How Social Media Shapes Economic Perception
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- Опубликовано: 9 окт 2024
- One thing I’ve been trying to square lately is online discourse and real world action.
I spend a lot of time on this topic (like a lot of time) and it’s because I think it’s important. A lot of people will shrug off how people feel because people are people, and it’s volatile and prone to change, but there is always something within the weeds of these whispers that can be informative to thinking about change.
The economy is weird right now. We all know this. We all feel this.
Political Narratives and Economic Policies
We are about to go into an election year, there was a debate last night, some key gubernatorial races this week (go Kentucky!!!) and of course, political sentiment is going to shape economic sentiment - and divide. I was fortunate enough to interview David Dayen of the American Prospect this week, and he said -
Republicans are going to focus on inflation, even if the inflation statistics are pretty moderate at that time… They think it's a winning issue. The Democrats are going to focus on the fact that over 10 million [jobs] have been created under Biden's presidency. That the unemployment rate is at historic lows that the gap between the black and white unemployment rate is at historic lows… There is a problem with touting the economy too much when people's circumstances don't feel like that they're in the same place. I don't know if I would say demeaning, but it seems like it sort of erases people's experience to a certain degree.
And people CARE about inflation. They feel like their experience has been erased.
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hey everyone, thanks for watching
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Me and pooch are in a state of bliss.😊
Feels like listening to a finance/economics genius. A lot of facts explained simply. Interesting wrap up! I love the poem too. ❤
Corporate greed needs to be stopped
💀
Thanks for the video. Big fan of the channel and Substack. I’ve been following for a few months and am most interested in your ongoing discussion of media (your updated take on Chomsky, Debord, TikTok echo chambers, etc). I remember doing Occupy Wallstreet in 2012 and how utterly uninterested most of the left was in economics. My liberal arts college of 1,800 students had a dozen people show up to our first Occupy meeting. I think disruptive media tech has raised labor consciousness in a way that was almost impossible in the days of “pick 3: MSNBC, FOX, or CNN.” Class awareness and appropriate outrage has trailed data on wealth inequality (it’s been terrible since the 80s). This current awareness being so emotionally centered around media though (versus action) is a very concerning fact for the 2024 polls. Awareness and strategic action (including voting) is a very different cause and effect than outrage, blame, and finally resignation (not voting). Im biased against Neoliberalism as a whole, but I agree immensely with your need to consider each others perspectives. I would have missed the insane amount of consumer debt people are going into for no reason otherwise. Even if I don’t consider any American political party to be ideologically acceptable to me, it doesn’t change the fact that I would respond positively to the Democrats actually acknowledging wealth inequality and inflation outpacing wages as a real problem and offering solutions like trust busting, a competitive federal minimum wage hike, or hell, better funding for social security. Something real. Trump was able to appeal to this real rise in class consciousness in 2016 and him and his party are still holding it. Why is economic populism in the political arena the sole responsbility of the right? As you well point out, Biden’s administration is reiterating statistics on employment and nobody cares. Saying that Gen Z are a bunch of attention lost drones has a ring of truth to it (it definitely applies somewhat to this 31 year old millennial), but they care more about economics than my generation does. An 80 year old candidate who can’t see that the problem is their job doesn’t pay anything, not that they don’t have one or three of them is a massive disconnect. Sorry about the small essay, but thank you! My buddy and I (who have differing views on these things funnily) are happy subscribers.
Thanks, great video Kayla! I feel like the media keeps telling me things have never been better but it feels like smoke. I appreciate you always being it back to people. Cheers!
I'm not aware of anywhere else we can go to get the facts linked to the personal aspects in a way that makes everything understandable.
Thank you for that.
Dang interesting to see someone finally talk about the disconnect between economic data and perception. Alignment on this is everything but I do think perception is what will drive the balance towards an improvement or a total disaster, as you said, the economy is about people. I'm trying to do this same analysis in Colombia. Where are you getting your "perception" from for the US?
The medium is the message! Thanks Kyla
“Weeds of whispers”. 🙏👏
Excellent. I appreciated all the macro details and the clarity it provides on what's actually going on with the economy. I feel all I hear are conflicting indicators, but this is a great explanantion as to meaning behind it all. Always great Kyla 👏🏽👏🏽
Thank you
If you borrow money,YOU SHOULD PAY IT BACK. What's wrong with Americans, ZERO accountability. Don't shit on politicians when you expect to not pay back money you borrowed.
Loving the Siena reference 🎉😊Go Saints!
Excellent analysis!
We can't measure norms when we encounter only exceptions.
Great vid. Great hair. Great topic
humans are so volatile... it's a positive and a negative. if we were always rested same levels, i worry we would not have any innovation either
Nice fighting against AI topic with economics and inflation terms. Game of keywords has arised :)))))
I like the way you think
Come for thoughtful insights, stay for Moo ♥
If Kyla is president, we will have a strategic bacon reserve
Quality content!!
i'm kinda curious how people think trump will lower prices on goods, services and gas
its more that they think biden won't, its a mess
Lots of discussion banning Toltok in R debate ln. I am a boomer and don't use, rather, wary of its origins and privacy risks. How do you see the issue?
i think tiktok is important but its terrifying
@@KylaScanlon - Real question: is it any more terrifying than Musk’s hotbed of antisemitism, Xitter? or than Facebook, already responsible for destabilizing at least one U.S. presidential election? From that (surprisingly lengthy) portion of the G.O.P.’s third 2023 presidential debate, I took them all to be saying “Oh, death to the alien propaganda platform … but our own disruptive troll-factories? Why, those are just ginchy!” Or at least, through omission this seemed to be their attitude. I suppose it’s shooting fish in a barrel, asking whether a televised debate among conservatives might have been shallow … but was anyone else surprised at HOW LONG they discussed Tik-Tok, without ever once mentioning Facebook or Xitter??
I wonder if there's a story behind all those jobs whilst people are struggling to pay for things every month and are forced to work more than they did in the past.. I'm super curious about the "tired" workforces' household budgeting statistics. Prices I'm seeing are high on most food staples, energy prices are up, and housing costs are up. Who cares if I'm making more, but I'm not really... Contracts with the military aren't paying more than they have in the past(like ten years ago we got paid more per day). I am doing more of my own business as an arborist and have been loving it. But without the additional work life would suck. 🤣 Plot twist: saw a rerun of 'Tve Next Three Day's and kinda wanna go visit Argentina even though their economy is by my recollection far worse than the US.
What does fed vice chair moo think? Always seems deep in thought.
she is probably thinking about the supply and demand of toys
Great vid as ususal :)
great video :)
Moo is chillin.😊
3:00 imagine that...
Awesome
paul???
@KylaScanlon haha, not really...one of my favourite trade economists though :)
i used to subscribe to paul krugman's yt handle, it was something like wannabe-something, non-performative, no selfie, etc.
3:00 hello!
Yes if it bleeds it leads.... but...
Real wages have been stagnant for so long that such a short time of them being mildly better is not enough to fix being behind.
It seems like you want to blame media for the lions share of why people are unhappy yet you know that people also have hardships and its not just the media.
I wonder if govts can outsource most of their projects into 5 buckets of private enterprise such as infrastructure, climate change, energy, health, education. They could technically recline to just supervision, maintaining law & order, trade relations, data/census collection from other countries to ensure the projects are conducted accurately and effectively for all demographics.
Corporations are gauging
lets hope gen "z" doesnt get too brainwashed from TikTok for the next generation, tho it looks like its maybe too late as many r addicted to the "smart" phone (hence getting less smart as an effect maybe?) n basically cyborgs already...i blame Trap n Lo-Fi (more robotic, less quality)
trap n lofi indeed
TikTok is a scourge
Do you suppose there’ll ever come a time when there’s a substantive public dialogue about … economics, foreign policy, education, healthcare, by the cuckoo’s beard, about ANYTHING … between two or more candidates for public office? Under present campaign finance laws (or the near-total lack of them), the incentive is for candidates to communicate at a level which actively makes people stupider. If the need is for people to better understand how we direct production, we do we meet that need?
Put my comment in the description box
So... Basically... Media is the problem lol
Are you an Aries?