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Quick reminder that the current inflation rate is at 2.04% (https://www.nbcnews.com/business/economy/federal-reserve-may-pretty-much-just-hit-2-inflation-target-rcna175099). It goes to show how well the media does with propaganda on how bad inflation is right now. Inflation isn’t even in the top ten of my election concerns.
Price increases seem to take long residence in people's minds. Prices are noticeably way higher than in 2019. Whether wage increases make up for that is kind of beside the point, psychologically. Collectively, big price hikes are traumatic.
Economists correctly talk about inflation as a rate of price increase, and they correctly consider real wages as a useful metric of well-being. But economists are academics and we use the word "inflation" in a colloquial sense, in a politicized real world, where it means "I have noticed that prices rose is recent memory and every time I go to the store I feel cheated."
But to be clear, it's not in my top 10 either (mine starts with climate, democracy, and freedom). Just sharing how I see the disconnect on inflation as a hot topic.
I agree. I think people are rightfully frustrated with the price of goods and services right now. But it’s really not in control of the government. It should be, but regulation is highly unlikely in our late stage capitalistic world. So I feel the media is portraying inflation as something that should be of concern this election. But it really isn’t. As you mentioned, freedom, the climate, project 2025 and others should be most important.
Well minimum wage should be keeping up with inflation. If everything gets more expensive and then suddenly isn't, it doesn't really help anyone until everyone also get paid more.
But that's more of a local government thing. I think we're getting something like that on the ballot in California, but poor red states probably don't have a chance in hell of passing stuff like that for themselves.
Absolutely true. Minimum wage is in governmental control and needs to go up with the increased costs of goods and services. But as you mentioned, probably not happening in the states that need it most.
Correct me if I'm wrong, but isn't minimum wage a state law, not a federal one?
Absolutely be angry at the government for not increasing it, but target that anger at the appropriate level of government.
There are both federal and state minimum. Federal is $7.25 since 2009
Hard disagree. Capitalism isnt just "rich old white guys getting richer" - it's a way of letting markets flex and adjust on the fly. Supply chains and markets are way too complex for the government to simply control.
Sure, we might have record unemployment, inflation can be low, and by most metrics the American economy is doing well. However people are feeling squeezed. They're spending more on rent, groceries, health insurance, other necessities than they have in their entire lives. Most people don't have the vocabulary to describe that economically so they use words they've heard. In most people's heads inflation=things are more expensive. So they complain about inflation even if that's inaccurate
I agree. But it is misplaced as you allude to. It isn’t inflation that the government can fix as much as it’s price gouging from unchecked corporations. But I totally agree with people feeling this way. I just wish the media portrayed inflation properly and just admit it’s not really in control of politicians as much as we would like it to be. Especially with lobbying and the massive lack of regulation.
It feels to me like inflation has improved now, but inflation (and accompanying gouging by companies due to having a nice clean alibi) was high for a while, we never saw wages really adjust enough to offset that much, and then things stopped getting more expensive.
So, cool, it's not getting worse at the moment. It got bad enough to fuck us and didn't really improve after that, but sure we can be glad we're not still sliding down hill. Yay.
To be clear, not one lick of that point of view is based on evidence, just my personal experience and the general observations I've made both in terms of reporting and in reality. I'd update my point of view if presented convincing evidence, but this sure seems to be the situation to me.
ETA: You did say "current" and "right now" and my comment turned out longer than yours lol, so maybe this is me barking up the wrong tree anyway
I don’t disagree. People are definitely hurting right now. But inflation is a general terms for the costs of goods and services. Much of the increase we saw from Covid was unchecked price gouging from corporations. It is not realistically in control of the president. Of course the government could regulate, and while they should, we all know that won’t happen on any scale that is needed. Therefore, believing that inflation is an important aspect to this election is misdirected anger over something that is in control of billionaires and massive corporations. I understand this misdirected aggression, but it’s a shame that people are focusing on that being the most important thing this November. To me, it’s avoiding fascism and project 2025.
It doesn't help that so many economists, the tech priests of capitalism, didn't believe that it could be a thing that companies were gouging people. They were blaming it on workers, high employment and high wages for the longest time and not the true culprits. I still feel like the media hasn't caught up with the cause, except for maybe Jon Stewart if you count him as part of that.
Inflation is explicitly not:
It's a general term for the change in the costs of goods and services. It's not a merely technical distinction and I think it explains the difference between your take and mine above.
Otherwise I mostly agree. I do think the president has a bit more indirect influence on inflation in particular than you're allowing, but otherwise I think we're basically on the same page anyway.
You mean how not bad your inflation is right?
I meant how bad the media claims it is. Thus people are treating it as a major concern of this election.