Technobarbarian <technobarbarian-ztopzpam@gmail.com> wrote:
>
> "Voters See a Bad Economy, Even if They’re Doing OK"
>
> "Voters See a Bad Economy, Even if They’re Doing OK
> A New York Times/Siena poll shows remarkable pessimism despite the labor
> market’s resilience. That could be costly for the Democrats, and the
> economy.
>
> By Ben Casselman and Lydia DePillis
> July 15, 2022
>
> The fastest inflation in four decades has Americans feeling dour about
> the economy, even as their own finances have, so far, held up relatively
> well.
>
> Just 10 percent of registered voters say the U.S. economy is “good” or
> “excellent,” according to a New York Times/Siena College poll — a
> remarkable degree of pessimism at a time when wages are rising and the
> unemployment rate is near a 50-year low. But the rapidly rising cost of
> food, gas and other essentials is wiping out pay increases and eroding
> living standards.
>
> Americans’ grim outlook is bad news for President Biden and
> congressional Democrats heading into this fall’s midterm elections,
> given that 78 percent of voters say inflation will be “extremely
> important” when they head to the polls."
>
> "It could be bad news for the economy as well. One long-running index of
> consumer sentiment hit a record low in June, and other surveys likewise
> show Americans becoming increasingly nervous about both their own
> finances and the broader economy.
>
> Economists have long studied the role of consumer sentiment, which can
> be driven by media narratives and indicators unrepresentative of the
> broader economy, like certain grocery prices or shortages of particular
> goods. At least in theory, economic pessimism can become
> self-fulfilling, as consumers pull back their spending, leading to
> layoffs and, ultimately, to a recession."
> [snip]
>
> https://www.nytimes.com/2022/07/15/business/economy/inflation-economy-polling.html
>
> IOW if the retrumplicans sing and dance hard enough they might get
> their wish--a recession, of sorts. In our life time two things have
> driven the economy far more than any other force: increasing population
> and improving technology. On top of that it looks like we're coming out
> of the pandemic ahead of the rest of the world. If we actually make it
> there I'm expecting one damn fine recession. As a nation we're like
> Barbie. Shit damn, we have all the toys.
>
> This also helps explain why no one here is actually suffering or
> even knows anyone who is really suffering. When you stop and look at
> what's happening all around you we're doing pretty damn good.
>
> I went out to pick up groceries this morning. Ahead of me I had a
> big brand new pontoon boat being hauled toward the coast by a big shiny
> pickup. The guy next to me had another big truck and a trailer full of
> nice ATVs. When I made it to the store the big parking lot next door was
> full of kids getting ready for a parade. You know what? None of those
> people looked like they were suffering. Judging by its parking lot
> Walmart is doing just fine too.
>
> Again, for emphasis:
>
> "Economists have long studied the role of consumer sentiment, which can
> be driven by media narratives and indicators unrepresentative of the
> broader economy, like certain grocery prices or shortages of particular
> goods. At least in theory, economic pessimism can become
> self-fulfilling, as consumers pull back their spending, leading to
> layoffs and, ultimately, to a recession.""
>
> https://www.youtube.com/watch?v=Adw772km7PQ
>
> TB
>
>

Anything that is bad for Biden is good for the country.

--
“Let me show you how I turned $45/year savings on my electric bill into
$8.7 million” - Mr Dodge, AKA CC&P