Sharp and sustained economic criticism from Biden's ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.
  • Semi-Hemi-Lemmygod@lemmy.worldEnglish
    0·
    4 months ago

    I guess the economy really is doing great. Which is somehow worse, because if this is what a good economy looks like I don’t want to imagine what a bad one looks like.

    Two thirds of people can’t handle a $500 expense. Three quarters don’t have a month of expenses saved. And a third of people making over $100,000 a year are living paycheck to paycheck. (Source 2023)

    So maybe the problem isn’t that the economy is broken and needs fixed, but that it’s working correctly and needs replaced.

    • spujb@lemmy.cafeEnglish
      0·
      4 months ago

      maybe i am dumb so please help me out here but

      35% of people making more than $100k per year are living paycheck to paycheck

      how is this an indication of a significant struggle? $100k is a shit ton of money, no? that’s the fabled six figures? and that includes people making more? could not “living paycheck to paycheck” be chalked up to maxing out IRAs and 401ks followed by a decent chunk of using disposable income?

      edit thanks 4 the downvotes to my genuine question you guys are truly amazing 😻😇😎 my time on this website is better because of you ✨💫🤩

      • Semi-Hemi-Lemmygod@lemmy.worldEnglish
        0·
        4 months ago

        Once you get that fabled six figures you start doing things like getting married, buying a house, and starting a family. Child care is expensive. Health care for children is expensive. Houses are expensive, especially maintenance.

        If someone has a family of four and is making $100,000 a year I can definitely see them living paycheck to paycheck.

        • spujb@lemmy.cafeEnglish
          0·
          4 months ago

          my opinion has already been swayed by other comments but this is not one of them, sorry haha

          i know many people with families, children, and houses who make less than half of six figures, who may never hope to get six figures

      • soEZ@lemmy.world
        0·
        4 months ago

        Because many ppl that earn that kind of cash live in high col area…where ur expenses eat up everything unless u are dual income. In bay area u pay 3k a month for an apartment…and food/gas bills easely add up to 2k…its rough…

        • spujb@lemmy.cafeEnglish
          0·
          4 months ago

          thanks for the response this makes a lot of sense

          i guess my mind cannot comprehend the finances of someone making more than i’ll ever hope to see 😭 so i have a hard time feeling bad for that population segment but maybe that’s something i should self reflect on

  • spujb@lemmy.cafeEnglish
    0·
    4 months ago

    so i read the article and all the coments here, as well as most of the cited links and some other articles i thought would help. im not an economist but i know most of you aren’t either.

    are we just allergic to admitting the economy might just be mid?

    why are we so horny to say JOE BIDEN GOOD or JOE BIDEN BAD? when really it’s quite clear that many many things are bad, many people lost jobs, people are struggling, people are scared AND ALSO it could be a lot worse, because we’ve seen it be a lot worse in recent history?

    and everyone railing against Biden in these comments: so are we cool with voting third party? letting the spoiler effect spoil? shudder voting Trump? what are your intentions? the primaries are over. the time to set up a third line to the trolley problem is past.

    what are we doing? maybe we should pick a better struggle.

    go unionize your workplace. go help out your neighbors and friends, go and participate in local government. vote for biden to minimize the violence that will inevitably occur. plant a garden for your community. support local artists who might be disabled or unable to work. tip your waiter. be decent? be kind. i don’t know im literally just a girl. whatever