1025
A staggering 80% of American households are financially worse off than they were before COVID-19
(finance.yahoo.com)
this post was submitted on 07 Nov 2023
1025 points (98.8% liked)
News
23376 readers
3364 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Forgive my terrible sources, at least I had something rather than throwing a random claim to the void.
Government spending has propped up GDP during COVID, which is inline with Keynesian economics.
But we are seeing the effects of some of that years later. Is higher interest rates better than a huge depression? Probably.
the problem is that one small group is holing the rest of us hostage, we needed to do the whole spending to ensure people could continue to afford food/housing etc... and that ended up going to everyone, just when it comes to repaying it, the hostage takers threatened to upend the economy if they have to pay it back, so it falls on the rest of us.
record profits as the average American is struggling to get by
Government spending is not the root cause. If that was the case, we would have seen inflation much sooner, since we've been in the era of quantitative easing ever since 2008. The fed was starting to raise interest rates even before covid because the post-2008 recovery was turning into an expansion; we are still in that expansion phase, and covid fucked up our supply chains which kick started the inflation that would have accompanied the expansion regardless, but would have been easier to control in normal times.
GDP was clearly propped up by the government during covid. What are you talking about. like 1/3 of Americans workers got laid off lol
I didn't say the government didn't spend wildly during covid, I said that spending was not the root cause of our current inflation.
I'm not sure sure what that has to do with the discussion about GDP
Are you calling what I commented a random claim or referring to something else?
Yes. No doubt the economy took a hit at the start/height of the pandemic, but using that as a blanket statement to explain the linked article is unsubstantiated.
Edit:
Could also read the article.
Given the American wealth distribution in 2023, just the top 10% of people hold 69% of wealth.
The article mentions the top 20% saw their savings increase.
I think it's fair to extrapolate that America "as a whole" got richer (e.g. the economy is "doing better"), at the small cost of 80-90% of its inhabitants.
The pandemic has been a disaster for the average person, yet the wealthy used it as another opportunity to exploit them.
^(sidenote, "stockpiled" is a very apt descriptor..)
I edited my other reply for a bit more context, in case you missed it.
That said, maybe I misunderstood your claim and with "the economy" you were referring to the prosperity of the average person.