this post was submitted on 10 Nov 2023
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Politics
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Unemployment is low because potential workers have either given up and stopped looking for work or are working literally anything because they will starve if they don't; neither option lends itself to satisfaction with the economy. Labor participation rates have only just barely gotten back to their pre-pandemic levels, but a lot of people burned any savings they had to keep their heads above water, so on the whole they're still further behind than they were 4 years ago, and they know it, but Krugman never cared to ask a real person, so he has no clue.
Low inflation is meaningless when economic mobility is lower than ever, with education and healthcare dropping in quality and availability while increasing in price much faster than the average. Most small businesses that went bankrupt due to pandemic half-measures have not reopened, because unlike billionaires, when regular people without an army of lawyers declare bankruptcy, they actually lose everything. In spite of all this, clueless clowns who barely know how to look at numbers on spreadsheets write articles wondering why regular people aren't satisfied with such a great economy, and concludes a better outcome was impossible.
His only mention of consumer prices is an aggregated consumer price index, which is a "mere" 19% increase over pre-pandemic levels, and from that he concludes people are dumb babies because wages rose by about the same amount. This take is particularly insulting because he has definitely seen this chart and the numbers it's based on:
If that's a great economy, I'm a firebreathing dragon.
Yep, goods went down in price, services and housing went up in price. Given what people actually buy...it's been a few percent per year increase in overall prices, which is what your chart from a right-wing think-tank is designed to hide.