US Economy thread

[TSmith34, Inc.]

Had a $1 Hamm's (16 ounce draft) last night with my $8 all you can eat chicken wings meal out.

They still make Hamm's? Or did you get a can that has been in storage since 1991? The latter could account for the clearance price.

[Dr. Blackheart]

They still make Hamm's? Or did you get a can that has been in storage since 1991? The latter could account for the clearance price.

On tap, baby!!!

[TSmith34, Inc.]

On tap, baby!!!

From the land of sky-blue waters!

[muwarrior69]

On da brite syde, gas went down a nickel inn my hood, hey?

Crazy here in Jersey: Last week some stations were as low as 2.97 for regular. This week back up to 3.19. Still around a dollar more than what it was in Jan/Feb 2021.

[muwarrior69]

For those who prefer facts to feelings when it comes to inflation and other economic news ...

I am still paying 20% more for groceries than I did 3 years ago.

[Hards Alumni]

Don't expect that to change.  Deflation is awful.

[Skatastrophy]

I am still paying 20% more for groceries than I did 3 years ago.

I think a lot of people don't understand how inflation works or is measured. It's wild

[The Sultan]

Wage growth is rising faster than prices, but I think the issue is that people believe that wage growth is something that they have earned though their work, versus simply being an adjustment based on cost of living.

Furthermore, this growth sometimes only happens when someone changes jobs, which is often a hassle.

Not saying there isn't real issues with regards to inflation going on, but so much of it is wrapped up in emotions and feelings even if reality says something different.

[Uncle Rico]

Wage growth is rising faster than prices, but I think the issue is that people believe that wage growth is something that they have earned though their work, versus simply being an adjustment based on cost of living.

Furthermore, this growth sometimes only happens when someone changes jobs, which is often a hassle.

Not saying there isn't real issues with regards to inflation going on, but so much of it is wrapped up in emotions and feelings even if reality says something different.

I'm paying 8% more on caviar than I was 6 months ago

[The Sultan]

I'm paying 8% more on caviar than I was 6 months ago

Exactly.

Its like b*tching about the cost of gas even though you willingly bought a guzzler that needs premium fuel.

[Uncle Rico]

Exactly.

Its like b*tching about the cost of gas even though you willingly bought a guzzler that needs premium fuel.

When I drive my Silverado 1500 to the country club, it's BS how much I have to pay for gas. 

[jesmu84]

Wage growth is rising faster than prices, but I think the issue is that people believe that wage growth is something that they have earned though their work, versus simply being an adjustment based on cost of living.

Furthermore, this growth sometimes only happens when someone changes jobs, which is often a hassle.

Not saying there isn't real issues with regards to inflation going on, but so much of it is wrapped up in emotions and feelings even if reality says something different.

Inflation, though slowing, is still cumulative.

Groceries a few years ago at $100 are $125 now.

Great that wages are out pacing inflation now. But it would take years of that trend to make a meaningful difference in purchasing power.

[jesmu84]

https://twitter.com/jasonfurman/status/1767536571366990078?t=zM7nb8uH7UPTlbrJmnzUDw&s=19

Core goods have come down.

Core services (shelter, among others) has not.

[4everwarriors]

When I drive my Silverado 1500 to the country club, it's BS how much I have to pay for gas.

Grant Park has a clubhouse? Hoo new, hey?

[Uncle Rico]

Grant Park has a clubhouse? Hoo new, hey?

As an evangelical Christian, I would never be found dead in that part of town

[4everwarriors]

We'll check Al Capone's tomb for ya, hey?

[🏀]

When I drive my Silverado 1500 to the country club, it's BS how much I have to pay for gas. 

Couldn't get a 2500 Denali in the right color?

[MU82]

From the Wall Street Journal's afternoon e-newsletter:

The once-hot housing market in Austin, Texas, is cooling down.

Home prices and apartment rents have fallen more than anywhere else in the U.S., according to the Freddie Mac House Price Index and listings website Apartment List, respectively. The city that was once the symbol of the pandemic housing boom now suffers from overbuilding as well as slowed job and population growth.

[TSmith34, Inc.]

Oh oh, more news to get dentists' teeth a-gnashing:

"economic analyst Steven Rattner reported today that according to The Economist, since the end of 2019 the American economy has grown about 8%, while the European Union has grown about 3%, Japan 1%, and Britain not at all. Rattner and economist Brendan Duke reported that entrepreneurship in the U.S. is booming, with 5.2 million "likely employer" business applications filed between January 2021 and December 2023, more than a 33% increase over those filed between 2017 and 2019.

Economists Justin Wolfers and Arin Dube noted that, as Wolfers wrote, "[f]or the first time in forever, real wage gains are going to those who need them most." Wages have gone up for all but the top 20% of Americans, whose wages have fallen, reducing inequality."

https://heathercoxrichardson.substack.com/p/march-18-2024?utm_source=substack&publication_id=20533&post_id=142748399&utm_medium=email&utm_content=share&utm_campaign=email-share&triggerShare=true&isFreemail=true&r=elvx&triedRedirect=true

[jesmu84]

https://www.forbes.com/sites/josiecox/2024/03/18/biggest-us-companies-are-supercharging-economic-inequality/?sh=731dafae3976

The largest publicly traded corporations in the United States are dramatically exacerbating economic inequality by channeling a huge proportion of profit into wealthy shareholders' coffers and offering executives salaries that, in some cases, are more than a thousand times greater than an average worker's pay, according to new research.

A report compiled by Oxfam and based on publicly disclosed data, found that across the largest 200 publicly traded companies in the U.S, some 90% of profit generated—equivalent to about $1.1 trillion—is paid to shareholders. Only ten of the 200 companies examined have publicly committed to paying a living wage, while four of the companies are run by a chief executive officer whose annual pay is more than 1,500 times the pay of an average worker at that corporation.


"The corporate culture of maximizing profits at all costs is clearly driving the inequality crisis by lining the pockets of the already wealthy at the expense of our people and planet," said Irit Tamir, Senior Director of Oxfam America's Private Sector Department.

"Big business' priority to make the rich richer fails to recognize the financial materiality and long-term economic risks of inequality," she added. "Publicly disclosed data shows that the concentration of corporate wealth and power stifles both economic participation and the wellbeing of the people who make such extraordinary corporate profits possible."

[jesmu84]

https://www.abc.net.au/news/2024-03-17/nobel-prize-winning-economist-criticises-economics-profession/103582032

Economics is in 'disarray', having placed efficiency before ethics and human well-being, says Nobel laureate

[Skatastrophy]

https://www.abc.net.au/news/2024-03-17/nobel-prize-winning-economist-criticises-economics-profession/103582032

Economic theory has little to do with the economy. It's like climatologists vs the weather.

[MU82]

From Yahoo Finance: GDP comes in hotter

The Commerce Department revised up economic growth for Q4 to 3.4% from 3.2% in its third reading of GDP out Thursday. It's yet another data point that reflects the perhaps unexpected economic robustness and resiliency we've seen of late, from the broad S&P 500's AI-but-also-earnings-driven record highs to the Fed's own improved estimation of economic strength.

[4everwarriors]

More word salads commin' outta DC. Sorry, da economy sucks ass, hey?

[rocky_warrior]

More word salads commin' outta DC. Sorry, da economy sucks ass, hey?

So bad I've heard dentists are struggling to afford gas.