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If most people feel like their standard of living is eroding and the metrics show a booming economy, there's most likely something wrong with those economic metrics.

Improved quality of life is the real meaning of economic growth.

49 sats \ 3 replies \ @Cje95 OP 3h

I see what you are saying. It's a odd thing to see GDP growth continue and economic output to increase but people feel more negative about the economy. Based off the charts they show a huge thing seems to be (and I dont know how they calculated this so dont shoot the messenger) food prices for poor areas were 9% higher than in rich areas.

The job market is interesting as well given that the market is relatively flat overall or a "hiring recession" as it has been called with except for a couple of companies announcing huge layoffs the numbers are just flat.

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There are lots of possible explanations.

One is that gains and losses are very unevenly distributed, so most people can be worse off but enough others can be sufficiently better off to more than balance it out.

Another one I'm thinking about is that people may be feeling a lack of optionality. Maybe people can afford their current lifestyles on their current salaries, but can't find better jobs or afford to change their lifestyle. In other words, the negative sentiment comes from feeling stuck.

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49 sats \ 1 reply \ @Bell_curve 40m

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Definitely illustrate why that first point might hold water, but doesn't actually show that the gains offset the losses.

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