117
The economy remains a top concern for US voters ahead of the presidential election
(www.scrippsnews.com)
this post was submitted on 17 Jun 2024
117 points (96.1% liked)
News
23014 readers
4 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.
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
As I quoted in my comment, wages are rising faster than inflation, which means that purchasing power is increasing.
If what someone wants is for deflation to be induced and prices to drop in absolute terms, that's not going to happen; creates a mess of problems.
Which inflation rate are you quoting, the true rate including food and fuel or an abstraction that ignores those inelastic categories?
I don't know what they're using, but the CPI -- what most people use when referring to "inflation" -- incorporates food, and food inflation over the past year is lower than any other component. So they're not gonna wind up with a lower rate of inflation by excluding food.
12 months is a poor timeframe to use for inflation when the most relevant data to consumers today is 2021-2022, and again fuel is required to function in the US which I don’t see in CPI making it a poor indicator for real finances. Really though my point is metrics can be manipulated to sound good or bad but ignoring consumer sentiment is foolish for a politician seeking to be elected by those consumers.
The most relevant data is the most recent data.
I don't care about 2022 data, because I'm no longer paid in 2022 dollars or paying 2022 prices.
By that logic we should only read last months data and forget the rest of history, but in reality people have memories and incorporate previous experience in their sentiment.
The most relevant data is the most recent data. You don't have to "forget the rest is history", but it is less relevant than the present.
The CPI, which is the inflation measure most commonly used, includes food and fuel.
Those two numbers you are asking about ("true rate" or the abstraction), for the recent past, pretty much work out to the same value.
The CPI excludes some volatile categories, but it's not a trick, in this case.
The tactic of bringing up that the CPI excludes some categories, and implying that if it did include them, it would show more inflation than what it does (including the pretty significant spike in 2022)... that actually is a trick, actually a pretty subtle and clever one. To make people think the economy is getting worse, when it's getting better.
Edit: I made a top level comment with the guidebook to some of the other tricks
Anyway, CPI includes both food and fuel.
I didn’t actually know that, thank you. Yeah, I know there is some commonly cited “inflation” number that excludes some volatile categories but over the last couple years that actually doesn’t change the bottom line - but yeah, it makes sense that CPI would include all the common consumer goods regardless of volatility.
"Core inflation", as the name suggests, excludes some things that are encompassed by CPI. But I think it's cited much less often than CPI.
Honestly I have to admit I’ve become a little bit jaded with hundreds of times looking some particular claim up and learning about things and finding that someone who was swearing some particular thing, was lying; and I’ve gotten lazy about it as a result
It’s almost as if all the “Biden ruined the economy” trolls are consistently not being 100% truthful and straightforward about things