197
Why Americans are bummed out about the economy (www.cnn.com)
submitted 2 years ago by to c/news@lemmy.world
125 comments fedilink hide all child comments
 

US consumers remain unimpressed with this progress, however, because they remember what they were paying for things pre-pandemic. Used car prices are 34% higher, food prices are 26% higher and rent prices are 22% higher than in January 2020, according to our calculations using PCE data.

While these are some of the more extreme examples of recent price increases, the average basket of goods and services that most Americans buy in any given month is 17% more expensive than four years ago.

you are viewing a single comment's thread
view the rest of the comments
[–] -5 points 2 years ago (1 child)

but I’m pretty sure that the most qualified data scientists will disagree with the statement that “statistics are reality”.

Only because scientists are absurdly cautious in nature.

Statistics are reality when compared with a different interpretation that is wildly diverging from all statistics. Fuck the equivocation and the "maybe" and the "suggest that possibly". On something this stark, we can use very clear language:

The statistics represent reality. The complaining about the economy represents perception.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 3 points 2 years ago (1 child)

    I feel like you're putting me in a position to argue against the scientific method, but I don't think that's actually the case. Statistics can be scientific, they can also be wrong. The scientific process allows for skepticism. To not consider questioning the methods given opposing perspective is not scientific, it's dogmatic.

    The statistics may very well be accurate, but your level of faith in them is disturbing.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] -3 points 2 years ago (2 children)

    You're suggesting that since statistics are fallible, it's entirely possible that the sun doesn't shine during the day, despite the wealth of evidence that the sun does in fact shine during the day.

    No. Fuck that. The cautiousness of the "global warming is just a theory" scientists enabled the regressive anti-science bastards. I'm not placing the whole of the blame on the scientists. I'm just saying that equivocating when there is a preponderance of evidence can have real world harm by giving credence to fabrications.

    If we were in a situation where we all agreed on a basic level about the general accuracy of the statistics, then we could drill down into what, specifically, is more accurate than others. I definitely have my qualms about how the CPI is calculated for example, and how the unemployment rate is calculated.

    But when we're in a situation where bad faith actors are trying to discredit the broad findings that all the stats and scientists agree on, we need to close ranks and tell them in no uncertain terms that they are wrong.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 4 child comments
    •
  • [–] 2 points 2 years ago (1 child)

    Statistics also tell us that murder rates rise when ice cream sales go up.

    So if there was a massive ice cream discount in the middle of winter, we should watch out for those murders!

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 1 point 2 years ago (1 child)

    I get that CPI is a target for bad faith arguments from people with political agendas, this is because it has been politicized. It's an important metric for the incumbent to point at to justify their effectiveness if it is favorable. It's an election year, so that's even more so the case. It bothers me that it has become such a politicized metric because it can be used to dismiss issues that are of legitimate concern. If the perception doesn't match the statistics because people are watching doom and gloom on the news then yes, you're right the statistics are more important than the grumbling of infotainment warriors. However, if the perception differs from the statistics because of personal experience, then it doesn't matter how well the economy is doing by the numbers overall, the experience of those individuals is still valid. And I am saying from personal experience that it doesn't feel that my dollars go as far as they used to, enough so that it impacts my options.

    The politicization of the statistics concerns me because it is in the best interest of the current administration (whoever that may be) and those advocating for them to dismiss those who are struggling as outliers or bad actors when any kind of national average is going to minimize local or regional factors. It is the politicization of the statistics that makes them more subject to scrutiny in my opinion, especially in a world where natural disasters and extreme weather events are becoming more common place. We may not need the same "basket of goods" as we once did.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 0 points 2 years ago

    If the perception doesn’t match the statistics because people are watching doom and gloom on the news then yes, you’re right the statistics are more important than the grumbling of infotainment warriors. However, if the perception differs from the statistics because of personal experience, then it doesn’t matter how well the economy is doing by the numbers overall, the experience of those individuals is still valid.

    I think you're making a distinction that isn't there in reality. The "alternative facts" perception isn't happening organically. People have been manipulated. It's not that infotainment warriors are doing the grumbling. It's that infotainment warriors have convinced low-information voters that this is true (and more worryingly for the long term, that they should distrust statistics).

  • permalink
  • fedilink
  • source
  • parent