As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic, and had an additional $1,400 to spend or save per year, according to a January analysis by Treasury officials.
Demar Byas of Pontiac, Michigan referred to experts touting the nation’s economic performance as a “slap in the face.”
“You’re celebrating these numbers, but we are struggling,” said Byas, who juggles several jobs to make ends meet. “It’s no relief in sight, and just say those numbers and to celebrate that, and as I said stuff becomes a slap in the face.”
If it takes time, then things arent better.
Also youre full of shit. Inflation isnt down when it was 8% last year and 10% the year before and 3% this year AFTER they modified the reporting to get the better results they wanted.
Those inflation stats are YoY numbers. The rate may appear to be dropping, but inflation hasnt stopped being absurd.
Yes, that’s how inflation works. Once prices go up, they don’t come back down. The only time deflation happens is with Great Depression level events that would cause far more damage than the inflation.
The only way to fight inflation is to slow it down and then have wages rise enough to compensate for the higher prices.
Source?
Yes, that’s how inflation has always been reported, vs this time last year. This is because prices can be cyclical throughout the year, so comparing the to the same time last year gives a better comparison than say comparing to Christmas. Still doesn’t change that inflation has returned to “average” levels across almost all sectors, while prices have even dropped for things like cars, electronics, and lumber
https://www.marketplace.org/2023/02/14/bls-index-consumer-price-index-formula-calculation/
If CPI was 10% last year, and its 3% this year, that means its up 13.3% total over 2 years ago. Getting back to 2% inflation is meaningless if MANIPULATED inflation numbers still cant hit 2% and employees cant afford to live.
Tell us you don’t understand macroeconomic statistics without telling us you…ah you get the idea.
The crux of the issue here is that “the economy” as Yellen is concerned with it, is not “the economy” as that rando from Michigan is concerned with it.
Not that either is more or less correct, they’re just different.
Yellen always sounds tone deaf though and they really shouldn’t put her in front of a hot mic as much as they do. She’s not wrong in the things she’s saying…but without context and careful speech-crafting, it always lands as “Let them eat financial cake.”
Lol, this is unambiguously the message they’re sending, and they dropped all subtlety.
“You dont know what youre talking about”
Then instead of just griping about Yellen, correct my mistakes.
Yes, prices are absolutely up from where they were two years ago, and many people are absolutely struggling to afford to live, because grocery prices in particular have remained elevated. What is also true is that prices aren’t going up anymore like they were last year or the year before, and prices for lots of things that aren’t groceries have actually come down some. What I said to start this was that as prices stabilize or come down, it takes time for that to start positively impacting people’s pocketbooks
Still no source
Oh boy, the guy who tries to call me out for not knowing anything cant even click a URL