Hodad

I'm not looking at quintiles right now, but low-wage workers have made the biggest gains. Conversely, they also spend proportionally more of their income on inflation-affected necessities than higher earners with more disposable income. So they may not feel great about their gains. Here's another article that's not behind a paywall. Or you can play with the data at FRED Here's "real wages" (inflation adjusted) over time. ^^Here you can see our economic story play out over the last 5 years. On the far left you see where we were in 2019. The line spikes dramatically as the Trump COVID stimulus and then the Biden COVID stimulus started pouring money directly into people's bank accounts. About midway through the timeline you see the low point (when inflation was at its highest) and then you see it climb back up. And at the end real wages are higher than they were pre-pandemic. Ergo, wage growth is has outpaced inflation.

You know, I don't mind stupid people, really. That's a condition of birth. I don't mind ignorance. We're all ignorant about some things. But I absolutely can't stand stupid, ignorant people who PRETEND to be otherwise. Who actively reject the chance to learn something and better themselves, but instead act like know-it-alls. You know exactly who you are. You went to some (at least) years of school and you were never, ever the smartest kid in class. So why the fark do you come on the internet and start strutting around like a jackass? 🙄 Yes, we farking want inflation, a modest, predictable amount of inflation. The engineers of the economy work actively to maintain that status. We always want a dollars to lead goods slightly. Deflation is an economic nightmare and we hedge against it.

I know you're not going to understand this, but the definition of inflation is already inclusive of an upward change in prices. That's baked in. The "inflation rate" as the name indicates, measures the RATE of that change. If inflation is 2% one month and 1% the next month, then inflation is falling. (This is what's been happening for quite some time.) If inflation is is 2% one month and 2% the next month, then inflation is steady. If inflation is 2% one month and 3% the next month, inflation is rising. <-- this is the claim you made, and it's false. We ALWAYS want some inflation. 2% is the target and we're nearly there now. If we were to actually flip to a deflationary period in which prices are falling (which you mistake for falling inflation) then we'd be all-hands-on-deck for a real economic crisis. Inflation can be annoying or even painful, but we want it (at manageable levels) because a deflationary spiral is a fast track to extreme recession or depression.

And your "inflation math" is nonsense. The chart you're showing is already adjusted for inflation. The market gains pictured are real.

From the thread title, I expected there would be more to this post. Apparently you think the stock market is the economy. Okaaaaay ...

They have, actually. During peak inflation obviously there was a period of many months when wages weren't keeping up, but, if you look at the last couple of years, wages have grown faster. Or if you look at a 5 year view, wages have grown faster. Net-net we're ahead. I have posted the primary data here before, but I'm mobile and don't have it handy. Here's a BI article. https://www.businessinsider.com/wages-outpace-inflation-consumer-sentiment-high-prices-2024-7 We have a misinformation problem and a psychology problem, but not really an economic problem.

Do your feelings tell you that inflation is rising? Because, as always, the economic data says otherwise. You really, really don't care that you're saying stupid shit all the time. Doesn't bother you a bit. Bizarre.

Will absolutely be laughed out of court. This is just red meat for his meathead acolytes.

You didn't have any faith to begin with. It only took the unfounded claims of one orange idlot to convince you.

Agree to disagree.

Oh. So a couple of entirely different people made a prediction you disagree with, so this huge number of Nobel prize winning economists should be dismissed? Maybe stop digging.

"They" who? Lol

Sure, the Nobel prize is junk. There are actual, honest-to-god circus clowns in other countries who are more prepared to have a discussion on this topic than you are. This is not hyperbole, just plain fact. Maybe just sit out economic discussions.

Jeebus. This is a rather perfect example of how whacked out you guys are. Your counter to a grip of Nobel laureate economists evaluation of a sprawling infrastructure bill is an op-ed from a retired Republican non-economist that is focused on a single line item from the bill. You inspire so many facepalms I'm going to owe Sir Patrick Stewart royalties.

No, they were correct. That legislation has been very effective. Massive investment has followed. We have a construction boom. The forecast is mighty bright.

Yes, the economic analysis of Nobel laureate economists is an "appeal to authority." When we all know everyone's opinion on economic policy is equally valuable.

And? What does that have to do with the support of the world's preeminent economists? And the revised version was passed as the IRA, which has indeed already begun delivering value and is part of why our economy is as strong as it is RN.

Most likely. You can assume they are correct on both counts.

That was the Nobel Peace Prize. You're welcome to debate whether he deserved it or not. However, that is an entirely different beast than a prize in the sciences.

Indeed, one administration changed the trajectory of the economy and the other didn't. But I forgot that your feelings are more compelling than economic data. And apparently more compelling than the analysis of Nobel laureates. You really think highly of your feelings.

Well, you can't say I didn't predict this reaction.

Sure, showing that your "source" misquoted Biden makes reinforces your point. 🙄

Economists typically don't like to get involved in politics, but for experts in the field, the threat Trump poses is simply too great to ignore. “While each of us has different views on the particulars of various economic policies, we believe that, overall, Harris’s economic agenda will improve our nation’s health, investment, sustainability, resilience, employment opportunities, and fairness and be vastly superior to the counterproductive economic agenda of Donald Trump,” they wrote, in the letter obtained first by CNN. **The total count was actually 82 Nobel science laureates, but 23 of them were economists speaking on the economy. The know-nothings will no doubt dismiss the definitive experts in the field (based on their feelings) Instead, rather than taking to heart the warnings of those (almost certainly) smarter and vastly more knowledgeable.

Absolutely it would. If Israel simply killed all the Gazans they would become an overnight pariah nation.

And no more global support for Israel. THEN the Arab nations would get involved.