The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad
Jentu @ Jentu @lemmy.blahaj.zone Posts 0Comments 124Joined 2 yr. ago
Jentu @ Jentu @lemmy.blahaj.zone
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Yes yes, many different methods to try to convince people that the Matthew effect isn’t real and the top 1% isn’t gaining wealth at an ungodly rate to the detriment of the planet and everyone living on it. Ignoring the richest people when comparing the gap between the richest to the poorest income growth is such a dishonest way of making statistics work.
Income growth of 6% when your income is near nothing is crumbs. Surviving on less than $38 a day and getting a bump of a couple dollars might be greatly needed to those people, but it’s really absolutely nothing compared to the rate of wealth accumulated by the rich in this country. How much material change to one’s life will a couple dollars make? The difference between starving on the street or starving on someone’s couch? All while the richest are suddenly making enough money to buy entire countries, let alone their impact on governing policies to keep those who are poor poor enough to always be gasping for air, too tired to fight back.
So long as capitalism is functioning as intended, every president will feel worse and worse unless you’re comfortable. Comfortable people are willing to believe any article they read on the internet to not feel guilty that the system they feel comfortable in exploits their fellow countrymen as well as those in the global south. I’m not playing political team sports and I have no incentive to try to convince people “my guy” really isn’t that bad. I have no reason to parrot other people who have a material incentive on writing articles that are trying to convince people who are hurting that they aren’t really hurting. If you want Biden to win, you’re better off trying to convince him to pull an FDR with a New Deal than trying to convince me to vote for someone who is perpetuating genocide.
[edit] forgive me for not giving any sort of credit to the Gini method, created by someone who defended fascism and the nazis. (I’ll ignore his eugenics stance since it seems everyone around then was big into eugenics). From Robert H Wade, professor of economy: “it has long been accepted that the Gini coefficient is the workhorse measure of inequality. But it is not generally recognized that the coefficient is normally defined in a way which biases the measure in a downward direction, making inequality seem less large than another version of the coefficient would suggest. By this alternative measure inequality is much higher than is generally thought. The standard measure is misleading us into thinking that economic growth is more “inclusive’ than it is.”
It seems to me like the Gini index is just as bad as the GDP for being an oversimplification of something complex (be that income inequality or economic health). Hey, but it’s a single number and that number is easy to understand at the detriment of its accuracy.