US economy is booming, but people are not seeing it. - page 2.

sunsilk

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Quote from: Sithara007 on May 04, 2021, 10:49:28 PM

Quote from: sunsilk on May 04, 2021, 04:39:19 PM

There are still a lot of jobs lost and the pandemic is still around. Basically, even if the economy is booming, people won't be feeling it due those reasons and that are just some of the many reasons why the boom can't be felt.

A normal citizen or average person won't feel that boom especially those who are living paycheck to paycheck. But for those that have been following and relying to the country's economy, they'll feel it through their ventures and investments growing up.

Unemployment rate is still at a level which is higher than what they had prior to the pandemic. And relying on welfare payments is not a good idea, because they are not going to last forever. The situation is worse for the poor and the lower middle class, when compared to the rich. The rich have invested primarily in the stock market and bonds and they are still getting good returns from these investments. That is not the case with the poor people.

Yes, those aides won't last forever and the government can't keep up with such help unless they will have a continuous plan of injecting and printing money again and again. But the long term effect of it on the economy will be not good as what the help they give.

I agree that even middle-class families have also struggled with this pandemic. The boom is noticeable but only for those top corporations and their conglomerates.

darewaller

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Quote from: Juggy777 on May 04, 2021, 09:04:38 AM

US economy is finally booming and it is a big relief for all of us, but in a worrying sign people are yet not seeing that boom, and this makes me wonder what happens if the general masses can’t feel the boom, will the US economy once again slip downwards?.

Furthermore what do you’ll feel is the key reason why people are missing seeing this boom in the economy, and I have read several reasons in the media but if someone has some personal perspective then please do share it.

In order for people to realize this, first we have to look at the sentence "US economy is booming", I mean is it really? If people are not seeing it, who does? There are few elites that make a ton of money and the stock prices increase because of that and you think that constitutes as US economy booming? Just because stock prices are higher doesn't mean that economy is booming, it just means that some companies are making profit that’s it.

Vishnu.Reang

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Quote from: Febo on May 05, 2021, 12:01:28 PM

I think USA is doing quite fine. There are places on Earth that people are doing way way way worse. Americans seems to love vaccines and will vaccine 70% of citizens. Many countries will not achieve that because their tradition is not to trust vaccines.

Seriously? The Americans have hoarded all the vaccines that are available (including some that they are never going to use) and now the excuse being given is that in other countries the people don't trust vaccines? Vaccination rates are low in other countries, because the vaccines are not available. As simple as that. Being an Indian, I am trying hard to get myself vaccinated for the last 3 months. Unfortunately no slots are available, because the vaccines are in short supply.

Febo

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Quote from: Juggy777 on May 04, 2021, 09:04:38 AM

US economy is finally booming and it is a big relief for all of us, but in a worrying sign people are yet not seeing that boom, and this makes me wonder what happens if the general masses can’t feel the boom, will the US economy once again slip downwards?.
Furthermore what do you’ll feel is the key reason why people are missing seeing this boom in the economy, and I have read several reasons in the media but if someone has some personal perspective then please do share it.

I think USA is doing quite fine. There are places on Earth that people are doing way way way worse. Americans seems to love vaccines and will vaccine 70% of citizens. Many countries will not achieve that because their tradition is not to trust vaccines.

tygeade

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Quote from: Juggy777 on May 04, 2021, 09:04:38 AM

US economy is finally booming and it is a big relief for all of us, but in a worrying sign people are yet not seeing that boom, and this makes me wonder what happens if the general masses can’t feel the boom, will the US economy once again slip downwards?.

Furthermore what do you’ll feel is the key reason why people are missing seeing this boom in the economy, and I have read several reasons in the media but if someone has some personal perspective then please do share it.

I don’t live in the US, so can’t really tell you if the economy is booming or not, but from what I have heard from people I know personally that lives there , and also from the comments I have seen in this post, it seems like it’s not booming like you have said, unless they are just part of the people you said cannot see the economy booming.

The coronavirus really affected the world badly, and this is something I wouldn’t wish to happen again. In my country, ever since the virus and the lockdowns and everything, things went from bad to worse, people are hungry, and the rate of crime increased, and also foodstuffs prices are high in the market. It hasn’t been easy, and people are blaming the government.

uneng

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To use a CNN site's link to show US economy is booming is the same than using a link from the Democrat party to do so. And this media is so manipulative that as they can't see practical evidences the economy is booming, they claim it's happening, but people can't see it, yet. What a joke! Grin

And why does CNN say the economy is booming?

Quote

Armed with stimulus checks and tax credits, Americans are spending aggressively.

Incentivizing people going into debt and spending without limits is good news for the establishment and a signal the economy is skyrocketing. Good for the banks and oligarchies, of course.

LUCKMCFLY

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There is another thing that is currently happening that has a bearing on the economy of both Bitcoin and the traditional economy, it is that the banks do not want to be left behind, they are already making arrangements in the US for some retailers to acquire Bitcoin through the banks, supposedly According to the article that I am going to review, many people prefer to buy Bitcoin or Crypto in a bank that registers and buy in Exchanges like Coinbase, now some banks will be able to allow to trade Bitcoin because there was a Stone Ridge association, NYDIG, with the headquarters in Jacksonville Fidelity National Information Services (FIS).

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What we're doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships.

Source: https://u.today/hundreds-of-us-banks-to-allow-holding-and-trading-bitcoin

While this is a positive thing, those who want to get into Bitcoin trading from a bank (which I do not share, I like to be anonymous) this can bring more demand to the market, this can help the price of Bitcoin continue to rise.

paxmao

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What do you mean by booming and what do you mean by not seeing it? Should I remind you that most indexes are up more than 40% from their bottom in march 2020? People are well aware that while the COVID took a toll in lives and killed companies that were already zombified, it also advanced 10 years into the digital economy and remote working. Most companies that supply these services have made and incredible profit, including Facebook, Microsoft, Apple, Goolge... not to mention specific meeting technologies such as Zoom.

Of course there is a boom.

bryant.coleman

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Quote from: Kong Hey Pakboy on May 05, 2021, 05:39:39 AM

I agree, with people not enjoying the benefits of an increased GDP then what's the point of growing, if US do have a booming economy, why can't they lower the price or make healthcare free or forgive student loans?

Healthcare and education have been two sectors that are in bad state within the United States for many decades now. Because of the monopoly of the insurance industry, medical procedures in the US are 5 times or 10 times more costly when compared to the neighboring countries. On top of that, there are strict regulations covering the prescription medicines. And this means that the same drug which costs $10 per packet in Canada costs around $250 per packet in the US. No one wants to change the status quo, since powerful players (i.e donors to both the Democratic party and the GOP) are benefiting out of it.

Kong Hey Pakboy

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Quote from: zanezane on May 04, 2021, 11:00:29 PM

If the people don't see the growth then it isn't a beneficial growth after all because the growth didn't benefit the people that should benefiting from that growth. Maybe the industry of war and weapons manufacturing is the one that is booming.

I agree, with people not enjoying the benefits of an increased GDP then what's the point of growing, if US do have a booming economy, why can't they lower the price or make healthcare free or forgive student loans?

zanezane

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If the people don't see the growth then it isn't a beneficial growth after all because the growth didn't benefit the people that should benefiting from that growth. Maybe the industry of war and weapons manufacturing is the one that is booming.

Sithara007

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Quote from: sunsilk on May 04, 2021, 04:39:19 PM

There are still a lot of jobs lost and the pandemic is still around. Basically, even if the economy is booming, people won't be feeling it due those reasons and that are just some of the many reasons why the boom can't be felt.

A normal citizen or average person won't feel that boom especially those who are living paycheck to paycheck. But for those that have been following and relying to the country's economy, they'll feel it through their ventures and investments growing up.

Unemployment rate is still at a level which is higher than what they had prior to the pandemic. And relying on welfare payments is not a good idea, because they are not going to last forever. The situation is worse for the poor and the lower middle class, when compared to the rich. The rich have invested primarily in the stock market and bonds and they are still getting good returns from these investments. That is not the case with the poor people.

just_Alice

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The pandemic is still ongoing, we don't even need to think of the reasons why people can't feel the "blooming", because it is obvious that there's no way the economy could have grown in such a short period of time, while people were losing their jobs the year round and many businesses (especially small businesses) were flushed down the toilet.

Also, I thought by now everybody knew that judging the living standard by GDP is inaccurate, it has been criticized by a number of economists and financial specialists. Here's one example, in this article Sarah Arnold, the NEF economist stated:

Quote

GDP includes activities that are detrimental to our economy and society in the long term, such as deforestation, strip mining, overfishing and so on,” Arnold said. Wars and natural disasters, too, can be a boon to GDP as a result of the associated increase in spending.

So the growth in GDP may very likely be associated with the pandemic-related expenses, which are tremendous.

There was also an important note from The World Bank:

Quote

It (GDP) does not reflect depreciation and depletion of assets, whether investment and accumulation of wealth are keeping pace with population growth, or whether the mix of assets is consistent with a country’s development goals.

This means that some may have benefited for the past year, indeed, but I can assure you that it wasn't the lower to middle classes.

sunsilk

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There are still a lot of jobs lost and the pandemic is still around. Basically, even if the economy is booming, people won't be feeling it due those reasons and that are just some of the many reasons why the boom can't be felt.

A normal citizen or average person won't feel that boom especially those who are living paycheck to paycheck. But for those that have been following and relying to the country's economy, they'll feel it through their ventures and investments growing up.

jaberwock

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Quote from: Juggy777 on May 04, 2021, 09:04:38 AM

US economy is finally booming and it is a big relief for all of us, but in a worrying sign people are yet not seeing that boom, and this makes me wonder what happens if the general masses can’t feel the boom, will the US economy once again slip downwards?.

Furthermore what do you’ll feel is the key reason why people are missing seeing this boom in the economy, and I have read several reasons in the media but if someone has some personal perspective then please do share it.

This has been always like this way? I mean what do you get in a nation with so much capitalist roots that bribing a politician is cheaper than paying the fine? There are so many companies that does things that would be illegal in many other nations of the world just because they are paying for bribes? This nation spends 750+ billion dollars on military and not even at a war, can you really blame the situation in anyone else than the voters? It is the voters that keep voting for politicians that gets bribes from companies and build the nation to help the needs of the corporations while not caring about the population.

This is true for republicans and it is true for democrats, it is true for all. As long as this system continues to be the case there, we are not going to end up seeing anything else, it will be all the same things forever until voters finally realize what they are doing.

dothebeats

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It's because most of the trillions printed in the past few months went only to a select few uber rich guys while the rest of the population, after spending their money, felt left out. The economy is not going any better for the middle class and for those even lower than the middle class. It's only for those whose businesses are well-established that even in the midst of the pandemic, they would still post good gains while the rest of the population are left to look for scraps. Inflation is still looming and rising, yet the stocks are getting overvalued and highly inflated as the clock ticks. Life is getting better, for the rich yes, but not for the rest of the population.

bryant.coleman

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Let's not forget the fact that Joe Biden has decided to spend an additional $6 trillion on his "American Families Plan". And despite this huge spending, I am unable to notice any upswing in the economy. And worse, once the crazy plan to make capital gains tax on par with the income tax is implemented, we can expect a crash in the stock markets and unemployment further increasing. The US federal debt currently stand at $28.25 trillion, and may further increase to $40 trillion by the end of Biden's term in 2024.

Fesatmas

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is it about the distribution of dollars ith on a larger scale. I feel America will continue to do so regardless of the impact of inflation. because they themselves create the worldwide manipulation of dollar prices. and what I noticed at this time, when America has started to say an increase in its economy. China has already tried to be at the forefront of digital Yuan.
America continues to use conventional systems which are clearly not comparable to the current state of the industry.

0t3p0t

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Quote from: Juggy777 on May 04, 2021, 09:04:38 AM

US economy is finally booming and it is a big relief for all of us, but in a worrying sign people are yet not seeing that boom, and this makes me wonder what happens if the general masses can’t feel the boom, will the US economy once again slip downwards?.

Furthermore what do you’ll feel is the key reason why people are missing seeing this boom in the economy, and I have read several reasons in the media but if someone has some personal perspective then please do share it.

Source:

https://edition.cnn.com/2021/05/03/economy/jobs-economy-covid-biden/index.html

People are missing seeing this boom in the economy because of the mainstream media that does not really interested in showing all this. It happens in almost countries around the world where people are deceived and poisoned by this black propaganda that is why things are complicated.

grabpopcorn536

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No one has seen a boom in the US economy but those who manipulate it.
I find that after each recession everything goes up in price and there are more poor people than before.
The epidemic is still going on and unemployment is still growing around the world.
Don't talk about stock-exchange indices as they are the result of massive government money printing.

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