Why Many Americans Still Feel Bad About The Economy Despite Strong Data
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- Опубликовано: 17 май 2024
- Take a moment to consider your financial situation: Are you better or worse off financially than you were a year ago? Do you think you'll be better off a year from now? And where do you see the country headed in the next five years?
These are the kinds of questions used by the University of Michigan to calculate the Consumer Sentiment Index, an economic indicator measuring how people feel about the economy.
"It's a measure that we can compare over time and get a pulse on the attitudes of consumers," said Joanne Hsu, director of the Surveys of Consumers at the University of Michigan. "Which is important given that consumer spending is over two-thirds of GDP."
That survey and others show there is a pervasive sense of disconnect between the overall economic picture and how people feel about the economy. Despite slowing inflation, a healthy labor market with record-low unemployment, and stocks that remain in a bull market, consumer sentiment remains below pre-pandemic levels.
"People don't tend to think in terms of inflation-economists do," said Paul Donovan, chief economist at UBS Global Wealth Management. "But economists are not normal. Normal people think in terms of price levels."
Watch the video above to find out why consumer sentiment hasn't matched up with the economic reality, the factors behind the disconnect, and why the issue could play an outsized role in this year's U.S. presidential election.
Chapters:
0:00 Introduction
1:34 How the consumer sentiment index works
3:42 Highly visible prices
5:54 Misconception & partisanship
8:55 What’s next?
Produced by: Jeff Huang
Edited by: Tim Hurt
Graphics by: Christina Locopo, Jason Reginato
Narrated by: Jordan Smith
Supervising Producer: Jeff Morganteen
Additional Footage: Getty Images
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Why Many Americans Still Feel Bad About The Economy Despite Strong Data
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Impressive can you share more info?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Bro said a TV price got lower. Like I'm buying a TV every day smh
and they blamed China to make them too cheap.
He told us we're seeing "illusions" of Inflation LOL .... I love the gas-lighting
"Yeah sure food and fuel are more expensive but have you seen how cheap blenders are now!!!"
@@jacksonduruy4303 So funny to say "the things you buy daily arn't telling the truth" lol
@@RandomRabbit007 Because the economy consists of vastly more than just groceries and gas. And people's wages have been going up, but they are still frustrated about having to pay more. Meanwhile, these companies are hitting record profit quarter after quarter, year after year. Inflation still exists because consumers will just continue paying the higher prices and blame Biden for the conduct of the corporations using "inflation" to rip them off. It's a self-perpetuating cycle.
I guess CNBC thinks we’re all a bunch of idiots. Damn.
That's the only thing I heard
"now be a good boy and vote for Biden." 🥴
@@pinkisforpimps
At least the economy is doing better than it was 4 years ago at the end of Trump's term. Never will go back to Trump again.
@@Michael45007 The economy is doing great? Are you sure about that?
@@landonvause8958
Way better today than 4 years ago for sure
Not CNBC is trying to gaslight us saying "everything is fine with prices" 😂
😅😂🤣😆
Words and semantics were definitely manipulated. No argument of that.
It may seem like Gaslighting because Janet Yelen's "inflation is transitory" comment was deception as far as the last person is concerned.
They should have let normal people know that price increases from inflation are PERMANENT IN PLAIN ENGLISH when they started digging The country into accelerated debt with start of this administration.
This is not corporate greed, this is permanent devaluation of the dollar by an allowed amount deemed acceptable by this administration.
Trying to make it seem like inflation isn’t a big deal like wtf 😂😂😂😂
They talking bout milk and coffee but forgot that we also buy homes and vehicles, college and healthcare- this video was dumb af
@@jasonodom9277 All insurance premiums are going up drastically... 😅😆🤣😂
An entire video of "prices are up. People don't like it. But the rich are doing fine. So you poors will get used to it."
Talk about tone def.
bidencomics is working!!!
BIDENOMICS 🤡 🤡 🤡
The rich will become bigger targets
Yep, basically. Rich people are doing great so the economy must be great, while ignoring the other 70% of the country that’s actively struggling. Disgusting.
Eat the rich..or eat TV per CNBC
Someone said that it's time to be concerned when you start to see individuals shoplifting groceries rather than big-screen televisions, and i agree. Truth is, inflation will never reach 2% ever again, maybe in the next life, but not this one. Anyone purchasing groceries and gasoline is aware that real inflation is much over 10%; they simply lie about it like cheap blankets. In reality, interest rates would be in the 20s because of how high inflation is. But then despite the severe bear market, I am aware of certain investors that continue to earn over $100,000. Wish I could accomplish that.
Very possible! Particularly in this weak market. There are several opportunities to generate excellent returns, but in unpredictable terrain as this volatility is a huge factor when in the playing field, the rally is a “frenemy”. Get an advisor
I totally agree, it's been three years and counting, and I've made over 1.7 million by simply following a coach's advice. I was on the sidelines for a while watching, trying to determine the best time to get in, before I came across a coach, recommended by my wife. I was reluctant at first but I went ahead and contacted the coach. As a small reward for my consistency, I went on a trip to the Bahamas in the late summer. haha
My husband and i just had this conversation this morning. This is exactly how we wish to get our finances coordinated ahead of retirement. Can I get access to your advisor?
Sure, the advisor that guides me is monica mary strigle, wife has her direct line, I'm not always in town. lady is hot topic in downtown manhattan...shouldn't be a hassle finding her, browse.
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The snickers bar being more expensive gives off the “illusion” of inflations. Dude it’s more expensive. That’s inflation.
But Rolls Royces have become proportionately cheaper. So it's actually fine. The money you lose buying snickers is made up for those times you buy a new rolls royce.
Not to mention that bar is probably smaller or weighs less than it did five years ago!
What a horrible take. And yall wonder why people hate mainstream media.
Agreed. Total gaslighting.
Not necessarily. Expected inflation leads to ever - increasing levels of inflation, even if that inflation isn't there. It only takes a small % of inflation to keep interest rates for loans to keep going up and for more inflation to occur
CNBC is corporate propaganda
Fully fully agree… this is just lazy, uninformed reporting to push a specific narrative.
Unbelievable 🤡
Eat TV if you cannot afford bread.
Eat cereal for dinner. 🤦♂️ They're so out of touch
In the mind of an economists:
* Then: Wages up 2%, Prices up 10%
* Now: Wages up 0%, Prices up 5%
See, everything is better! Prices aren't up as much.
"now be a good boy and vote for Biden" 🥴
Wages have gone up more than prices actually
Do these people even hear themselves?
It’s not about psychology. It’s about seeing our paychecks disappear when we used to have leftover money for spending.
The dude is right, I am going to buy tv everyday, who needs food.
Well now it's probably n cheaper and healthier then groceries!
haha
I don't care about unemployment levels. The price of everything is outrageous and needs to be lowered across every industry.
prices are actually quite reasonable when you consider the biden inflatoin spikes. this is the new normal, either make more money or be that geezer feeling sorry for himself ranting about how milk used to only cost a nickel.
So price controls?
Yeah bro just go make more money, just get a second job bro, just learn to code you pleb, Instead of having one parent work and one parent take care of the kids and house now you both get to work and do it all and pay 10% of your wages to childcare 😃🔫
Did CNBC just call me stupid because I don't buy 'durable goods' every day?
Because the data can be manipulated........
The price of gas and milk at grocery store cannot
The price of gas and milk is one of the easiest things to manipulate.
it too can be manipulated, but to your point when you have to buy it and its priced where its at, YOU FEEL THAT EVERY WEEK!!
The data wasn't manipulated. It's just the main things going up in price are things that you buy every day. So it's more noticeable. The prices of things like TV's are not seeing the same increase in prices.
Also, people are expecting prices to go down when inflation goes down. But that's not how inflation works.
Also, people don't realize that the massive wage increases they've been getting the past few years aren't for their "excellent performance" as emplpyees. It's a cost of living increase that gets them caught up with inflation. People notice the price increases and get angry, but don't seem to comprehend or care that their wages have mostly kept pace (or even surpassed inflation in the case of lower wage workers).
Eat the data ~ CNBC
my stock porfolio sure says otherwise as bidenomics have been amazing!
The economy is horrible.....everyday folks know it.
The problem with people that feel that way or believe that is "bad" is mainly due to a strong sense of being entitled of success even without having the skills or the knowhow to succeed in today's economy. A bunch of people have been complaining about a "bad economy" for centuries without knowing how to be productive. No government or politicians can guarantee anyone success in work and life in any country.
@@cristiandiaz6333 No, inflation is killing us and there is no end in sight. STAGFLATION is coming, google it. It was real fun in the 70s and 80s.
@@cristiandiaz6333 Nah, it's mostly about the govt manipulating the data and telling us the sun is shining when we're in the middle of a thunderstorm.
@@cristiandiaz6333That is hardly the issue, the problem is companies will take every extra cent they can and that profit does not go back into raising wages. It is harder and harder to save money, and just because prices will no longer go up does not mean anything will ever be cheaper then they are now.
the economy is great. my stock porfolio says so. what's horrible is to be poor.
Oh, I understand now. I’m just too stupid to realize how great everything is. My bad.
“don’t worry guys prices are only going up for the things you have to buy every day! 😀”
Hey guys, TV prices are falling, so don't worry about the cost of living rising 😊
Let's eat TVs from now on
"buy a TV and vote for Biden. Be happy, sheep"
@pinkisforpimps "tax cuts for the rich will trickle down to me because the rich always look out for the poor" - Trumpists
@@michaelayeni177 I'm no maga either but the economy was definitely better during those years. I can be honest in saying that.
@pinkisforpimps things take years to manifest brother. We all didn't get here over overnight policies. (Look at how the effect of trickledown economics took decades to fully manifest).
Am I the only one who feels the underlying conclusion of this clip is greatly disconnected? Wages are stagnant, hiring is lagging, prices of goods (food, fuel, housing...) and services are up.
2 out of 3 of those are true in most cases. Hiring isn't lagging if you talk about the country - but if you don't happen to live in the right place - yes hiring could be lagging for your area. It isn't like economic success is some equally applied variable.
@@brianh9358 ghost jobs are influencing the numbers - en.wikipedia.org/wiki/Ghost_job
It may seem like Gaslighting because Janet Yelen's "inflation is transitory" comment was deception as far as the last person is concerned.
They should have let normal people know that price increases from inflation are PERMANENT IN PLAIN ENGLISH when they started digging The country into accelerated debt with start of this administration.
This is not corporate greed, this is permanent devaluation of the dollar by an allowed amount deemed acceptable by this administration.
Bidenomics 🤡 🤡 🤡
Inflation naturally leads to effectively lower pay for the lower class. That's why the lower class needs to use the government to increase minimum wage and on a personal level negotiate with your employer for hire pay.
Wondering why people are not happy. Mortgage payments up 1.5-2x in past 5-6 years, rent is the same. Grocery store bill is 1.5x what it was 2018.
Normal people don’t live by GDP or officially announced inflation rate.
It’s pretty simple. The median income today cannot afford what the median income could afford 5-10 years ago.
And yet the lady on the TV said “As income increases and peoples buying power increases, it will be less painful to pay those prices” I love that she assumes that everyone is going to be handed raises as if that is to be expected in corporate america. 🤡
@@thedevilsadvocate98especially when you have a hugh influx of people willing to work at the bare minimum...
Spot on with everything except rent is the same. In what world? In Illinois rent is up 50%. & from what I've heard many other states as well.
@@cedg5634 my bad, I meant rent is the same story as the mortgage, up 1.5-2x.
@@FarhoodEnsan I got you & that was actually slow on my part that I didn't catch that🤣
I quite literally cannot afford to leave my house. Quit telling me TVs cost less when I can barely afford to pay rent and buy food.
This piece is really disgraceful, people are literally struggling to pay their rent and a salary that won't budge, why on earth would they care about some random economic indicators that are a fraction better than previous qtr.
It's partly the consumer's fault for thinking Biden stimulus packages would continue into eternity. Stop spending like there's no tomorrow, numb nuts.
Economic indicators do mean something. Most people's salaries have gone up quite substantially in the past few years. Most people are frustrated with the higher prices, but most people are not struggling. If most people were so short on money, companies wouldn't be able to keep raising their prices and bringing in record profits.
@@Mawyou Companies can keep bringing in record profits because of layoffs, price gouging, corporate mergers, stock buybacks and subcontracting
@@codyhecht8634 People praise capitalism, but then they want someone to blame when capitalism works the way its supposed to work.
@@Mawyouthat’s because nominal wages have gone up, but real wages have gone down. A 10% wage hike over 3 years when inflation is 17% over the same timeframe means you’re -7% worse off. Plus, your real earnings should go up over time due to experience. So it’s a serious setback when you’re accumulating years of service and your real wage is less than when you had less experience.
Not only that but this is based on the CPI, which has been nerfed. If the cost of steak goes up too much, the statisticians say those prices don’t count and substitute it with hamburger that went up less. That’s not realistic. The CPI also doesn’t capture lower quality or costs that used to be free. So if you’re now paying an extra charge that didn’t exist a year ago, that’s not inflation according to the government because zero cost is not a baseline to go from statistically.
Oh, and this isn’t “capitalism.” The government creating inflation is, actually, communistic. Work, wages, and property are being confiscated and redistributed to others through inflation. The market adjusts to government-created inflation, but that’s akin to the human body adjusting to an injury you don’t treat. So when you tear your ACL and don’t get surgery, your body adjusts to keep the knee stabilized. It’s not ideal, and it’s illogical to somehow blame the human body for accommodating an unrepaired injury in a less than ideal manner.
Reality is capitalism runs best without inflation. When you introduce that hindrance, it still works and adjusts to that reality, but it’s operating at a less than ideal pace. That’s not capitalism’s fault; that’s the government’s for creating the problem that capitalism has to work around.
If it weren't for those pesky luxuries like gas, food and rent, the economy would be doing awesome!
Should report this video as "spam and misleading" with all the gaslighting.
I did!
Inflation is cooling, what planet is CNBC on? I was in line at the grocery store last week and the women in front of me rang up a $393 dollar bill. I said “wow that’s more the my car payment.” She said “that’s every week for me to feed my family”
So, what, you're saying the reason people can't keep jobs or afford housing because they're buying higher-priced groceries with no wage increases and being laid off in lieu of autonomy is just 'all in their mind'? Trust fund babies and corrupt executives need to get the hell over themselves and learn to live on the working person's terms.
Unemployment is very low. Spending is way up. The thought of things being terrible is what's in your head.
@@fj06carnone because a lot of them are working in gig economy instead of 9 to 5 with benefits? And obviously spending is up if EVERYTHING went up. Have you seen the rent increase in last 3 years not only in USA?
They literally call us cattle. Wake up.
CNBC with some top tier rage bait today
Wages have not kept up with inflation, however this video fails to address that some of the reason prices are high is due to retail theft, hey if I own a business and my insurance went up due to crime I'm passing it on to consumers. Also minimum wage goes up then they pass it on to consumers. A lot of businesses like restaurants and other stores operate on slim margin. And if a business goes under the whole community pays for it.
The economy is horrible.
BIDEN KEPT PRITING TON OF DOLLAR THE COLLAPSE WILL BE HARD ONCD THEY REALISE THIS 😂😂😂😂😂😂
The economy is a pie. Just because the "Number" goes up doesn't mean peoples proportion of the pie increases with it. In fact, their piece is smaller because the same pie is cut into more slices.
The irony is people’s wages are not rising, so it feels suffocating for them. Imagine working for a cereal company and that company raises its prices on the cereal. That means the company is making more money, which is good, but not your wages don’t increase, which is not good Now you’re working for a company where you can’t even buy your own cereal you’re making, that’s why it feels so bad, the consumer is going to break and then everyone loses.
Forcing wage increases isn’t good either… Look at California… increasing minimum wage for fast food workers only caused prices to increase, and now no one can afford to get fast food
@@mikezerker6925 yeah I agree, it’s such a mess right now.
@@mikezerker6925oh man! Good thing it wasn't growing otherwise! Or that they were all guna b replaced w. Robots anyways!
idk...like wats the other option? Continue the exploitation?
@@theparodychannel7842 well they went from low paying jobs, to no jobs at all. And you see that as a win?
But if you're a low-income person, groceries ARE a big part of the budget.
It makes sense that the average person doesn't care that TV's are cheaper, because they still can't afford another TV. No one cares about the GDP or inflation if the literal "cost of living" (which includes food and essentials, not TVs) is rising at a faster rate than their income. Don't try to gaslight people into just accepting this, their upset is valid. We are figuring out AGI, we can figure out how to making living affordable for most Americans.
Not only groceries, but the less disposable income you have, the larger part of your monthly costs will be: housing costs, groceries/food, vehicle expenses (including gas). All of which, have increased significantly.
Maybe we should buy more TVs and watch more of this propaganda, then we will see everything is fine.
But the lady on the TV said “As income increases and peoples buying power increases” I dont know about you guys but my boss isint handing out raises anytime soon. 🤡
@@Wishkeyn i agree with your notion on disposable income remaining after core essential bills are paid off first.
TVs aren’t the main at home entertainment anymore. Tablets, smartphones, and computers are. Prices on those are going up still. It’s not 1970, goobers.
Ay yes, the TVs and Couches that I need to live are not inflated so that means the economy is fine.
Can't afford food, but hey can afford a TV, I guess...
good point though, TVs are unusually cheap now a days… like a 4K 77” for $800 lol, I swear back in 2016, this would been $3-4,000 easy
So out of touch. The numbers don't tell you everything. People are in fact struggling and you just don't get it
According to the monopoly man, inflation is all in our heads, everything is fine
Declining inflation is so misleading. It's still inflation, and that means more money for the same product.
Well 2% inflation is the stable everyone wants
Exactly. They compare it MTM or YTY. If you compare the price to 2019 the inflation is insane.
@@stygian4011and we are still around double that
@@stygian4011 Inflation only helps people who make money off debt. The big players who can never go under. It hurts the people who actually work and keep this country running.
Yea slowing inflation doesn't mean prices go down. They are up for good. They just inflate at a slower pace if inflation goes down
They are destroying the middle class duh.
What middle class? We are poor people that think we’re in the middle class just propped up on credit card debt to live in that delusion.
Uh, how could they not have addressed the fact that "high frequency purchases" are a disproportionate amount of where the average person's income goes? Truly mind boggling
Rents and home prices in many markets have skyrocketed. Working class people are feeling left behind.
Lot of out of touch people making this video. The economy is awful for anyone who isn't a shareholder or making high 6 figures. Unemployment numbers don't mean anything when most of those jobs y'all boast aren't paying an actual living. All the layoffs, rising rent, prices on goods, and stagnant wages are why the economy is awful
Cognitive dissonance is a HUGE thing for the megalomaniacal. It's why the gap between the wealthy and the poor will continue to grow exponentially. After all, if you're part of the one percent, there is NOTHING you could do to fail. There's no blunder big enough that could kick you clear out of your wealth. Just one look at Chump, Theranos chick, Bankman-Fraud, Madeoff, Bezoz, Muusk, etc. etc. tells ya everything you need to know. Basically, the higher up the ladder you are, dropping even six rungs down is meaningless to you.
Not out of touch. Lying. Trying to gaslight people who are getting screwed to think they aren't getting screwed so they can keep getting screwed by the people who pay CNBC employees.
Bidenomics 🤡 🤡 🤡
Buddy, wages are up.
I'm 30, and when I was young 100k was THE mark of success. That was the high life of a big home, luxury car, annual vacations... now that salary will net you a collapsing home, an "economy" car, and no more vacation. Meanwhile CEOs conduct mass layoffs and get multi-million dollar bonuses for doing so.
Even in this video you're not being honest with us, and everyone knows it!
Monthly morgage payments for a starter home in my area in 2020 was $1400. It's now $3700. My food bill in 2020 was $300 a month. It's now 500-600. Was paying $1000 a month in rent in 2020, now paying $1750. Good thing my income doubled since 2020.... oh wait, it didn't.
“Inflation is not high. It’s just your perception. You’ll get used to it.” - Biden Administration Daily Pravda.
This comes across as just the reporter is gaslighting people into thinking it's not so bad. Meanwhile, people like myself can't afford groceries. On the same salary from 2 years ago.
What no economists want to admit is that the initial inflation was a golden opportunity for businesses to jack up the prices and generate even more inflation.
Inflation means dollar is worth less, which means prices have to rise to offset that. Is it a 1:1 ration, probably not, but probably not price gouging either.
@@zalronwow7222 I would argue it is (or was) price gouging. These companies benefit from inflation because their profits naturally increase. The nature of capitalism is that you need to beat earnings. What do companies do to beat earnings again after their initial earnings beat? They raise prices again. Greed can only go so far though, look at McDonalds earnings. Consumers are at a breaking point.
@@zalronwow7222 Not price gouging? Perhaps thats why even when adjusted for inflation, corporate profits have reached record highs? Only now are a few companies realizing they went too far (McDonalds)
prices rose because too much money were printed. Blame the government not the producers
Except ALL companies all around the world increased their prices due to many reasons not "greed". If you look at their balance sheets many of these companies aren't doing well and are highly leveraged.
“It creates an illusion that inflation is bad because that snickers bar is a higher price” okay so WHY is it a higher price then? Corporations took advantage of inflation to raise prices on low cost consumer goods and haven’t lowered them since.
The answer is so simple, it's dumb to even ask the question. The "economy" might be improving, but all of that money is going into the hands of just a few people. The average American is getting poorer. The wealth gap is getting much greater. Naturally, people don't feel good about it.
If the economy is so great why the hell has a plain loaf of store brand white bread doubled in price since 2020?
Because the data is false.
Yep, if you do not like the result, change the way you measure it. Smoke and mirrors. Things are bad. Feels almost as bad as the 70s, if inflation keeps going up and job losses mount, this is gonna hurt.
They are Gaslighting us all and they don't realize it
It may seem like Gaslighting because Janet Yelen's "inflation is transitory" comment was deception as far as the last person is concerned.
They should have let normal people know that price increases from inflation are PERMANENT IN PLAIN ENGLISH when they started digging The country into accelerated debt with start of this administration.
This is not corporate greed, this is permanent devaluation of the dollar by an allowed amount deemed acceptable by this administration.
Words and semantics were definitely manipulated. No argument of that.
It may seem like Gaslighting because Janet Yelen's "inflation is transitory" comment was deception as far as the last person is concerned.
They should have let normal people know that price increases from inflation are PERMANENT IN PLAIN ENGLISH when they started digging The country into accelerated debt with start of this administration.
This is not corporate greed, this is permanent devaluation of the dollar by an allowed amount deemed acceptable by this administration.
"All these rightwing conspiracy theories about misinformation and disinformation" 🙄
This mf really said "when people forget the old prices that they'll stop complaining."
'The problem isn't inflation, it's prices."
Prices are high because of corporate greed and that's the truth.
The United States is a corporation not a country. Only very rich people benefit and not the average individual
Yet Democrats want more illegals!
The Plutocracy. You nailed it.
America only care about corporations, and a certain county in the Middle East. People dont actually matter - we just happen to live here.
Precisely correct. Without coin, connections, crews, clout, computer code, control, communities, and opportunities... you ain't sheet.
Bidenomics
The funniest thing is that the media always says "175,000 jobs created." What they don't research is what type of jobs they are. Are they full-time? Do they pay $15 an hour but require a bachelor's degree? Are they keeping you Monday Through Friday but have you on a part-time schedule to avoid having to pay health insurance? These are the questions they should ask. Do the jobs make sense and work with the current inflation rate? It's all great that jobs are created, but the quality of them is the most crucial thing they should focus on. Are these jobs all dead-end minimum wage retail, fast food, and warehouse jobs? These are not valuable and do not show a strong economy. If a rise in tech, white collar jobs actually grew, and if wages also kept up, then that would be a good indicator. If the only people employed are jobs that are completely skillless in an educational or special skill set way, then are they really jobs? Or just lies
Tech jobs have less unemployment than the national average. Its almost always like that. We know the majority of jobs don't pay well. Jobs created means just that jobs created. You want people to be suicidal and them say only 1000 good jobs were created.
Bingo.
If minimum wage kept up, we would have more inflation to deal with and that minimum wage would be worth about the same as it is now in a short time. Look at CA and the cost of fast food, the price increase takes a large chunk out of the wage increase, now imagine it across the board. Minimum wage is nice, but only causes higher inflation.
Yup.. vast majority of jobs added according to today's job report is healthcare, warehouse, and retail jobs.. White collar jobs are in a quasi recession, and same with some blue collar jobs (manufacturing). No *good* jobs being created. The job openings might be up, but the hiring rate is much lower than it used to be, even the Fed admitted that. The economy is very, very bifurcated. I doubt this ends well.
@@zalronwow7222 Denmark has a higher than $20 minimum wage, and the cost of their combo meals is cheaper than in California despite higher Danish corporate taxes. Corporations here are indeed passing on the costs to consumers, because they dont want to budge even an inch from their profits.
“Why aren’t you peasants happier about what we are telling you!?!”
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If you don't want to crash and burn, you should seek the advice of a fiduciary counselor when you first start out. Because their entire skill set is based on going long and short at the same time, they employ a profit-driven strategy based on individual risk tolerance.
This sounds so good and I would like to be a party to this, is there any way I can speak with her?
Cost of living has risen dramatically sharper than wages. The disproportion of wealth is not sustainable. Tech stocks rising doesn't put food on anyone's table.
Look at the comments and you will see the sentiment😢
This is why I am recommending this video to friends. It for the experts, but for the comments.
People only care about the prices of necessities. Television prices are irrelevant.
GDP isn’t reflective of growth for most people. Since 1986, almost half of all US wealth accumulation has been by the top 0.1% of households (by wealth). Employment doesn’t matter when the quality and pay of employment isn’t rising as fast as prices. Gaudy statistics means nothing to the average person.
GDP is not everything but it is the most powerful statistical indicator. The quality of employment and wages are also proportional to GDP in the long term. Perhaps the problem is inflation...
@@user-ts2eu6rf6i It is, inflation is a mess, higher than reported so we feel it as bad in the 70s but it measures as less terrible - its a joke. This is a mess
@@user-ts2eu6rf6i Most powerful for who? It certainly isn’t for the middle and lower classes. Inflation hasn’t helped though, that’s for sure.
@@barrettbrittThe answer is for everyone. The middle and lower classes clearly benefit from GDP growth. Of course inequality is serious issue. But now inflation is a more pressing issue...
@@user-ts2eu6rf6i
GDP is a meaningless indicator considering how skewed its input criteria has become over the last 30 years.
Because the people are now educated and informed enough to realise that its all manipulated.
They do realize the average person monthly expenses aren’t Eletrontics,
Inflation is high for things like fast food, groceries, gas etc is because of corporate greed. Companies need to keep on beating top and bottom line to boost stock prices.
Yes, finally, someone who understands how happy I have been feeling about my weekly chocolate bar and TV purchases
*sarcasm*
I’m a 100% p&t disabled vet. My cola doesn’t even cover my rent increases.
2020 rent: $1,048.00
2024 rent: 1,700.00
Isn't 100% disability approximately $4000 a month?
@@valkerse9476My exact thoughts if you’re 100% not only are you getting 4k a month you’re also not paying any property taxes. If you can’t make it on that there’s no helping you
I think the overall point is “housing should cost no more than 30% of income”. $1700 is $500 more than 30% of $4000.
Get a job 🤡
RENT A ROOM IN A HOUSE!!!
Question… just curious…. Does cnbc think its core audience is slow?
CNBC: “It’s all in your head”.
No mention of housing costs, percentage of income going certain classifications of goods or services, and no mention of cost increases in relation to average income?
I'm a Democrat and i think this economy stinks
Don't forget the 7.46% fixed rate mortgages on 30 year loans. Extremely high interest rates makes life much harder too.
@@zalronwow7222that’s how inflation is slowed down; by hiking up interest rates to deter people from taking loans
For housing. How many have they built? It's all supply and demand.
Result of late-stage capitalism.
This is the exact same message about the economy voters were being given leading up to the 2016 election. I guess they want another repeat of 2016.
We have a self admitted grocery inflation, housing and energy cost crisis. It doesn’t matter if unemployment is at an all time low and the GDP is growing if all of these remain unafordable,
Don't forget Rent that eats up nearly Half of the income.
Yeah and bringing up TVs... Those are not essential! Groceries are
And most of these jobs are low-wage and government created jobs.
First they tell us that, it’s okay not to own a home to achieve an American dream, now they tell us, just forget about the price, everything is actually okay.
Tvs are not as expensive? This video reminds me of someone urinating on the American consumers and claiming it is raining.
So, basic necessities have gone way up and people aren't making the money to offset that and you think we should "feel" good about the economy?
Don't worry, those feelings are transient
yeah, what you are not saying is that inflation is a PERMANENT price increase and it is cumulative. Grocery prices are 34% higher in Massachusetts than they were 18 months ago. The prices are still increasing. The green bell pepper that I bought for $1 is now $1.89. It's completely ridiculous.
$100 worth of goods 18 months ago now costs $134 for the exact same goods. I didn't get a 34% pay raise in 18 months. This country is completely broken and the Federal reserve just keeps printing more money devaluing the dollar purchase power AND you have all the politicians advertising big government blowing through 34 trillion dollars in debt.
The entire government needs to be fired. Put 4 year term limits on every single senator and representative and clean house every four years. Take these horribly corrupt people out of power.
power corrupts people, if you take out these corrupt people, they will only get replaced by other corrupt people,, probably worst. You need to question more basic assumptions, like why do we need people in power in the first place? Answer is: we don't. Problem is: most people believe we do.
@@andresd3104 making 4 year maximum term limits wouldn't allow the corruption to become fully entrenched like it is now.
Inflation is calculated yoy, also better inflation than deflation
Our paychecks are getting smaller and food and gas is getting more expensive, taxes are higher, corporations are posting record profits, the evidence is we have less than our parents, the prices will stay up..😢
Cause most people don't gaf about those things they're trying to survive
“There is no inflation! There’s disinflation! That’s inflation that’s not as high as it was a year ago!”
Gaslighting… it’s still inflation at a slower rate, but prices are still going up
@@mikezerker6925 how is it gaslighting? Jerome has said many times his goal isn’t to bring prices down, it is to bring inflation to 2% going forward
@@darthbumblebee7310I meant the entire video, making it seem like everything is sunshine and roses when people are struggling.
Even if the RATE of inflation is less than it was a few years ago, prices on goods/services are still increasing and adding to the already overinflated prices from a few years ago.
We actually NEED deflation to price correct everything back to where people feel it’s affordable again. Wage increases have not compensated for inflation of the last few years.
Because the data doesn't take into account factors like UNDERemployment.
Alot of people are working minimum wage jobs to pay the bills but that doesn't mean they;re in a career field they want to be in.
What do you mean under-employment? Lots of people are working 2-3 jobs... And still can't afford the cost of basic necessities.
It means they have a college degree but work as a barista
Food prices: Triple what they were like 5 years ago
CNBC: "EvErYtHiNg Is FiNe"
ON THE STATUE OF LIBERTY IT SAYS GIVE ME YOUR TIRED , YOUR HUNGRY , YOUR POOR . WELL ITS AMERICANS WHO ARE TIRED AND HUNGRY AND POOR 🤬🇺🇸
Healthy labor market LOL!! they think we are stupid.
This is one of the worst job markets in recent memory.
Just because there a record low unemployment (which has many measuring flaws in itself), doesn't mean wages are keeping up. Grocery spending is up 25% but pay hasn't changed. In addition, a majority of citizens are still living Paycheck to Paycheck. Meaning at least half don't have saving over $1000
Get another job or work OT…men been working 50 to 60 hrs a week since forever…now yall trying to get 32hr work weeks…nobody wants to work no matter the wages
Negotiate for higher pay. I pointed out that my performance pay increase wasn't keeping up with inflation and after a few months I got a big increase. You have to understand that inflation has always been used to decrease effective pay. That's why minimum wage has to go up, else it's on you too demand better pay and to make yourself valuable enough to warrant it.
Companies everywhere are laying off and lots of shops are now closed down, but unemployment is record low? I'd call this BS.
@@leezhieng Who is laying off?
@@kbeezy7417 jfc people should not have to work more than one job, and they should not have to work more than 40 hours a week to make a living. 50-60 hours - yeah those same men drank a lot and beat their wives too..
Basically, we are wrong and “they” are right
It “feels more expensive “ no honey, it is more expensive. No if or butts with the real truth 🤦♂️
Liars. People don't buy big ticket items regularly, even though housing and cars prices are higher. Everyday consumables are much much higher. Even fast foods are sky high compared to 5 years ago.
They didn't seem to mention that our wages are lagging behind inflation rates. So while we are paying higher prices, our wallets are not fuller to compensate, so we feel the price hike twice.
You don't feel it twice. It is still once. If your wage wouldn't lag behind you wouldn't feel the inflation. You would notice inflation, but your wage would buy you just the same products.
Wage growth has been the fastest since 1980's tho.
@@jd-uz1ln You do feel it twice because not only is the price higher, but your dollar is worth less too. So you're working the same for less purchasing power and the prices keep going up.
@@Michael45007 And yet it doesn't keep up, so we're all poorer this year than we were last year. And this has been compounding for three years now.
@@nickpass
Actually it has looking at the data. If you're at a job that didn't give you pay raise, time to hop to another.
TV prices are going down because less people watch TV
Television prices been on a decline for 40 years. Never had inflation for tv prices ever. Gaslight.
This is stupid, anyone with a bank account knows the economy is FAR from good
“Do not worry citizen, all is fine. Keep your head in the sand while we program you” 😂😂😂
"And vote for Biden if you're sane" 🥴
There's lies, more lies, and then there's statistics.
Which statistics can be manipulated anyway you want it to.
Mark Twain!
Because all the datas are fake as s*** since months ago and the whole world laughs at it 😅
Remember how good we felt things were in 2019! Now vote accordingly!
Oh the economy is great... for rich people or for people who own a bunch of property. As usual, it is the corporations, stockholders, and the rich who benefit while the average person doesn't. According to stats, 52 percent of the inflation is due to profit taking from corporations rather than a rise in costs for them. So they have been busy doing stock buybacks, paying CEOs more, and generally being greedy.
It isn't that the data is "false" - it is the fact that the wrong things are being measured. Let's start talking about the buying power of the average middle class family and then you can start to see who has gotten hurt.
What middle class? It's owners vs workers.
Greed catches up with every country.
The polls disagree. Trump is +17 on the economy across the board. This video is gaslighting.
"There are lies, damn lies, and there's statistics"
We need to have a serious conversation about degrowth. An economy built on endless growth is destined to fail, and workers suffer for it
No, we can have a serious conversation about economic inequality and inflation. But economic growh is still necesarry.
People are tired of having the government spending (particularly for other countries) and money printing spitting on our heads and telling us its raining jobs and everything is great. GDP is growing but its because everything is more expensive. Jobs are being created by more part time and less livable full time. Ect... You can cook the books. You can control what metrics you look at. What you can't do is tell people how to feel.
Too bad our money doesn’t increase as fast as inflation
I can't afford to go to restaurants any more. I spent like $60 today on groceries and didn't get any meat. Money is quickly becoming worthless.
Problem is most people’s wages haven’t experienced inflation but assets like houses, cars, and stocks have experienced hyper inflation
lol classic main stream media gass lighting