25-54 yrs) labor force participation rate is near all-time highs. 84% - higher than pre-pandemic, and similar to the highs of the 1990s.

[@tweak3871]

A few things I'd appreciate some follow up on: - Debt held by the us population (particularly credit card debt), and whether higher interest rates on debt is eating proportionately more into people's income. - Quality of jobs, if you feel that you're stuck in a bad job and don't have other prospects, despite decent pay, that might contribute. I have a lot of family and friends in this kind of situation. - How does this period of inflation compare to past periods of inflation? I wonder if the sharp increase in the price groceries could have a lasting psychological effect because people have a perception on what food should cost, and if you change that too quickly, it may take awhile to adjust expectations.

[@Panlew2]

the economy is so good they're selling shipping containers as homes

[@archimedesnation]

The economy is so great we don't care how many trillions the debt is.

[@Calebe428]

@@archimedesnationlmao we actually don’t the US debt is just a big fear mongering tactic. I wouldn’t expect any candidate to do anything to lower it

[@jeronimo196]

GDP goes up.

[@thearpox7873]

Using the decrease in average household size as an example of things getting better is certainly a mood.

[@joeschmoe3665]

Exactly thank you how is it a positive sign that people are lonely and not having kids??

[@krombopulos_michael]

​@@joeschmoe3665because it means that people are no longer living in overcrowded houses with too many people.

[@4mazIngxXGamEr]

Fertility rates universally fall with higher income populations. This isn't conjecture there is no advanced developed society that has a 2.1 fertility rate. 0. None.

[@DKNguyen3.1415]

@@krombopulos_michael people tend not to live in overcrowded houses though. People tend to live in overcrowded apartments. You don't usually have a bunch of rooming strangers in a house and I don't think roommates is what anyone considers a "household" when the word comes up. People tend to think of households as families. Just seems like a disingenuous interpretation (not yours, but the speaker. I understand you're just trying to explain the logic that might be behind it)

[@auraguard0212]

Household size means "number of people relying on living together".

[@GreenJalapenjo]

Why is this video putting so much focus on GDP growth and stock market growth rather than indicators of real people's actual experience? You're part of the problem.

[@greglane501]

Because it's easy for him with his economics/finance background to try to throw up stats and tell us we're uneducated and won't about the economy. It's not taking into account that housing is extremely high and all the jobs that are available out there don't pay you enough to not be rent burdened.

[@valarcon9132]

Because economic neoliberal models don’t acknowledge inequality, which make them close to worthless

[@fransliszt]

He literally talked about real wage growth and wage growth among low income earners. You're unable to listen to a basic video but sure you're the expert on what the problem is.

[@akc3749]

​@fransliszt why listen , when one can whinge and whine 😅

[@StephanieG.Augustus]

The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@JohnNgomba-k3v]

Things are strange right now. The US dollar is becoming less valuable because of inflation, but it's getting stronger compared to other currencies and things like gold and property. People are turning to the dollar because they think it's safer. I'm worried about my retirement savings of about $420,000 losing value because of high inflation. Where else can we keep our money?

[@heatherj-o5j]

I learned from past mistakes not to rely on rumors and hearsay for market judgments. In 2020, I held worthless positions until I revamped my portfolio with the help of an advisor. Since then, I've scaled up $250k in 2 years, regardless of market conditions. It's all about where you're looking.

[@JasonB.Chisolm]

Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.

[@RobertS.Headrick]

Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement

[@JasonB.Chisolm]

Stacy Lynn Staples a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@Epishred]

having economists say, what are you complaining about everything is fine, it feels like when you go to a doctor for some ailment, and the doctor doesn't get it and just blows you off saying everything seems fine, leaving you with nothing but an expensive bill and the untreated pain

[@raytrace2014]

I love it when the doctor blows me off.

[@Gerrad820]

I feel like everyone is gaslighting me.

[@SteveJonesOwnsDSP]

Economists are not saying everything is fine, they are saying it is not as bad as past times once were. In addition, you missed the part in the video where other countries actually say how good the U.S. has it, compared to themselves or others worse off. We are living in a world where participation trophies are given out, and when we go back to actual ranking, suddenly those that didn't get 1st place are crying and got hurt feelings.

[@rudysmith1552]

@@SteveJonesOwnsDSP no he’s cherry picking data like not comparing 2019 labor participation statistics to now for men it’s down 1.4% (18-54) or violent crimes per 1000 in 2019 versus now 16.5 vs 23.2 (with major contention about methodology)

[@fermin7c1]

I think the reason why the whiners are doing so badly is because they don't even have basic reasoning skills, as demonstrated by you completely missing the point of the video

[@adampagano5361]

Yes, from a macro standpoint, everything is great. Economy is booming. Everything is green and rosy. On the micro scale, housing is broken, wages have stagnated for decades,, all the winnings went to the top, and cost of living is out of control.

[@Roguedeus]

He misses the forest for the trees.

[@robertruffo2134]

@@Roguedeus Actually he sees a forest, but doesn't realize that the trees are withering within it.

[@dawoifee]

This is true, but then why do Americans vote for a Member of the Oligarchy who is in service of the Oligarchy. Sure the Dems are not much better, but why should Trump, Musk or Thiel even bother to make anything better for the average person? They only care about their own profits.

[@mjr_schneider]

Maybe wages have stagnated on whatever planet you're living on but not in America. Year over year wage growth is at 4% and inflation is 2%.

[@Zoetherat]

​@dawoifee They voted to throw out the incumbent (under whom their economic situation deteriorated) and put in the guy who was president back when they were doing well. That's quite consistent with how voters usually act.

[@rika-chan]

7:05 GDP and stocks mean almost nothing to the majority of the population who don't own significant amounts of assets. Labor participation affects a small amount of people who had no job before and now do. It doesn't matter if people in the lower brackets of income have had slightly larger gains compared to normal when the disparity between the top and bottom is still absolutely astronomical. Child deaths, natural disaster deaths and democracy does not apply to the people you're talking about in this video - they are not children, dead, or in non-democratic countries. If average sentiment is so bad when the average statistic is so good, the problem may not be with the sentiment, but the statistic. I don't know if you're being intentionally short sighted or not. Instead of dismissing "angry commenters" that say you're making up stats (which I don't think you are) by using more stats, listen to the personal stories.

[@Roadwarior2]

@@rika-chan He doesn’t even need to read people’s anecdotes, if he took a deeper look at the statistics than surface level, and didn’t just cherrypick data that looks promising and bring up irrelevant information about positive trends in developing countries; he’d soon discover why American pessimism is far from delusional.

[@joytrucker5709]

As a truck driver I was making $22 per hour in 2016. Now I'm making $26. That's an increase of 18%. For comparison a Hershey's milk chocolate bar use to cost $1.39 in 2016. Today that same Hershey's bar will cost you $2.19 at a convenience store like 7-11. It's an increase of 58% which comes to a 40% disparity between income vs cost of living. I don't know what this guy is talking about when he says the economy is so rosy for the working class. Clearly you can see we are stuck in a downward economic rut.

[@hibudy]

Your expectations are the problem.The thing is that trucking doesn't add much value to society. Such low intelligence and devoid of innovation job should be replaced with ai and autonomous driving.

[@andybryant3052]

Retired and on a fixed income, I figure I have about 30% less buying power, and I have to imagine many are in the same boat. Food and utilities are out of control, and I buy a lot less than I used to. I imagine there are many items people have just quit buying.

[@PerfectTangent]

Yeah, there's the market and then there's those who manipulate it for gain. The "economy" isn't great for all people equally and his ending message of "just shut up and be a better person" is tone deaf.

[@scotland369]

So many people are in debt they stop worrying about it. They throw all the bills in the bin. If they need to make a purchase they do stuff like asking a relative to cosign for them etc... these people will never afford homes so racking up $75k in CC debt and $50k in personal loans mean nothing. After a few decades of not paying it will be written off or they'll move to different rentals and be untraceable

[@BetaBuxDelux]

Yeah, prices are still up and we are budgeting. We do pretty well, but it costs about 50% more or so to eat out. I’m hoping things improve for everyone under Trump and Vance.🤞

[@razorswc]

​@@BetaBuxDelux exactly the cost of eating fast food in my area is now the same as eating at a nice restaurant 5 years ago

[@PhonePhone-sf8te]

No, the british man is correct about how much stuff you can buy. Sorry.

[@FlutterGuy121]

Having more money doesn't mean jack shit when half my monthly income is spent on rent. The economy is doing so well because its constantly siphoning my money away from me because they can and no one in the government has yet to do something about it.

[@AL13NM]

Exactly! It is only Illegal to GOUGE people during a time of Declared War. That should change, especially since the majority of people no longer have the option of Growing our Own food. BUT then again when legislation is proposed to curtail consumer costs, you hear the same old tired song, Communism, Socialism, Marxists! Americans are being driven into poverty by our own Stupidity.

[@quickstart90909]

Georgism is the answer! Vote for Georgist politicians!

[@maurybennett6545]

The government can only set basic conditions for the economy, not directly control it. That is related to supply, demand, availability of resources and labor, risk assessment of investors, habits of consumers, etc.

[@greglane501]

Notice how he made sure to dance around that topic though.

[@xiphoid2011]

you are incorrect. Housing was even less affordable in 2006 during the housing bubble, yet people still managed. That was followed by the 2008 great recession, people still managed. It's strange how today's people seems to have lost the mental discipine to budget and live within their means. That's the only difference, don't make excuses.

[@beitie]

As a factory worker who has been in the industry since 2004, I've never seen more focus on industry doing everything possible to improve stock metrics while completely ignoring: 1) Output quality. 2) Documenting the knowledge of the outgoing Boomer workforce. 3) Training replacement employees. 4) Workforce moral. So with those points in mind, anyone who knows anything about economics knows that even if the stock is going up, our ability to keep it rising is going to crash, and crash hard. Business's are now run entirely by bean counters who have never produced a product a single day in their life. They make overreaching decisions that affect the struggles actual workers go through daily, and fail those of us who can see the wall we are about to run into. Also, CoderDBF's points are completely valid. I normally love your videos and point of view, but this is a fail.

[@jeronimo196]

Do not tell us what industry you work in. Especially do not tell us if you work for Boing!

[@beitie]

@@jeronimo196 Sadly Boeing was not the only industry run this way. It's all of them. I listened to a podcast that interviewed two different Boeing employees. One an Engineer, the other a shop floor factory worker. It was clear to me that the Engineer was told how to do his job by a bean counter who could not properly articulate or grasp what actually goes on the factory floor, and when the shop employee told his side of the story, it just confirmed what I already saw happening in my own industry.

[@jeronimo196]

@@beitie yeah, but if Boeing kill you in minecraft, you die in real life.

[@turbo32coupe]

I worked hard, made a lot of money, and bought a home on the water in Florida. I paid it off in 1989. I am now retired. The home has no windstorm insurance, and Florida's "save our homes" has kept my taxes in check. I couldn't afford to pay the taxes if I bought the same home now. I also can't afford the $20,000 per year windstorm insurance. Inflation, fueled by the constant money printing has produced the "wage gap". This and the off-shoring of manufacturing has destroyed the middle class. The entitlements are requiring the money printing continue indefinitely. We trade US bonds for foreign goods. God help the USA when foreign countries no longer are willing to buy our bonds.

[@catanus5631]

It’s pretty clear that food is not your 2nd largest expense after housing

[@MaZe741]

well... shouldn't be?

[@Arc3752]

@@MaZe741 No, it really isn't. Insurance is and if you have it student debt certainly is! Health Insurance, homeowners/rental insurance, and Car insurance should only be less than food if you are ordering out and eating out constantly.

[@greglane501]

​@MaZe741 unless you live in the city, it's going to be transportation related. 90% of the US is literally designed around cars, so even if they could have sidewalks and walking paths to make the places easier to walk around, they don't.

[@catanus5631]

@@Arc3752 if you think eating out is the cause of people's financial issues, well there is really no hope that you are in touch with mostly people's situation

[@Arc3752]

@catanus5631 I never said that. I said that the only way food is going to be close to the level of cost of insurances is if you are recklessly eating out 7+ times a week at fancy places.

[@Slade366]

Everyday Americans: I can't afford rent or groceries anymore! Academics: SOURCE???!!!111

[@Alendit]

An important video Patrick. I would love for you do a follow up where you address some of the comments to it.

[@marc-andremichaud1251]

Yes please.

[@danieltokai3853]

Best comment. I have seen no comment yet agreeing with him.

[@greglane501]

He def should. With no gaslighting or bs.

[@johnnybq2]

This is how a liberal economist explains away the intelligence of Republican Garbage.

[@steveang6503]

As someone living in western Europe and working in a bank, over the recent years the grocery prices have much more overpaced the growth of salary. And I can say it applies to the absolute majority of my colleagues. Saying that it's the contrary and people are being illusionary claiming their life is worse off today, to me it's really insensible even if it might be a bit different in the US.

[@nonexistent5030]

The last few years my pay has gone up less than CPI while my costs have gone up more. I work longer hours and can afford less. I'm so glad the economy is good... I can't imagine a "bad" economy.

[@tylermc11795]

Seems anecdotal since most peoples “real” wages are up across the board, some more than others

[@CalNaughtonjr33]

@@tylermc11795the cpi is not an accurate representation of purchasing power of the basket of goods most people consume. There are countless books and studies showing this. Here’s an example, teachers and cops nominal wages have stayed basically the same since 2020. That’s a huge chunk of people and that’s most people’s experience unless they have a strong union.

[@gen-X-trader]

What I don't get about all of you that make this argument is why you don't look at it in a global perspective. It's such a narcissistic US centric viewpoint and while I get you experience what you experience. The entire world had the same problem. Compared to basically everywhere else in the world, the US has been doing really well the past 4 years

[@murkythreat]

@@gen-X-trader "Ya fuck you, be grateful for what you have. Your problems don't matter."

[@scottandrews947]

@@gen-X-trader And what's causing this problem in the entire world? Poor, incompetent leadership and corruption. People are right to be angry.

[@kstark321]

By "feels" you mean me looking at my previous W2s, Bank Accounts, Credit Card debt, 4 year old receipts, and LinkedIn Inbox and # of interviews I get per application, yes, it def "feels" like I'm worst off today. But hey, GDP!

[@b6yg]

Everyone always says go to college and yet people complain about Credit Card debt and student debt. Yet Every white person is rich I don't want to hear about your problems. I demand the government give me at least 100 million dollars right now.

[@TroyFletcherKeyboards]

Patrick fails to realize that everything is electronic now and we can easily look back over the years and compare. There's a word for a million people's anecdotes; it's called "data."

[@maurybennett6545]

@@TroyFletcherKeyboards There's also a thing called nostalgia and being younger

[@AlphaHenriksen]

Yeah, I have a (as confirmed by peers) great GPA and educational background and have gotten 0 interviews from 30 applications. My CV is flawless according to counselors at my previous university. All linkedin jobs relevant to my field get 100-500 applications and the number of jobs seem to be stagnating towards zero with the recent, massive layoffs in the tech sector. There are WAY too few jobs compared to people looking for employment, so it's a pure number's which of the many great, and often almost identical, CVs get to the first interview.

[@Demopans5990]

GDP is easily cooked with real estate. Just ask China

[@owenhowever1958]

The American economy is good rn FOR THE RICH AND CORPORATIONS that's all that these economists seem to think about.

[@jmanakajosh9354]

😂 It’s not good for any corporations that aren’t the Mag7 my guy. The stocks are not actually up.

[@danciagar]

An economist who doesn't speak about the inequality rising faster than the economy itself, meaning the economic "growth" is meaningless for the majority, is not a scientist. He is a priest pontificating on behalf of the plutocracy hoarding all the rewards (and more) incoming from "the growth".

[@NapoleonBonapaeteusf]

OMG Bravo for this poetry

[@Robert-rg7eu]

Hi Patrick, this is your delivery driver here. It says here that you ordered a bull run and record gdp growth. Would you be okay substituting that with a bond market revolt? I apologize for the inconvenience. The store didn't have any tangible life improvements in stock. There's some government subsidies, defense spending, an AI bubble, and 19 trillion in debt though, if you want those.

[@WGSeries]

Ah, and don't forget the forthcoming tariffs and trade war that's been cooking by chef Trump. The economy is in a wonderful place and its only going to get better!

[@smartypants261]

🤭 this made me giggle

[@marianhunt8899]

🤣

[@dark_fire_ice]

I went from building a savings and thinking about investing, to only being able to eat based on sales and bulk food goods and still not able to make ends meet. My lifestyle has massively been reduced and yet my finances are even worse despite me getting paid an additional 40% compared to 5 years ago. Yeah, the actual on the ground economy is nearing fatal, but hey, at least the elite can get their weekly new yacht, while paying less taxes than me

[@420Kyle1620]

Rate of inflation on daily needs (food, gas, housing) is rising higher than wage increases. Using 5 years (or decade over decade) as a measurement… instead of year over year or month over month as the measure shows this.

[@Calebe428]

It’s because of COVID lol, it doesn’t really matter who was in charge the economic impact was going to be substantial. Inflation now is bad down to typical levels, it’s just that wages for many haven’t really adjusted up enough. We have a lot of problems and I’m not sure what the solution is, but unfortunately I’m almost certain it doesn’t lie with the soon to be presidents economic proposals of lower taxes and higher tariffs

[@420Kyle1620]

@ So Covid has caused the steadily increasing hidden tax, known as inflation, since 1914?… Who said anything about presidents, or covid, or the last 4 years… I’m saying use a longer measurement my dude… look at inflation since 1990 to now and compare it with the rate of wage increases. If year over year inflation is ALWAYS a positive number… then inflation is a problem that will inevitably be felt.

[@420Kyle1620]

@ So coofs have caused the steadily increasing hidden tax, known as inflation, since 1914?… Who said anything about presidents, or cerveza, or the last 4 years… I’m saying use a longer measurement my dude… look at inflation since 1990 to now and compare it with the rate of wage increases. If year over year inflation is ALWAYS a positive number… then inflation is a problem that will inevitably be felt.

[@420Kyle1620]

@@Calebe428 So the vid has caused the steadily increasing hidden tax, known as inflation, since 1914?… Who said anything about presidents, or cerveza, or the last 4 years… I’m saying use a longer measurement my dude… look at inflation since 1990 to now and compare it with the rate of wage increases. If year over year inflation is ALWAYS a positive number… then inflation is a problem that will inevitably be felt.

[@nlysts]

Truth is inflation is way higher and they fuck with the numbers. That explains all

[@TheGateux]

this might be the most biased take you have ever had Patrick

[@DavidMCammack]

Patrick is wrong this time. 1. He might want to take a look at the Gini Coefficient. 2. And assess the dollar by how much gold it can buy, rather than other fiat currencies that are falling in value even faster. 3. Also he ought to be using Median income rather than the Average income. Basically he left out a bunch of contrary data. I wonder why.

[@ThunderStruck94660]

Maybe he wanted an ass-kicking in the comment section. I am pretty outraged at the lies he is parroting.

[@Forcebewithyou594]

median income in usa $80,610 in 2023, a 4.0 percent increase from the 2022 estimate of $77,540

[@Forcebewithyou594]

@@ThunderStruck94660 median is the middle meaning, 50% of households make more and 50% of households make less than that number. So cut the us population in half. This is the household median income btw

[@ThunderStruck94660]

@@Forcebewithyou594 Ahhhh, thank you for the explanation. I deleted my last comment.

[@ivanbravomunoz1305]

Cherry picking

[@jrodri14ii]

The problem is simple: inflation hit the entirety of the world in a way that increased prices with no easy way of going back. Now that inflation is back to a normal level, prices have stopped increasing, but they don’t decrease. Now, the simple goal is to say that prices NEED to decrease. But that ignores the fact that across the board, businesses are held in place by cash flow, not accumulation of funds. So, if prices are to decrease, then cash flow will decrease as well. Any businesses that have leveraged themselves against post-inflation cash flows will be hit VERY hard. That’s from mom and pop shops up to the major corporations. This means that 401ks will be hit, so people will complain that their retirement is becoming less valuable. What’s worse is that if the decrease in price is sustained, then we can enter a deflationary spiral, which would make businesses being hit by reduced prices look like child’s play. The reality is that the most important thing we can do is enter a slowly deflationary economy, or regulate wages to increase steadily across the board. This is a contentious economic issue, but the reality is the reality. What basically has happened is that we have throttled our economic system to where it behaves like a computer with a CPU and RAM. This is because there are MANY financial tools that are very predictable in their behaviors. But if so many people and organizations have access to them, they are now all drawing from the same pool and only so much can be afforded from the pool. I’m no fan of Trump, I was a huge Kamala supporter, but in reality who is the president doesn’t matter from a purely economic standpoint. What matters economically is that whoever is running the Fed manages a slow deflation. The best we can do from a political standpoint is gently raise wages so we can make it such that purchasing power becomes bearable again. In other words, no one is going to win. The best we can do is try to work with each other and try to make purchasing power fair, even if it takes time. That’s probably the most toxic thing about our election cycle these last few years. Whoever is in charge, financial policies have to be sustained for a few cycles.

[@butthebitebitbit]

Its so good to hear someone else say this! Conventional wisdom on the role of deflation in the economy is extremely outdated.

[@marshalepage5330]

Working class can not postpone car purchase, they live paycheck to paycheck, they can't wait for a car. Are you just rubbing the hardship of the working class in their face. Why so many lies.

[@HumanFund]

Older Millennial here. This take, while true in most parts, feels pretty invalidating because it vastly underestimates how important it is for people's wellbeing to have a place to call home. What's the point in making 5% more if the property prices and rents will go up 10% (while govt inflation numbers say it's 3%)? All the wage growth you mentioned keeps getting eaten away by economic rent seekers, so no matter how much more we make, we are always far away from owning property and always in the fear of the next rent increase. The rent seeking incentives in the economy are the true curse. This is why there is so much hate against boomers because they are the generation most guilty of influencing policies that got us here, while they themselves never had to go up against extreme economic rent seeking when they bought their properties.

[@foobarf8766]

Here in New Zealand housing cost to income ratios are going the wrong way. The focus on ratios belies a growing scalar problem, but the TikTok doomer perspective is also plainly wrong, Patrick still has a point about that I think.

[@oldernu1250]

If you can afford rent, you can probably pay a mortgage. Live cheap for a few years until you have a down payment. So many people spend money on unnecessary things. Patience, persistence. Having a spouse with same attitude helps greatly.

[@jmanakajosh9354]

The other thing about rents is they destabilize an economy. Even if you have a mortgage, you can take up to four years to take you out of that house. You miss rent and you could be done in four months. And hell you might never recover.

[@yuzu-tsuyu]

​@@oldernu1250 People can't afford rent, that's the point. There is no "living cheap", there is spending 1/3 of your income on rent with roommates or partner, or spending half your income on rent if you need to live alone. Sure, you can live somewhere truly cheap, if you ignore the fact there aren't any jobs in those places (or the salaries are lower, to match the rent.) My dad spent the equivalent of 4 year's salary to buy a 3-bedroom home 40 years ago. Today the value of that home is 25x my annual salary. He could save up for a down payment because he spent 20% of his income on rent, my rent is 35% of my income (and that is *very* cheap for my area, and I am considered extremely lucky.) Insisting millennials need to be "patient and persistent" as if we haven't been for the past two decades is peak out-of-touch. Our bootstraps are literally falling apart, we can't try any harder to pull ourselves up by them.

[@CountJeffula]

Yes! And their final trick is the rapid house appreciation allowing boomers who bought in the 70s to sell at a ludicrous inflation adjusted profit despite putting no effort into their homes. No need for them to save for retirement. They bought their house 50 years ago and are all set. Good luck raising a family while remodeling a moldy old, overpriced home!

[@Kenneth_James]

These statistics do not match my lived experience

[@MrParanoiaAgent]

You should try not being poor then lol

[@jimboblordofeskimos]

'The Economy' is just a metric for rich people.

[@fransliszt]

Your experince doesn't reflect the whole economy

[@SerialAccountMaker]

"lived experience" lol

[@DoumanAsh]

Statistics is the best tool to explain why everything is good while it is bad

[@Sabodable]

You lost your arm in a car accident resulting in an improvement in your BMI index!

[@Opieboi]

I don’t think the statistics say everything is good, just not as bad as what some would have you believe

[@zondervonstrek]

Mark Twain said "There are lies, dam lies, and statics."

[@jeronimo196]

@@Opieboi "some" - like my lying eyes.

[@maemorri]

Some of what Patrick is saying is selective. Wages are growing, but full-time wages are not growing in real terms. Full-time employment in the US is largely flat. Part-time workers seeking full time work is rising. Inflation is improved, but shelter and grocery inflation hit lower income individuals harder. Those are still above 3% and rising. I also note that many of the statistics about rising health and falling poverty are global statistics. It's nice that 400M Chinese escaped absolute poverty, but it doesn't affect my vote in the US election.

[@chikari123]

Its the definition of being obtuse and cherry picking. Whats so funny is that even the numbers he’s citing are artificially inflated bc we’re on the verge of a massive economic down turn (have been since 2020) that just has yet to be officially “announced”. Its so bizarre that he makes all of this content around economics he should know more about this than a layman like me.

[@MidwestMountainMan]

But real full-time wages are growing. Up 1.4% YoY, up 3.1% over the past five years, up 10.4% over the past decade. Full employment is flat because we're at some of the lowest unemployment levels seen this millennium. There's just not much room to improve. "Ah", you might say. "Unemployment doesn't count part-time workers or people who've given up on finding work. So really a lot more people don't have full-time employment but want it". But U6 Unemployment does track those people as well as traditional unemployed. We're currently at 7.7%. This millennium the only periods that were below that were Jan 2000 - May 2001, July 2018 - Feb 2020, and Nov 2021- Now. That's the point of the video. There are many points in recent history where by every conceivable metric, the median Joe was doing worse, but the median Joe also had a more positive outlook on the economy at that time. Based on the vitriol of the comments, it's clear that even when confronted with a plain, soft-spoken and sourced explanation that *maybe your personal experience that's heavily shaped by social media isn't what everyone is experiencing*, people get pissed off instead of learning and adjusting their worldviews.

[@maemorri]

@@MidwestMountainMan Your statement that there's not room for full employment to improve is belied by both rising unemployment and an increase in 1.2M workers who are part-time, but desire full-time work since 2022.

[@MidwestMountainMan]

@@maemorri you mean a 0.2% increase? If your standard for good job market is conditions that have been seen for 3 years of the past 24, you will perpetually view the job market as terrible.

[@maemorri]

@@MidwestMountainMan The problem it shows the direction. Because the U6 is three times that size it shows that workers are losing bargaining power (also reflected in JOLTS) which is a problem when inflation, particularly concentrated in shelter is still running hot.

[@ArchesBro]

The key is, average wages are skewed by the oligarchs. If you use median wages, they have been declining for 30 years, so most Americans have lower purchasing power than they did despite having women work in much higher numbers

[@naldanomavo405]

I came here just for this. Every time they talk about incomes rising it's the average. Not the median. The top 10% get 200% raises and they tell us how everyone's doing better, when more and more people are earning less and less. Same thing with crime. People stop reporting crimes and they take that as a victory. The crime statistics are baloney that no one believes.

[@seneca983]

I checked the FRED data for "Real Median Household Income in the United States". It has clearly been increasing, not declining, in the last 30 years. Technically median income and median wage aren't the same as falling unemployment could raise the former without raising the latter, but I still think you're clearly just mistaken.

[@ArchesBro]

@@seneca983 Think about this as an anecdotal story. My father worked a regular non-college job, my mother didnt work and raised kids. They bought a home, 2 cars, and cottage with loans, they would now be worth maybe 2.2 million dollars. Could I purchase 2.2 mil in real estate working the same job today. Absolutely not. Could I buy as much company ownership in the form of stocks? Absolutely not because the price to earning ratio is dramatically higher. Saying wages are going up is just a trick to keep people docile. A prime example is how they count the cost of housing, they will weight the cost of a home out in the middle of nowhere with no jobs the same as a home somewhere desirable like Washington DC, Austin Texas or NYC. Nor does CPI consider the fact that goods are declining in quality yet rising in price, for example the widespread use of plastic clothing. The whole reason this stuff happens if printing money increases asset prices, the rich get richer, the poor are slaves. Its just how the system is and accept it. Others just try to avoid it and justify it. Once the poor people are poorer, they are forced to buy lower quality goods and the government just says, "oh look the price of clothing is going down"

[@ayde92829]

@@seneca983 Household income aggrigates all adults living within the same household (if two parents are working, as well as their teenage or early twenties children: then it combines those sums). So, one might assume under the agrigate of household incomes: that this number has increased over the past 30 years: as dual income households (or more) have become more normalized. This should explain the disparities between the two datapoints. It should also concern you: since it might indicate that our time is being devalued significantly. How many hours worked (between multiple family members) to arrive at a higher adjusted income? Meanwhile: given the disproportionate change in other variables: does this render the same standard of living less affordable (higher education cost, housing costs, automobile costs:: and debt).

[@seneca983]

@@ayde92829 Women entered the workforce a couple of decades prior to 30 years ago so the increase in household incomes in the past 30 can't mostly be explained by that. Also, when the women entered the workforce, the amount of hours worked by men decreased so our time being devalued doesn't seem to be true. Also, as noted in this video, household sizes have been going down which means that incomes per person have risen even more. "given the disproportionate change in other variables: does this render the same standard of living less affordable (higher education cost, housing costs, automobile costs:: and debt)" No, because the statistic I cited was for *real* incomes which means that it's already been adjusted for cost of living.

[@FinGeek4now]

The overall US Economy is doing very well, however, overall purchasing power has gone down for the average citizen. People with homes are ecstatic when it comes to their home's value, but those looking to purchase a home can't due to it - which widens the divide between the have's and have-nots. Groceries have gone up, but so too has everything else. What the news outlets all fail to mention though (The left blames the right, the right blames the left), is that the majority of the inflation we're seeing is artificially inflated by corporate price hikes. We can see this their market reports. "We recorded record profits this quarter". It wouldn't be a record profit if they maintained the same profit percentages from pre-pandemic. Of course, nothing can be done about it since those same corporations purchase political power and stop any moves to stop the price gouging, but hey, what can you do?

[@johnsmith-ol9qj]

Im glad you can make this video from this perspective Patrick but this is a rare L take from you. People logically aren't good decision makers and instinctively it can be argued either way. What we do know is that the laymen isn't making the big financial and economic moves. None of us are in the fed or even in the cabals that run organizations like that and the decision makers select based on nepotism and not merit. If that were the case we wouldn't even be having this discussion. You can't just "work to make the world a better place" when the system for resource allocation and distribution (the economy) doesn't work. You can't even house yourself properly or just exist properly because it cost money to buy basic resources to survive and if you pay for sustenance then you don't have the resources for shelter. The pay needed to be middle class in America is well over 150k and that's to break even. The law of large numbers dictates that the amount of people that even have that amount of wealth is going to be small and even then to live a luxury life you need more than that. kinda shallow take.

[@simonestreeter1518]

This is correct. Thank you. 150k household income makes you just kinda regular, by 80s standards.

[@josecipriano3048]

Any time an economist talks about economic growth, it should be mandatory by law to add a disclaimer about the vast majority of that growth ends up in the same few pockets, so such growth is largely irrelevant to normal people.

[@bugra320]

Only the rich are getting richer, while others are getting poorer.

[@davidzoller9617]

It's because the financial system is designed for exactly that purpose. The interest rates flowing back to the source.

[@SWRDoomsDay]

That's the popular truism, but data shows something different - rich are getting richer, but so are the poor. Relative difference may be growing, but everyone's still better off. The video talks about this. Watch it.

[@bugra320]

@@SWRDoomsDay is it you, Bezos?

[@SWRDoomsDay]

@@bugra320 No, just a person who doesn't like people who repeat slogans over cold hard data

[@DanDan-du9mo]

​@@SWRDoomsDay They are counting part time jobs in their reports of jobs created and some people have more than one. Most of the jobs created these past few months are government jobs which produce nothing. Data is easily faked. Nothing can be more easily manipulated than statistics. See China.

[@quippy8402]

This seems to be saying as long as the numbers are up, there can't be more and more people having more financial difficulties in their lives. This is so wrong if the whole system has become more regressive and most of the gains in those numbers have gone to the top bracket to bring the averages up.

[@santiagovasquez1404]

the poverty stricken folks put every dime they make back into the economy the middle class at this point pretty much does the same thing. the only folks that don't do that are the upper class they invest in situations that make the lower classes push even more wealth in the upper direction. the people have spoken and they want this to continue. so if you want a piece of the pie do what the upper class does or be left behind..

[@matthewmorin7016]

You could fool me, Patrick. I could swear my money doesn't buy as much as it did just a couple a years ago.

[@4mazIngxXGamEr]

It doesn't, this was the case in 2019 compared to 2008 because inflation was around 2% ever year over that period. But you shouldn't have your income expectations at 2019 levels. Just like you shouldn't have your income expectation levels at 2008 in 2019.

[@DKNguyen3.1415]

@@4mazIngxXGamEr jokes on you because in 2008 my income was zero!

[@DD-ld1xq]

@@4mazIngxXGamEr That doesn't refute a thing he said nor does it support Patrick's delusional spiel. Inflation, when measured PROPERLY and not rigged by economists and governments with an agenda to appear lower than it is, IS outpacing median wage growth, hence eroding purchasing power.

[@RanEncounter]

​​@@DD-ld1xq Do care to actually show your PROPER numbers and studies? Of course not. People like you take anecdotes as generalization and cannot understand what averages and statistics actually mean.

[@DD-ld1xq]

@@RanEncounter try to consult an honest economist like Sasha Yanshin instead of this disingenuous Irish talking head.

[@tuber6382]

The problem is even though inflation has slowed prices didn't go back down and income hasn't risen either. Misery is very real

[@vukasinu2371]

So basically, many of us feel bad because we recognise our own financial circumstances have significantly declined, but that's okay because some economists said actually everything is awesome.

[@4evahodlingdoge226]

The rich and got richer and that's all they care about, they will even make up their own statistics to lie to the working class that your life is better now.

[@onetwothreefour-s1n]

You got it

[@feylezofriza]

You are really funny and 100% correct

[@Paelmoon]

@@4evahodlingdoge226 And will continue to do so.

[@Roadwarior2]

@@vukasinu2371 Oh I’ll fully agree that things are in many ways better for humanity as a whole than they were 100 years ago, but that doesn’t magically make economic problems faced by Americans specifically stop being problems.

[@Sophie-h5b]

Please tell me this is satire! I can’t stop laughing. 🤣

[@shawn576]

Housing affordability in the US hit an all time low. Home prices have only gone down slightly over the last 2 years but interest rates are way up and are still going up. People can't afford a $500k house at 7% interest. Having children is nearly impossible. You either pay $20k/yr for daycare or one person stops working entirely and household income drops $50k/yr. Now you really really can't afford that $500k home. Canada is even worse. Median home in Canada is a little over $700k, more than 10x the median personal income. Thanksgiving this year was fascinating because it showed what demographic collapse looks like. There were a total of 6 millennials, all educated and all with good paying jobs. To have replacement level birth rates, there should be 10 children between us (brother and his wife share the same 2 children). Instead of 10 children, there were only 2 children. 80% below replacement.

[@TacticusPrime]

Housing prices and grocery prices are definitely what people feel when it comes to how they feel about the economy. The problem is that there is no simple solution to that besides the sort of extensive government regulation that American voters consistently hate.

[@scottandrews947]

@@TacticusPrime Governments caused this problem with their extremely bad policies over the past 2 decades. Regulations don't help because they're applied in corrupt ways that only benefits politicians and their wealthy friends. People are right to be angry.

[@shawn576]

@@TacticusPrime The government could simply stop being evil. It's literally that easy - just do absolutely nothing. Home prices in Canada have exploded as a result of mass migration. If there was no conspiracy to drive home prices through the roof, home prices would actually be declining in nominal terms because we've had below replacement birth rates for 50 years. Places like California and Ontario have multiple layers of evil happening at the same time. It's basically impossible to build anything. You can't build a house until you've done a study showing that a house won't affect the butterfly or squirrel population. As a result of all that regulation, it drives up the minimum cost of a home. There is no such thing as a starter home because the regulations alone add $100-200k to the home price, so the only thing developers can build and make money on are $800k homes, and each home has 3 families living in it.

[@pumasheen]

@@TacticusPrime only right wingers who have been sold the bill of goods called “neoliberalism” hate govt regulation that would help with higher food and housing prices

[@daysofend]

I'll play devil's advocate as I commented in another thread, but essentially, where there's a will, there's a way. I think my generation simply doesn't want to have families, and the priority is to live the best life possible. People are able to grow families in desperate situations and still be happy. As much as it pains me to admit it, it's really just a priority mental block that couples don't want to have children. Needless to say, late stage capitalism has built the perfect stage for this to happen.

[@GhostOnTheHalfShell]

None of these metrics actually compare an individual/family’s cost-of-living v their income or their resilience v illness or unexpected expense. Every nation that’s how a national election this year has seen the party in power lose support. They may remain an office but they’re overall support is declined. There’s a single common factor: inflation. Specifically in the US longevity is declining and the economic pathways to both simulation, which is normally than a house is unavailable to growing proportion of population even has the equity firms and billionaires continue to buy private property housing and in some cases farmland. Private equity, landlords have been found to be colluding through software to fix the market. in some cases, landlords are economically constrained from actually lowering prices other units because of the structure of their loans. Large portions, the US population are not in good shape. And the ease is easily amplified by social media, which acts as an efficient conveyor their audience into right wing silos. in fact, unless you’re careful on KZbin, it will start recommending and spamming your feed with the most obnoxious content.

[@maxaters]

Patrick you are wrong in saying that higher used car prices are not concerning…Majority of US except maybe three cities lacks any form of reliable public transportation, and many people cannot afford new cars, and $20k for a 10 year old car with 100k miles is not a good thing for US consumers, since everyone and their mother need cars. And if you drive a used one, its likely to break, and then you buy another used one…Also home prices have grown exponentially, and a big chunk of millennials simply cant afford a mortgage…

[@awebuser5914]

_"$20k for a 10 year old car with 100k miles..."_ You are a complete moron if you think that is at *all* real. This kind of completely ludicrous exaggeration is at the core of the problem, people believe and parrot complete bullshit in defence of: "how they feel". FYI, AutoTrader currently lists in the SoCal area (expensive) around $7,500 for a decent 10 year-old car with 100,000 miles.

[@maxaters]

@ no you are a complete moron for 1 calling people names, 2 looking at POS cars on the lowest end and then making assumptions. Yes you can find some shit for 7500 here and there, but it wont be a honda or a toyota, you know something thats worth it, itll be a chrysler or whatever tf. What I said about cars or homes is not an exaggeration, for 7500 nowadays you only get what used to cost 2000. Hell if your drive garbage, its not really surprising that you talk like garbage.

[@maxaters]

@@awebuser5914 yeah call people names after looking at garbage… for 7500 you cant buy anything decent, maybe a hunk of junk. But yes if you drive garbage, you talk garbage. What i said wad facts, if you have to call me names, clearly you need simmer down pal

[@awebuser5914]

@@maxaters A brand-new 2025 Civic is $24k, so the idea that a "good" 10 year-old car is $20k is _completely_ ludicrous. If *you* decide to reach too far and want to pose with some pointless $20k, 10 year-old F-150, or God knows what, that's _your_ problem, it has *nothing* to do with good, reliable cars being available for a fraction of your idiotic suggestion.

[@maxaters]

@@awebuser5914 precisely my point you low life, name calling genius in a civic…that wont even handle an average snowy road. Oh thats right, you barely leave town…i guess at that point inflation doesnt affect you, you are bulletproof in your civic

[@YokeRoel]

Sorry, but this analysis feels very detached from reality of middle class people’s life. If you equate economy with S&P index or unemployment rate or GDP, sure. But if you’d view the economic impact for a middle class person, you get a very different picture: rent is very expensive, owning a house impossible for many, paying school for children and student loans are expensive, getting sick can mean your financial ruin. Many of these things seem more achievable for their parents generation and this is likely what people refer to in polls.

[@PrettyGuardian]

Ultimately this video isn't for me because I am not pessimistic about the economy but I will say that seeing the material suffering of so many people around me while "the economy" is doing wonderfully well is an experience that has significantly changed my outlook on the world over the last 4 years.

[@pascalbercker7487]

Patrick Boyle used to be on this side of things but with his increasing success and with increased sponsors he is slowly moving to the other side, to deliver cheery good economic news. He's not talking to you. He's talking to potential sponsors who are watching. He wants an "up market" audience - the upper tier that has more or less made it economically. Those who are left behind he has no use for as an audience since sponsors are not selling to them. This is just a working theory for the time being. We will see as things move forward what kind of content he creates and for whom and see who sponsors him.

[@Opieboi]

@@pascalbercker7487 it’s funny how quick you are to character assassination when you don’t agree with what’s someone is saying, yet aren’t willing to do the research to retort anything he’s said

[@josephreynolds2401]

​@@OpieboiThey gave him an out, a chance to rebutt. Character assassination is manipulative or aggressive while this comment is neither.

[@giomjava]

5:20 "economy bounced back" oh but the regular people's lives DIDN'T. Rent is out of control, groceries maybe doubled, healthcare is as unaffordable as ever, mortgage rates skyrocketed etc. etc.

[@midplanewanderer9507]

Wow. This feels distinctly 'gas-lighty.' "Things are fine, the numbers say so, you're just being a suck." The people in the street know the truth. Only a distressingly-small minority are making out alright, most everyone else is not. I'm surprised you didn't invoke Stephen Pinker. You're in for a lot more flack, this was a profoundly glib presentation. Many here legitimately question the integrity of the data you espouse.

[@AncelDeLambert]

it's not being "gas-lighty" it's being "stop using difficulties as an excuse for inaction"

[@midplanewanderer9507]

@@AncelDeLambert This current system of siphoning all wealth and assets into the hands of a Globalist Break-Away civilization of the Hyper-Rich (at the expense of the Middle Class and the Common Good in general) is inherently unstable. When Generation A awakens, you'll see all sorts of action. But you won't like it...

[@PorkChopAChunky]

​@AncelDeLambert You're correct, he's not gaslighting. The problem is Patrick is jaded by wealth and completely naïve to how most people live. He just forms a opinion off data and not the reality of the situation on the ground. Government statistics, especially close to elections are absolute nonsense. He just isn't wise enough to realize it.

[@midplanewanderer9507]

@@AncelDeLambert (2nd attempt): The current economic order, globally-engineered to 'hoover-up' all wealth and assets from a fast-dying Middle Class, to a minority Break-Away civilization of the Hyper-Rich 'Owning Class,' is inherently unstable. When Generation 'A' awakens, you'll see all sorts of "action." But you won't like it...

[@hauntedmoose411]

If the vast majority of the population is telling you one thing, regardless of party affiliation, but your data is telling your something else. Do not dismiss the collective observations, reevaluate the sources and collection methods and backend adjustments you are using for your data. it's not the people who are missing the big picture, it's always your data.

[@PorkChopAChunky]

He doesn't live in the same reality as blue collar worker.

[@dankmemes212]

I feel like looking at data that economist care about can detach you from what is affecting everyday people and driving this sense of economic pessimism. Productivity and wage growth no longer grow in tandem, meaning the average worker produces more income but sees a smaller and smaller percentage of that year on year. Not to mention that inflation statistics dont measure necessities like food, housing, and fuel. Sure, i can understand why economist dont account for these in calculations of inflation since they are volatile, but that does not stop them from affecting the budget of anyone from the middle class below. GDP and stock markets don't particularly mean much to someone who cant pay their rent as housing price increases have easily outstripped wage growth. Just compare the median home price now to 20 year ago and do the same for wages. Wages have not grown nearly as much as needed to accomidate for this. So sure luxury goods like electronics are far more affordable now, but who cares if you cant afford your daily bread or a trip to the hospital.

[@RolandStenutz]

Inflation statistics are normally based on the cost of food, housing and fuel...

[@dankmemes212]

@RolandStenutz core cpi, sometimes referred to as "core inflation", does not include food or energy prices and is the most often sited figure of inflation stats

[@filmorejohnson]

He hasn't said anything incorrect. People being mad in the comments that our macroeconomic reality doesn't fit their own narrative, just proves what he's saying. I believe the disconnect is that the economy actually is very strong, but wealth inequality remains high. Renters with student loans or medical bills aren't feeling so great. I would suggest progressive policy prescriptions and/or UBI.

[@AlexeyPopoff44]

Higher education means hundreds of thousands in debt out of the gate. Starter home is approaching $1M in many areas. Rent is $3K for one bedroom. Car payment of $1,000 is considered “normal” now. Healthcare costs are out of control even if you have “good” insurance. Groceries are still 20-30% more expensive than just a few years ago. Pay didn’t grow anywhere close to that. Massive layoffs across multiple sectors. Hellish job market. I don’t know. Perhaps the statistics aren’t measuring the right things? There are very real reasons to feel pessimistic 🤷🏻‍♂️

[@frongicide]

Median student debt at garduation in the US is at less than 40k USD, not several hundred thousand. 3k/month for a bedroom are NYC/SF prices, not representative of the US as a whole. Average car payment is at 734$/month, and for that price you are well beyond strict transportation needs. I think you are one of those people that Patrick is talking about in the video.

[@AlexeyPopoff44]

Yes, I happen to live in Massachusetts. I never said those were national averages. I’m sure numbers differ across the country. However, the general areas of concern seem to be the same across the board. To your point, I guess I am one of “those people” since my lived experience doesn’t line up with the cherry picked statistics. No point in arguing over that. That said, I do wish there was some type of a compound metric for how difficult it is to generate wealth. I wonder what that would look like today vs previous years.

[@Roadwarior2]

@@frongicide And you’re committing the same sin Patrick is, taking macro economic statistics at a face value without looking any deeper into them, and dismissing anyone who claims to be falling short. First of all, “average” implies there’s quite a few people above and below the number listed, and secondly don’t underestimate how much nearly $40k debt is for someone fresh out of post-secondary and especially for someone who has terrible career prospects right out of the gate.

[@awebuser5914]

If you have a $1,000/month car payment and you are complaining about it, you are a complete moron, plain and simple.

[@awebuser5914]

@@Roadwarior2 _"fresh out of post-secondary and especially for someone who has terrible career prospects..."_ If they have "terrible career prospects", they obviously selected a "career" path that was completely pointless. There are myriad career choices that industry is clamouring for, if you decide to ignore the market, that's your problem.

[@CanalTremocos]

We're so poor compared to our friends on social media. All of us.

[@monkeybudge]

Yeah, I’ve thought about that a lot. I feel like a lot of people have ordinary jobs, they are never exciting or anything but used to still be regarded as a good way to make a living. Now, we all get fed this stream of glamorous life by people supposedly doing amazing things and apparently not even working. Has to be effecting how people view their employment.

[@AAhmou]

​@@monkeybudge It does help that part of the revenue they get is simply by selling the dream, getting sponsor money while attracting attention from an apparent lavish lifestyle is pretty much the entire game.

[@teachermichael6927]

I find it bizarre. I know what they earn, I don't have to pay rent, I own my own house. Even if they're in debt I still can't square the circle that is their life.

[@dant.3505]

Well you elected Trump so now you will have all them tax loopholes and you will make money flowing in your pocket like water. Trump will make the world sweet as cherry pie!

[@JonM-ts7os]

wut

[@collinyan7467]

my wages are down 10% in absolute numbers since the beginning of the pandemic and I got laid off twice in 2022. Lots of people saying the economy is good for most people but it sure as hell isnt good for me.

[@thefinestsake1660]

Americans are pessimistic about the economy in part because the pandemic revealed how fragile it all is. Many are no longer confident that savings, social security, and safety nets are sufficient to see us to the end

[@feylezofriza]

This one is a total miss

[@JeredtheShy]

2020 is when inflation went buck wild, because money printing. Up until exactly that point, wage growth had been nearly flat versus inflation and prices for decades. It was already a huge problem that people were discussing often. THEN the post-2020 inflation hit, driving the prices of everything through the roof. It took wages with it, but that just meant that wages went from $11/hr to $16 after not keeping up with inflation at all for decades. Meanwhile, prices of inelastic goods, like housing and groceries, doubled or tripled, and remain high, while wages are starting to creep down. Prices, not inflation, need to be cut in half, brought back to what they were in 2019. Then the higher wages would feel like victory. That's not happening, and probably never will unless there is another Great Depression, a real one. It has become almost normal for a young US adult to still be living at home with parents well into their 20s, 30s, and above, while also being employed, because living expenses don't make sense vs wages anymore and an individual cannot afford a 1-bed apartment without a job that pays better than roughly 60% of jobs pay. Without this fallback position we'd have a LOT more homeless. This sort of lifestyle contraction means that on paper, everyone seems to be doing quite well, building savings even, but it's because they've cut off one leg to save weight and keep hopping on the other one. This has been a massive generational change, from expecting young adults to live on their own at a young age to it becoming acceptable to be at home with parents at age 32, again, with a job, not as a deadbeat kid. It's that or rely on "pods" of 3-5 roommates who move apartments together in a semi-committed arrangement in order to afford the same housing that one or two people could afford circa 2015. This is a quiet, culture-wide change and it is a major reason why everything seems so nice on paper. People haven't just given up on buying homes, they've given up on having their own little place at all, but it frees up room in the budget and allows consumer spending to plug onward, leaving the impression that everything is going great. Median individual income is about $43k, but In order to get individual income above a rough threshold of $35k a year, you MUST get a degree of some sort. This means carrying a lot of debt. Thanks to the automobile, Americans are also obliged to carry $35,000 loans at say, 12% interest, on top of the college loan of $30-$60k at 7%, but median individual income is only about $43k, nationwide. Without the degree you will not get a job that lets you sit down in a chair, ever, and your wages are better, but the landlord takes all of it, and you are treading water, drowning slowly. In order to get the full value of a degree you must move yourself and any family to a city where the cost of living negates most of your income gains. Marriage is on a serious downtrend for a host of reasons, right at the same time that more people would want to split expenses 50/50, another reason the problem seems so acute. More people are trying to get by all alone, because not everyone has family to fall back on, or a spouse to help them. All of our job growth is in poorly-paid service work like restaurants, retail and especially unskilled eldercare, with very weak job growth in skilled work that would pay well enough to laugh all this off. The raw number looks good, but then you realize they added another pile of "unskilled" jobs with no future. The quality of work is plummeting, with "gig economy" jobs moving from marginal to mainstream, leaving thousands of workers with all the downsides of self-employment, but minus all of true self-employment's upsides, as those go to the owners of the gig platforms. The whole truth is that many Americans are doing genuinely well, on paper and in reality, but that success is not shared, the economy has split very clearly into haves, and have-nots. The haves spent the last 5 years grabbing real estate as jobless people sold it in the pandemic, or as baby boomers died and their homes went on the market, now they are happily pulling the wealth out of renter's pockets at record high rates while enjoying the stock market and the best rates on cash savings in decades. Everyone else is paying the record high rates, with nothing left over, and the prices don't look like they're coming down any time soon. The average worker may not have even noticed FDIC insured savings at 5%, because they don't really have savings. Health care costs continue to be a horror story. $10,000 in American savings is not real savings, it is money you are holding until the hospital wants it, so even with money in the bank people feel precarious. $10,000 is a mere appetizer to an American hospital, the meal is you selling your house and liquidating all your retirement savings, so none of that money ever feels like a comfort to people, all it takes is one nasty accident, one cancer diagnosis. This is our biggest source of poverty, easily taking people from well-prepared to homelessness in a single move, right as aging saps their access to desirable employment. Now inflation has also driven up prices that were already panic-attack numbers. Private equity is systematically destroying all our hospitals one after the other to enrich itself, so the quality of care is plummeting while the price of care continues to head for the moon. Oh, on paper it looks GREAT, very profitable. Yes, the SP500 continues going up forever, but it is coming out of the backside of the working class. It always has, that's the big secret. It's why the EU market trades sideways, because EU workers have better rights, better wages, better everything, and this is not very profitable to shareholders. American workers are very profitable to shareholders, but not to themselves. We looked to at least be turning a corner on social issues, taking some pressure off of many workers, even if it wasn't in financial form, but that got snatched away by the Trump era and the screws are being turned back down again. Attempts at using government policy to alleviate all the above issues have been shut down again and again. Ideas like NHS style health care are squashed again and again. Those who understand the situation are enraged, but many are ignorant of why things are so bad, while also being enraged. Meanwhile, holding three jobs to get by is becoming normal, especially in high-cost cities and for those without lucrative degrees living on their own. Obviously this means that unemployment figures look fantastic. People can lose two jobs and still have one ongoing, never actually becoming unemployed. 40% of our homeless population is employed, but still homeless. The unemployment figures look wonderful. Most do not have much or anything in the market, because it all goes to living expenses, so they are seeing none of the gains. Rural areas continue to be slowly abandoned and economically stunted, an old problem that hasn't gotten better with all this, while rural folk also feeling all the above problems. Their cost of living is lower, but so are their wages, often drastically so. Those who are truly doing well avoid saying anything at all about it online, because everyone who isn't doing well is very, very angry.

[@freshaquatics3652]

The number of people living in tents within cities in Canada is reaching crisis levels. The number of homeless children has risen astronomically and food banks are turning people away. Many are doing better with substantial wage increases; the economy has bifurcated.

[@oldernu1250]

Drugs, man.

[@jmanakajosh9354]

The thing you’ve noticed itself may actually be a sign of the problem. If you have an economy we’re competition is limited, prices, go up, monopolies make money and the money becomes monopoly money as the real tangible diversity of widgets and services dies.

[@JackWMatrix]

Same here in California. Tents in a Canadian wiinter? Brutal!

[@mcuserton]

No no no, you're all just wrong! Stop believing your lying eyes

[@neonovalis]

Vibecession.... this word exists for a reason.