Stop Looking at Economic Averages
14 hours ago
- #inflation
- #inequality
- #economy
- Economic averages can be misleading and don't reflect the true state of the economy for many people.
- Box office sales appeared to double in November due to two major hits, but overall sales would have declined without them.
- Low-income professions have not fully recovered from the COVID-19 pandemic, with significant job losses in industries like leisure and hospitality.
- Manufacturing jobs rebounded but are still below pre-pandemic levels.
- Employment has dropped by about 11% for people earning less than $73,000 a year.
- Inflation disproportionately affects low and middle-income groups, as they spend a larger percentage of their income on necessities.
- Consumer sentiment reflects real economic hardship, not just feelings, as data shows disparities in economic recovery.
- The wealthy benefit from rising stock markets and GDP, while many others struggle.
- Focusing on aggregate data ignores the struggles of those at the bottom of the income distribution.