Fox cable hosts are doing the job of the chair of the White House Council of Economic Advisers, Jared Bernstein, by admitting that the economy under President Biden is strong. Bernstein joins MSNBC’s Ali Velshi to discuss the latest “expectation-busting” jobs report.
  • oxjox@lemmy.mlEnglish
    91·
    9 months ago

    I wouldn’t get your hopes up on substantially lower grocery bills.

    https://www.washingtonpost.com/business/2024/02/02/grocery-price-inflation-biden/

    But there is no immediate fix for policymakers. Grocery prices remain elevated due to a mixture of labor shortages tied to the pandemic, ongoing supply chain disruptions, droughts, avian flu and other factors far beyond the administration’s control. Robust consumer demand has also fueled a shift to more expensive groceries, and consolidation in the industry gives large chains the ability to keep prices high, economic policy experts say.

    “I think people are waiting for prices to return to what they call ‘normal’ — and with the exception of a few things, like eggs — we’re not going to see that. We’re going to see prices stabilize, and that’s likely it,” said Dawn Thilmany, an agricultural economist and professor at Colorado State University.

      • rdyoung@lemmy.world
        44·
        9 months ago

        That’s not what that says at all.

        What it says is that people are feeling more flush with cash and are opting for higher end brands of food over the store brands or nicer cuts of steak or going out to a nicer restaurant instead of just hitting up McDonald’s or shoneys. This is proof that the economy is doing well.

        • hark@lemmy.world
          72·
          9 months ago

          Flush with cash, my ass. Also, mcdonalds is expensive as fuck.

          • rdyoung@lemmy.world
            1·
            9 months ago

            If you think mcds is expensive you clearly don’t know how to eat there and you’ve definitely not eaten anywhere with real food. I try to keep my mcds to a min but when I am working and need something I can get out of there with spending like $6 tops, $8+ if I am feeling “fancy” and grab a frozen coffee with an extra shot.

            You’ve also definitely not noticed how packed even the more expensive steak houses are at pretty much all open hours. I’m talking the places where you can’t spend less than $200 for a meal for two.

            I drive for a living and I can tell you for a fact (in my neck of the woods) that the economy is doing just fine, people are doing okay, not as great as they could/should be but most definitely aren’t at poverty level.

            You lot need to start getting your data from sources that aren’t biased and aren’t trying to keep you pissed off so you keep reading the bullshit they call news.

            The stock market hasn’t been a good indicator of the economy for decades now. What is an indicator is what I was correcting a misinterpretation of. If you want to see how the economy is doing in your area, drive around downtown or the other hotspots like music venues and restaurants in the evenings and see how packed it is.

            • hark@lemmy.world
              1·
              9 months ago

              Mcdonalds is expensive for what you get. I don’t eat at steakhouses because they’re similarly overpriced. When I go out to eat, I do so to eat things that are more difficult or time-consuming to make at home and steak is among the easiest. Anyway, the fun part about judging the economy based on how packed venues and restaurants are is that credit goes a long way until it doesn’t. Credit card debt and delinquencies are climbing.