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Ben Passant's avatar

In Germany, our public TV 8 pm news show always ends with reading out the German equivalent to the Dow Jones, and sometimes gives one or two "explanations" on why it changed, like "the DAX closed 0,6% down today. Experts consider this a consequence of tumultuous oil prices". It does this more than 2 hours after the stock market has closed, so this procedure has only one purpose: send grandpa Joe to bed with a good vibe. "Hmm, the DAX is up, that's probably good (for me)".

This is precisely how I feel about the GDP. I am not gross, I am barely domestic and I don't make products. This has nothing do with me. My wage hasn't increased in 6 years, and wages have uncoupled from productivity 50 years ago.

Real wages are a much better attempt at trying to approximate how I am actually affected by the economy, but it irks me to see that even top economists consider it appropriate to use line graphs here. Why are you lacking the ambition to work with distributions here? The real problems are always in the top and bottom percentiles. To put it vulgarly, starving single mothers don't average out.

I am sick and tired of these line graphs, it's like trying to figure out how a football match went by listening to the noise-levels from outside the stadium. Yeah, you will probably notice all the goals and maybe even figure out which team won, but coaching a team solely based in this information? Good luck.

Give distributions or nothing please. We have the data, and economists are both smart enough to work with them, and to properly explain them to their audience. Well, maybe not to the bottom 10%, but those guys will average out.

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Pete Obermeier's avatar

Well, knock me over with the feather! Real wages are what really matter?! I'll be damned!

You mean when my social security check Remains the Same or grows only a few percentage points and the price of gas goes up like it suddenly did and at the same time I go to the grocery store and broccoli and apples are way up and landlords are jumping on the opportunity to raise rents and blame it on bidenomics that I get negative about the economy? A 15% drop in real wages has the same effect on my mood as if prices stay the same in the boss cut my wages by 15%.

Meanwhile we have a party that refuses to lay any plans on the table because Mitch is afraid that people will pick them apart but they have a lot to say about what actually happened under a democratic Administration. Mitch, the purpose of laying those plans on the table is so that we can take advantage of the first amendments provisions and talk about it. Talk about what's happening talk about how it feels talk about what we might be able to do about it.

I'm sure it's a lot more fun to talk at the top of our lungs about hunter's laptop and culture wars than to calmly and rationally discuss real issues, like immigration policies, climate change, preparing for another pandemic, social justice and equal opportunities for women and minorities.

Hopefully a time will come when we can realize that a culture is only as useful as the environment it is trying to adapt to and Nostalgia is not a policy and the fifties are over. Let's take advantage of our diversity and get as many perspectives as possible on all our problems, because that's the only way we're going to solve them. And the biggest problem of all right now is a threat of an authoritarian government taking over and sidelining all those voices and turning it all over to one person who's main Talent is marketing when we are a nation of immigrants with their new ideas and new energy and appear to love America more before they ever get here and some people who are born here and don't realize that democracy is how we got here.

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