Author
Topic: How do you think the US economy is doing right now?
(Read 27680 times)

Cincydawg · « **Reply #84 on:** July 11, 2024, 11:50:38 AM »

Here's the inflation breakdown for June 2024 — in one chart (cnbc.com)
Here's the inflation breakdown for June 2024 — in one chart (cnbc.com)

betarhoalphadelta · « **Reply #85 on:** July 11, 2024, 11:52:37 AM »

Quote from: OrangeAfroMan on July 11, 2024, 11:31:13 AM

Yeah, it's not that wages pleateaued for like 40 years, adjusting for inflation. You're right.

I'd think @medinabuckeye1 might say wages for the middle and lower classes plateaued because of immigration. I'd think you might say that they've plateaued due to capitalist greed.

Both of which might be completely different than "vastly poorer", which might mean something different to medina.

And then you've got me, who thinks to a large extent things have gotten better over the years...

utee94 · « **Reply #86 on:** July 11, 2024, 11:55:44 AM »

From the above "Consumers have more “breathing room” at the store"

This would only be true if employers were giving even small increases in annual pay but in reality many employers have suspended annual pay increases over the past couple of years. So any increase at all in consumer prices, is a net decrease in buying power, for those affected.

Cincydawg · « **Reply #87 on:** July 11, 2024, 11:57:47 AM »

I don't see any evidence the working poor are "vastly poorer" by any metric I can fathom. They aren't doing better, I'd agree, but I think most are doing about the same, which is not what would be preferred. Their percentage overall doesn't really show whether their real median income levels have changed.

Cincydawg · « **Reply #88 on:** July 11, 2024, 12:00:16 PM »

This doesn't speak directly to the question either, but it suggests folks in the middle are hanging in there. If the working poor were "vastly poorer", I don't think real median income would show these increases.

Cincydawg · « **Reply #89 on:** July 11, 2024, 12:02:36 PM »

This is better, I think, and shows stagnation at the lower income levels.

betarhoalphadelta · « **Reply #90 on:** July 11, 2024, 12:16:07 PM »

Quote from: utee94 on July 11, 2024, 11:55:44 AM

From the above "Consumers have more “breathing room” at the store"

This would only be true if employers were giving even small increases in annual pay but in reality many employers have suspended annual pay increases over the past couple of years. So any increase at all in consumer prices, is a net decrease in buying power, for those affected.

Is that really true? All I hear is how hard it is to hire workers these days and that would seemingly have to translate into a more worker-friendly environment where they can command higher wages. And likewise I've heard companies complaining about labor costs going up to keep up with inflation.

It might be partly anecdotal, but my wife in the healthcare industry has had things be MUCH different than it was before COVID. Part of this is a lot of healthcare workers who burned out during COVID and may have left the industry to do something else. But she recently (a little over a year ago) had to replace a medical assistant and couldn't hire someone without offering a 15% pay bump. And her doctors increased her pay by a similar amount to keep the gap between her and the MA in the same range.

My own personal anecdotal info is less typical, because data storage--a secular growth market--went through a slowdown unlike anything we've seen for decades. On top of layoffs, we had some austerity measures that were unlike anything I've ever seen. But even we went back to giving raises this spring as we started to climb out of it.

Maybe some of this is colored by being in CA and isn't typical of the rest of the country. But it seems that companies have been forced to do what they can to increase wages, even if it's not increasing at a level commensurate with inflation. I'd say overall purchasing power probably decreased, but have wages not increased at all for most people?

Cincydawg · « **Reply #91 on:** July 11, 2024, 12:18:48 PM »

Wages have increased broadly speaking, they often can't keep up with effective inflation. Real wages are stagnant for most groups.

betarhoalphadelta · « **Reply #92 on:** July 11, 2024, 12:23:40 PM »

Quote from: Cincydawg on July 11, 2024, 12:18:48 PM

Wages have increased broadly speaking, they often can't keep up with effective inflation. Real wages are stagnant for most groups.

That makes sense, that the pay increases were smaller than inflation.

But utee quoted the article that "many companies" (whatever that means) haven't given pay increases at all. While I'm sure some haven't, I'm not sure how many have to be in that camp to be considered "many". I would want a little bit of data on what percentage of the working population has seen pay increases over 2022->2024 to get some idea of whether the article is giving an accurate impression.

FearlessF · « **Reply #93 on:** July 11, 2024, 12:24:29 PM »

Wages have increased at fast food places

FearlessF · « **Reply #94 on:** July 11, 2024, 12:25:51 PM »

Any company that hasn't given raises in the past 2 years has probably lost workers

Cincydawg · « **Reply #95 on:** July 11, 2024, 12:28:19 PM »

I'd guess SOME companies have denied wage increases, probably those that feel they are over staffed currently and may be looking at layoffs.

SOME could be MANY, I don't know the percentage of course. I can see some smaller companies using this as an excuse to deny wage increases, perhaps their business is off, their cost of goods is way up and they can't manage to pass that on with wage increases.

MrNubbz · « **Reply #96 on:** July 11, 2024, 12:59:26 PM »

Quote from: FearlessF on July 11, 2024, 12:24:29 PM

Wages have increased at fast food places

until said places go out of business

utee94 · « **Reply #97 on:** July 11, 2024, 01:01:26 PM »

Quote from: betarhoalphadelta on July 11, 2024, 12:16:07 PM

Is that really true? All I hear is how hard it is to hire workers these days and that would seemingly have to translate into a more worker-friendly environment where they can command higher wages. And likewise I've heard companies complaining about labor costs going up to keep up with inflation.

It might be partly anecdotal, but my wife in the healthcare industry has had things be MUCH different than it was before COVID. Part of this is a lot of healthcare workers who burned out during COVID and may have left the industry to do something else. But she recently (a little over a year ago) had to replace a medical assistant and couldn't hire someone without offering a 15% pay bump. And her doctors increased her pay by a similar amount to keep the gap between her and the MA in the same range.

My own personal anecdotal info is less typical, because data storage--a secular growth market--went through a slowdown unlike anything we've seen for decades. On top of layoffs, we had some austerity measures that were unlike anything I've ever seen. But even we went back to giving raises this spring as we started to climb out of it.

Maybe some of this is colored by being in CA and isn't typical of the rest of the country. But it seems that companies have been forced to do what they can to increase wages, even if it's not increasing at a level commensurate with inflation. I'd say overall purchasing power probably decreased, but have wages not increased at all for most people?

In Austin, Tech is stagnating. Lots of layoffs, supply of people outstripping demand, resulting depression of salaries and the works. My evidence, too, is only anecdotal, but then again, I wasn't speaking for the broad economy, only for those in this particular category. Many of my friends are working for the same income they were 4 years ago. A couple are working for less, as their companies have asked for broad salary cuts rather than layoffs. And some, aren't working at all, having been laid off.

None of those people are finding any "relief" that consumer prices have "only" gone up 1% over the past year.

Perhaps the BEST B1G Forum anywhere, here at College Football Fan Site, CFB51!!!

The 'Old' CFN/Scout Crowd- Enjoy Civil discussion, game analytics, in depth player and coaching 'takes' and discussing topics surrounding the game. You can even have your own free board, all you have to do is ask!!!

Anyone is welcomed and encouraged to join our FREE site and to take part in our community- a community with you- the user, the fan, -and the person- will be protected from intrusive actions and with a clean place to interact.

Topic: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

betarhoalphadelta

Re: How do you think the US economy is doing right now?

utee94

Re: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

betarhoalphadelta

Re: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

betarhoalphadelta

Re: How do you think the US economy is doing right now?

FearlessF

Re: How do you think the US economy is doing right now?

FearlessF

Re: How do you think the US economy is doing right now?

Cincydawg

Re: How do you think the US economy is doing right now?

MrNubbz

Re: How do you think the US economy is doing right now?

utee94

Re: How do you think the US economy is doing right now?