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   Account: Politics (union@mu.zaitcev.nu)'s status on Saturday, 25-May-2024 07:42:29 JST Account: Politics
   https://finance.yahoo.com/news/some-americans-live-in-a-parallel-economy-where-everything-is-terrible-162707378.html
   
   This is a fairly interesting article if you consider interesting the struggle of the ruling class to gaslight people who hold 3 jobs in order to pay rent.
   
   "This is perhaps Biden's top problem as he seeks a second term in office: convincing Americans that the economy is working for them without talking down or sounding dismissive."
   
   A super hard job, I sympathize.
   
   "Another challenge for Biden is that many Americans are probably comparing today's US economy to the economy in 2019. On that basis, yes, inflation is worse now, gas prices are higher, and there are unnerving wars in Europe and the Middle East."
   
   How terrible.
   
   "There’s a good chance the economy would have looked more or less the same from 2017 to 2021 if Biden were president instead of Trump. Same for the last three years, if Trump were in office instead of Biden."
   
   .. remember this argument, because:
   
   "Russia’s 2022 invasion of Ukraine sent energy prices soaring just as the OPEC+ nations were cutting output and American drillers were focusing on profitability over market share."
   
   But why did the old prices soar? Because -
   
   1. Biden's response was to sanction Russia and reduce oil supply. It was a decision, not an inevitable consequence of Russia losing patience with NATO expansion.
   
   2. Biden denied licenses to American oil exploration companies. They focused on profitability because they were denied expansion by a decision.
   
   Do they really think we're this stupid, I wonder.
   • Fish of Rage repeated this.
   • Embed this notice
     Account: Politics (union@mu.zaitcev.nu)'s status on Saturday, 25-May-2024 07:42:28 JST Account: Politics

     in reply to
     The top comment:
     
     "I think the widely publicized macro numbers are good. It's the subsurface numbers that are troubling, at least for the common consumer. Personal bankruptcy filings are up, home foreclosures up, business bankruptcy filings are up, auto repossessions up, personal savings rate down, and credit card delinquencies up."
   • Embed this notice
     Fish of Rage (sun@shitposter.world)'s status on Saturday, 25-May-2024 07:43:38 JST Fish of Rage

     in reply to
     @union "yes we concede that the economy is worse if you measure it against the past" how the fuck else do you measure it
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     Account: Politics (union@mu.zaitcev.nu)'s status on Saturday, 25-May-2024 08:07:04 JST Account: Politics

     in reply to

     • Fish of Rage
     @sun He wants to measure it against the beginning of the Biden's presidency, in which case this is an improvement, at least in macro. Certainly neither Trump's prosperity nor Biden inflation bubble can hold a candle to the 1959.
     Fish of Rage likes this.