Pessimism about the economy is growing, a U.S. poll shows.

[brooklynite]

Last edited Fri Jul 1, 2022, 09:23 AM - Edit history (1)

Source: New York Times

Americans are becoming more pessimistic about the economy, more worried about inflation — and now, more anxious about the job market, as well.

Fifty-two percent of American adults say they are worse off financially than they were a year ago, according to a survey conducted for The New York Times this month by the online research platform Momentive. That was up from 41 percent in April, and was by far the highest share in the survey’s five years. Only 14 percent of Americans said they were better off than a year ago, the worst in the survey’s history.

The dour mood is also reflected in other surveys. The University of Michigan’s index of consumer sentiment this month hit its lowest level in its 70-year history. Another measure of consumer confidence, from the Conference Board, has also fallen, though less drastically.

There is no mystery as to what is causing consumers’ bleak outlook: prices that are rising at the fastest rate in a generation. More than nine in 10 Americans say they are concerned about inflation, according to the Momentive poll, including 70 percent who say they are “very concerned,” up from 63 percent in April.

Read more: https://www.nytimes.com/2022/06/30/business/economy/economy-inflation-survey.html

[msongs]

1. hard times are good for fascists, people will give up their freedom for a meal nt

[peppertree]

4. The Big Biz squeeze - absolutely

We're living through a modern-day take on Nixon's old 'make the economy scream to effect regime change' tactic.

[ColinC]

2. Such BS propaganda people are buying into

Gas prices and the stock market are NOT the entire economy. Wages are up, job opportunities are up. This is an applicants market which is,actually a GOOD thing as labor rights are increasing with the rate of unionization spreading like wildfire. The propaganda and artificial inflation is largely the result of terrified corporations fearful of labor maintaining the upper hand over them.


Don't fall for their petty charade.

[TheRealNorth]

3. I think its too late for that

We are in reaction mode instead of driving the narrative.

[ColinC]

8. Still time to turn it around

-especially as the focus is shifting to the privacy issues of roe v Wade and the serious revelations of Jan 6. There are opportunities to shift the narrative with these issues but whether they do or not is another issue...

[The Mouth]

16. It will 'turn around'

when gas and inflation go down and the market goes back up.

Like it or not, the big metrics matter to a *LOT* of people. Gas, Energy, Unemployment rate (the only Good metric), inflation

We need cheap gasoline and lower inflation, or we are going to have a GOP majority in 2022 and DeSantis in 2024.

[former9thward]

9. Union membership is dropping.

It fell to 10.3% in 2021. The small scale efforts at places like Starbucks are tiny compared to the entire labor force.

https://www.bls.gov/news.release/pdf/union2.pdf

Wages are not matching inflation.

Over the last three months nominal wages and salaries for all civilian workers slowed slightly but still rose at a fast 4.4 percent annual rate, according to the newly released Employment Cost Index (ECI) data from the Bureau of Labor Statistics (BLS). Since December of 2020, nominal wages and salaries were up 4.5 percent, the fastest increase since 1983. These increases bring nominal wages and salaries to 1.2 percent above their pre-pandemic trend. Unlike the monthly average hourly earnings data, the ECI data holds the composition of employment constant, so it is not distorted when, for example, low-wage workers disproportionately lose or gain jobs.

Prices, however, have also risen rapidly, and so inflation-adjusted wages fell by 4.3 percent at an annual rate over the last three months, 2.4 percent over the last year and 1.2 percent lower than they were in December 2019. Inflation-adjusted wages should have grown 2.1 percent over this period if pre-pandemic trends had continued, leaving real wages well below their pre-pandemic trend. While nominal wages have still grown faster in some sectors relative to its pre-pandemic trend, all sectors have seen below-trend real wage growth.

https://www.piie.com/blogs/realtime-economic-issues-watch/us-wages-grew-fastest-pace-decades-2021-prices-grew-even-more

[Colbert]

27. Wages are up, Job opportunities are up

And I'm closing in on 70 and retired, along with a lot of other people whose exit from the work force was hastened by the pandemic. In fact, that's a big component of the reason why there are so many job opportunities right now - Boomers like me retired from them.

And for retired people, wages being up is actually a detriment to their financial security - because it makes the products and services they consume more expensive. And in case you haven't noticed, wage growth has not kept up with inflation - so even people that are employed are losing ground.

Some retirees, still get pensions (even in this day and age). Unless you retired from government or quasi-government (like public school teachers), your pension is probably not indexed for inflation. Mine is relatively small, is non-indexed, and purchases less than 88% of what it did a year ago (for the things I pay for).

Social Security? It's supposedly indexed for inflation, but not really. You're losing ground. And the cost of Medicare is rising at a faster rate than Social Security.

That leaves my 401K and IRAs - which are worth 78% of what they were at the start of this year. So yeah, the stock market is pretty close to being the entire economy for me.

And guess what the #1 things is that people want to do when they retire - travel. And guess what makes that more expensive - the rising cost of fuel. So we tend to notice - a lot.

Keep in mind that retirees are probably the most dependable voting demographic - especially when they're watching the fruits of their lifetime of toil evaporating before their eyes.

[ColinC]

28. While everything you say is true

The onus of responsibility is not on the people in government but on the corporations that are artificially increasing the price of goods and services. Higher wages does not automatically create higher prices. The desire to make up for lost profits from labor by increasing prices, however, is price gouging and should be illegal. Democrats must run against the greed and price gouging that is hurting so many people.

[ColinC]

30. This is largely right wing propaganda.

The rate of spending has increased exponentially more without wages or benefits increasing -largely benefitting corporations through tax rebates, defense spending, subsidies, etc. There is no basis in reality that benefitting average workers is actually hurting them and retired people, as you seem to be stating.

[llashram]

31. why would

you spread points that are designed to, at this time in our history, make the Democratic Party responsible for all going wrong. President Biden and Administration are doing their damndest to help the average citizen and repair the horrendous damage the Hitler wannabe caused during his reign...

I('m a retiree and I will pay higher gasoline prices to try and help defeat the Russian BFF of d.trump. The Russian dictator cannot be allowed free reign in that part of the world. If so, the west would be next. Remember 1938 Sudetenland and the west saying "peace in our time"?

Social Security IS given every month to retirees eligible. My philosophy, something is better THAN NOTHING!. How many countries don't even try to help us old people? As far as higher prices blame predatory capitalism and corporations using that to gouge us all. In these times the oil companies play a big role because of their greed for profit not necessary for their bottom line. Saudi's anyone?

So leave President Biden out of your equations. d trump caused a world of trouble by embracing the Russian dictator and his aims while insulting some of our strongest allies. I don't think we would be embroiled in this Ukraine mess if d.trump hadn't looked for a way to embarrass President Biden by kissing his BFF's ass.

[dameatball]

5. 2020: I want to go out to eat and party without a mask because faith over fear and I'm a patriot!

2022: I can't go out to eat or drive anywhere cuz of Joe Biden's inflation.

And here we go again.

[yaesu]

6. jobs still booming in my little mi community and the state raked in huge tax income this year, don't

by into this gop doom and gloom crap.

[progree]

7. Do you have a link for that?

Your OP has:

Read more: https://www.democraticunderground.com/?com=post&forum=1014

Thanks

[BumRushDaShow]

13. Here is the link

https://www.nytimes.com/2022/06/30/business/economy/economy-inflation-survey.html

No paywall - https://web.archive.org/web/20220630220739/https://www.nytimes.com/2022/06/30/business/economy/economy-inflation-survey.html

The company that did the poll with the NYT - "Momentive Online" - is, drumroll, "SurveyMonkey".

The poll was conducted June 13 - 19, 2022 (before Roe v. Wade was blown away).

[progree]

15. Thanks! 🌺

[LenaBaby61]

32. Survey Monkey? OMG 😂😂😂

[certainot]

10. dems let 1500 coordinated radio stations blast USA with 'bleak outlook' aimed at

biden and then wonder and fret over 'dour mood' and concern.

dems really need to wake up and kick the crap out of rw radio. we even let 87 + major universities keep endorsing 260+ x-limbaugh stations

it's the stupidest biggest mistake in political history

[betsuni]

36. How did they "let" it happen? Exactly what could be done?

[certainot]

37. let it happen by ignoring it and believing the rw talking points about the 95%monopoly being created

by 'market demand' and other bullshit about leave it alone it's free speech, and those hosts are just individual entertainers

it would be easy to destroy - when community around a college like syracuse, 150 miles from buffalo, start a public discussion about the absurdity of the uni supporting 6 ex limbaugh stations that sold 'replacement theory' for 20 years to push voter suppression, and made excuses for the NRA after every mass shooting, advertisers will head for the hills. then other schools will follow until advertisers all over the country desert rw radio stations and the radio ad industry will have to force a break up of the monopoly before that goes too far.

[betsuni]

38. So you mean people let it happen, not Democratic legislators.

[certainot]

42. not talking about individuals or even ind orgs - collectively it's the biggest political mistake in

Last edited Sun Jul 3, 2022, 06:22 PM - Edit history (1)

history

astoundingly stupid, incompetent, and irresponsible orgs that are taking our money and volunteer time are not doing due dilligence. and now it would be so easy to use AI to digitize all that lying and know what the cons are selling instead of getting surprised all the time and wasting time trying to fix 'messaging'

while dem legislators get beaten on no-brainer issues like global warming and abortion the orgs that want them to succeed continue to fuck up

[Polybius]

11. And 55% of us think we are gonna win big in November

I'm in the 14% that thinks we will lose seats.

https://www.democraticunderground.com/100216868457

[progree]

12. I suspect non-anonymous opt-in polls don't reflect what people really are thinking /nt

[LenaBaby61]

33. THIS 👆🏻👆🏻👆🏻

[The Mouth]

17. We're pretty safe in California

But I'm really glum about Congress.

[Bayard]

18. I get daily emails from Gov. Beshear

They almost always cover new jobs that have come to Kentucky, either from new companies coming in, or companies expanding their work force. Millions of dollars being invested in our state.

[LeftinOH]

19. My job hasn't been this busy for a long time - and we're hiring;

our clients (we're b2b) are also hiring. Everyone is hiring. When I was younger, I would have been thrilled to enter a job market like this one.

[turbinetree]

20. 52% say they were worse off than a year ago....JFC...have they see store fronts with hiring signs...

who pray tell was getting them out of a psychopaths want to tear down this country and doing absolutely nothing during a pandemic....every fucking republican in this country helped perpetuate the BS....you know some asshole getting up on stage and declaring that bleach would solve a pandemic while his health lackey sat in a chair and said nothing but now has book out.......and as for prices.....did anyone report on how that jerk in Texas was blocking items from coming across the border into Texas.....was that in the survey.....and as for inflation did anyone ask in the survey do you think that when an oil company buys back stocks and wages have been stagnate for about 40 + years since that jerk off Ronnie Reagan was president and CEO pay has gone up over 400% since Ronnie Reagan did they ask that question on who is to blame, and how a right wing supreme courts have destroyed unions and is now hell bent on attacking everything that is in the administrative state.....JFC.....

[LymphocyteLover]

22. The economy is not bad except for rising prices, which hurts almost everyone

and so their opinion sours.

[turbinetree]

23. Maybe the media should be stating in there news cycle job openings instead of being

fixed on the price of gasoline going up and how wages that have been stagnate for over 40+ years not being able to cover that rip off of greed and CEO pay at 400%.....

[LymphocyteLover]

25. I know....

[LenaBaby61]

34. THIS 👆🏻👆🏻👆🏻

[LymphocyteLover]

21. The big question is WHO has a better plan to fix the economy?

Republicans sure don't.

[LenaBaby61]

35. Yes, they have a plan ....

Give more trillions of tax cuts to the uber rich, and to corporations that don't need that money.

I'm sure Elon Blood Diamond Musk needs yet another $11 BILLION dollar tax cut

People are so dumb and stupid.

[LymphocyteLover]

39. Exactly-- their plan is more of the same crap!

[SouthernDem4ever]

26. Quit unnecessary buying and driving until prices drop

When will the American Consumer learn.

[WarGamer]

40. For good reason...

https://www.cnbc.com/2022/07/01/atlanta-fed-gdp-tracker-shows-the-us-economy-is-likely-in-a-recession.html

Atlanta Fed GDP tracker shows the U.S. economy is likely in a recession

A Federal Reserve tracker of economic growth is pointing to an increased chance that the U.S. economy has entered a recession.

Most Wall Street economists have been pointing to an increased chance of negative growth ahead, but figure it won’t come until at least 2023.

However, the Atlanta Fed’s GDPNow measure, which tracks economic data in real time and adjusts continuously, sees second-quarter output contracting by 2.1%. Coupled with the first-quarter’s decline of 1.6%, that would fit the technical definition of recession.