We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
Following is what many Americans believe about our economy. The facts show something quite different, but that does not matter.
People act based on what they believe, they repeat what they believe, they blame who they want to believe.
55% believe the economy is shrinking, and 56% think the US is experiencing a recession, though the broadest measure of the economy, gross domestic product (GDP), has been growing.
49% believe the S&P 500 stock market index is down for the year, though the index went up about 24% in 2023 and is up more than 12% this year.
49% believe that unemployment is at a 50-year high, though the unemployment rate has been under 4%, a near 50-year low.
Many Americans put the blame on Biden for the state of the economy, with 58% of those polled saying the economy is worsening due to mismanagement from the presidential administration.
The poll underscored people’s complicated emotions around inflation. The vast majority of respondents, 72%, indicated they think inflation is increasing. In reality, the rate of inflation has fallen sharply from its post-Covid peak of 9.1% and has been fluctuating between 3% and 4% a year.
A lot of people judge how the economy or the government is doing by how they are doing. I am a volunteer with my church food distribution program. The number of people coming to the food bank have steadily and remarkably increased .They are coming from the city and rural towns around here. “The unwashed of the land” . And u I live in a farm state. Really remarkable how many people are food insufficient!
Unfortunately, there’s no one dominating answer. By the looks of them and how they dress and talk Some are low wage workers living paycheck to paycheck and coming up short. Some are single mothers. Some have drug addiction problems. Some have too many children to afford. Some are immigrants. An assortment of other reasons. How well the stock market is doing is utterly irrelevant to them.That’s why I call them the great “unwashed of the land.” Beware of them when they wise up!
if these unwashed of the land voted in their own interests, the election wouldn’t even be close, but too many of them will vote for Trump out of ignorance, gutting the very safety net that they so desperately need…
The comments validate the posted article. Americans don’t want facts, they want to wallow in negativity. Best economy of our lifetime, best economic performance in the developed world over the past three years…yet they are all just looking to complain.
Richard, what a shame. You’ve lost all credibility. You are officially a shill for the DNC. ”Though inflation is falling now, it has been higher on average under Biden than Trump. Adjusted for inflation, [household] net worth was up just 0.7 percent through Biden’s first three years, compared with 16 percent through Trump’s first three years.”
I’d appreciate it if you could elaborate here, Richard. I simply quoted a sentence from the article. Are you saying the article is unfactual? Are you saying I’m taking it out of context? How am I ignoring the facts? Or maybe you are trying to claim the $3 trillion Biden and the Dems spent on the Inflation Reduction Act (LOL) and the American Rescue Plan Act didn’t contribute to the rise in inflation we’ve seen in the last few years?
you literally called Quinn a shrill for the DNC just because he provided facts that you don’t agree with. Then you completely ignored those facts otherwise, not addressing at all why people would be so erroneous in basic assumptions, which was the point of his article. In fact, you literally embodied what the article was about, ignoring facts. I suspect it is because you have some find of partisan position, based on your DNC comment, so that has likely prejudiced you against any facts that don’t align with your tribe’s position. But it ultimately means it is you that have no credibility in this case, as you cherry pick anecdotes or data only if it will support your already predetermined outcome.
I hope Richard can respond to my last comment…how am I ignoring the facts when I point out, as stated in the article, that househeld net worth, when adjusted for inflation, has done much better under Trump vs Biden? Richard, I am waiting.
As for you, G…you calling someone partisan and lacking credibility shows you also suffer from an incredible lack of self-awareness. Do yourself a favor, and I mean this in the kindest way….go read a book.
The point of the article was that individual perceptions often do not match the reality. Nothing to do with Biden or Trump. Why so defensive? Why mention DNC and shrill no less. I never voted Democratic in my life.
Ok, I think I first need to apologize as I thought your comment about me ignoring facts was referring to the wsj article that I had quoted. I think you are actually referring to The Guardian article? With that out of the way, let me first say that no, I do not agree that the point of the article is what you say it is….it is not that perceptions don’t match reality. The reality is that the best arbiter of how well a person is doing is THAT PERSON. The last paragraph of that article is really the crux..“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live,’” But then you want to turn around and tell these people to not believe their lying eyes. It really is quite interesting to watch. Richard, you are clearly anti-Trump. We all can see that. I don’t like the man either but I take comfort in the fact that I remain committed to the facts. You continually post “news articles” from left-leaning organizations and hide your bias under the banner of “I never voted Democratic in my life.”
jjfinn99 is starting to make progress and inching toward the realization that maybe Quinn can be from the right but also anti-Trump at the same time. Boom, mind blown! 🤯
There is no question that people think the economy is not doing well, but it isn’t due to lies and misinformation information. It’s due to their perception when they see gas prices posted in big numbers when passing stations. It’s seeing the prices of various things at the grocery store when they shop. True that average wages are up over the past 4 years but everybody hasn’t seen the same increase, some more and some less. The increase in mortgage rates sent monthly payments through the roof because the price of a house has increased so much. That doesn’t bother everyone but a newcomer to the housing market gets a jolt. Same for cars and trucks. The S&P 500 has done well but that’s not necessarily a sign of a great economy. The 500 companies get a huge chunk of revenue from foreign countries because the companies are transnational. The 500 is not the economy, the majority of companies with 100 million or more in sales are private companies. Further, the index has been led along by the biggest tech companies for awhile now.
The inflation rate is slowly going down but that just means generally that prices move up at a slower rate. It doesn’t mean they are decreasing. So yeah, the economy is doing as well as can be expected but I’m still not way ahead of the game because stocks and bonds took a big hit in 2022 and I’m recovering to where I’d like to be. Lies and misinformation? Nah.
No way. The economy would be actually in a recession if that were true. Depends on how money is spent between paychecks – hint it is not jest on necessities.
Oh I forgot, if the all mighty Quinn says that those polled are wrong then so be it. They are all liars or trouble makers or just don’t know how to spend their money. My bad!!!
I understand, your opinion is that those 65% only spend their money on Grubhub, Hulu and iPhone 15s. It’s just a wee bit high brow and pompous of you but so be it! Heaven forbid it could have anything to do with food being 27% higher or gas being 75% higher or (if you need more) rents being through the roof. But I’m sure those minor details don’t count as much as that $9.99 box of Fruity pebbles that should never have been purchased!
There is no doubt some people live PtoP, but you can do that at any income level. 65% cannot be doing that if you assume it means only spending on the very basics. That would mean 35% less the super rich are carrying virtually the entire economy. Do you think that is the case?
QUINNSCOMMENTARY 
A lot of people judge how the economy or the government is doing by how they are doing. I am a volunteer with my church food distribution program. The number of people coming to the food bank have steadily and remarkably increased .They are coming from the city and rural towns around here. “The unwashed of the land” . And u I live in a farm state. Really remarkable how many people are food insufficient!
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I wonder how they are affected to cause that?
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Unfortunately, there’s no one dominating answer. By the looks of them and how they dress and talk Some are low wage workers living paycheck to paycheck and coming up short. Some are single mothers. Some have drug addiction problems. Some have too many children to afford. Some are immigrants. An assortment of other reasons. How well the stock market is doing is utterly irrelevant to them.That’s why I call them the great “unwashed of the land.” Beware of them when they wise up!
LikeLike
if these unwashed of the land voted in their own interests, the election wouldn’t even be close, but too many of them will vote for Trump out of ignorance, gutting the very safety net that they so desperately need…
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So true. If only they listened to you and Quinn, all their problems would be solved. What idiots!!
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The comments validate the posted article. Americans don’t want facts, they want to wallow in negativity. Best economy of our lifetime, best economic performance in the developed world over the past three years…yet they are all just looking to complain.
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Richard, what a shame. You’ve lost all credibility. You are officially a shill for the DNC. ”Though inflation is falling now, it has been higher on average under Biden than Trump. Adjusted for inflation, [household] net worth was up just 0.7 percent through Biden’s first three years, compared with 16 percent through Trump’s first three years.”
-WSJ 5/17/24
Let’s hear you spin that one.
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it is extraordinary that jjfinn99 doesn’t even know what a leftist is…
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And thus you not only jump to conclusions but prove that people ignore facts – and in this case apparently ignored the point of the article.
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I’d appreciate it if you could elaborate here, Richard. I simply quoted a sentence from the article. Are you saying the article is unfactual? Are you saying I’m taking it out of context? How am I ignoring the facts? Or maybe you are trying to claim the $3 trillion Biden and the Dems spent on the Inflation Reduction Act (LOL) and the American Rescue Plan Act didn’t contribute to the rise in inflation we’ve seen in the last few years?
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you literally called Quinn a shrill for the DNC just because he provided facts that you don’t agree with. Then you completely ignored those facts otherwise, not addressing at all why people would be so erroneous in basic assumptions, which was the point of his article. In fact, you literally embodied what the article was about, ignoring facts. I suspect it is because you have some find of partisan position, based on your DNC comment, so that has likely prejudiced you against any facts that don’t align with your tribe’s position. But it ultimately means it is you that have no credibility in this case, as you cherry pick anecdotes or data only if it will support your already predetermined outcome.
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Shill, not shrill.
I hope Richard can respond to my last comment…how am I ignoring the facts when I point out, as stated in the article, that househeld net worth, when adjusted for inflation, has done much better under Trump vs Biden? Richard, I am waiting.
As for you, G…you calling someone partisan and lacking credibility shows you also suffer from an incredible lack of self-awareness. Do yourself a favor, and I mean this in the kindest way….go read a book.
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The point of the article was that individual perceptions often do not match the reality. Nothing to do with Biden or Trump. Why so defensive? Why mention DNC and shrill no less. I never voted Democratic in my life.
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Ok, I think I first need to apologize as I thought your comment about me ignoring facts was referring to the wsj article that I had quoted. I think you are actually referring to The Guardian article? With that out of the way, let me first say that no, I do not agree that the point of the article is what you say it is….it is not that perceptions don’t match reality. The reality is that the best arbiter of how well a person is doing is THAT PERSON. The last paragraph of that article is really the crux..“What Americans are saying in this data is: ‘Economists may say things are getting better, but we’re not feeling it where I live,’” But then you want to turn around and tell these people to not believe their lying eyes. It really is quite interesting to watch. Richard, you are clearly anti-Trump. We all can see that. I don’t like the man either but I take comfort in the fact that I remain committed to the facts. You continually post “news articles” from left-leaning organizations and hide your bias under the banner of “I never voted Democratic in my life.”
LikeLike
jjfinn99 is starting to make progress and inching toward the realization that maybe Quinn can be from the right but also anti-Trump at the same time. Boom, mind blown! 🤯
LikeLike
There is no question that people think the economy is not doing well, but it isn’t due to lies and misinformation information. It’s due to their perception when they see gas prices posted in big numbers when passing stations. It’s seeing the prices of various things at the grocery store when they shop. True that average wages are up over the past 4 years but everybody hasn’t seen the same increase, some more and some less. The increase in mortgage rates sent monthly payments through the roof because the price of a house has increased so much. That doesn’t bother everyone but a newcomer to the housing market gets a jolt. Same for cars and trucks. The S&P 500 has done well but that’s not necessarily a sign of a great economy. The 500 companies get a huge chunk of revenue from foreign countries because the companies are transnational. The 500 is not the economy, the majority of companies with 100 million or more in sales are private companies. Further, the index has been led along by the biggest tech companies for awhile now.
The inflation rate is slowly going down but that just means generally that prices move up at a slower rate. It doesn’t mean they are decreasing. So yeah, the economy is doing as well as can be expected but I’m still not way ahead of the game because stocks and bonds took a big hit in 2022 and I’m recovering to where I’d like to be. Lies and misinformation? Nah.
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Don’t forget the other poll that states 65% of Americans are living paycheck to paycheck!
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No way. The economy would be actually in a recession if that were true. Depends on how money is spent between paychecks – hint it is not jest on necessities.
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Oh I forgot, if the all mighty Quinn says that those polled are wrong then so be it. They are all liars or trouble makers or just don’t know how to spend their money. My bad!!!
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Just think about it logically. Who is keeping all the stores selling non necessary goods and services? It’s not the millionaires and billionaires.
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I understand, your opinion is that those 65% only spend their money on Grubhub, Hulu and iPhone 15s. It’s just a wee bit high brow and pompous of you but so be it! Heaven forbid it could have anything to do with food being 27% higher or gas being 75% higher or (if you need more) rents being through the roof. But I’m sure those minor details don’t count as much as that $9.99 box of Fruity pebbles that should never have been purchased!
LikeLike
There is no doubt some people live PtoP, but you can do that at any income level. 65% cannot be doing that if you assume it means only spending on the very basics. That would mean 35% less the super rich are carrying virtually the entire economy. Do you think that is the case?
LikeLike