Row 51790

Row ID: 51790 | Dataset Entry | Axioma AXP Content Repository

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It’s because the definition of a Recession has no bearing whatsoever on the quality of life of the individual.

The economic QoL for the average American has irrefutably gone down in the past few years. Everything is more expensive and income has not risen enough to compensate.

But GDP is up, the stock market is doing well, corporate profits are through the roof. Quite conveniently, this is what determines if an economy is in recession, even though the average American isn’t feeling these profits.

The median income is up by quite a bit. In 2012 it was 63k, today it’s 74k [(source)](https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/). But that isn’t the only thing that matters. Cost of living is the ultimate determining factor.

According to a [survey](https://www.forbes.com/advisor/banking/living-paycheck-to-paycheck-statistics-2024/#sources) conducted by Payroll.org, 78% of Americans live paycheck to paycheck, meaning their income just barely covers their living expenses.

The worst one by far is the portion of one’s income that goes to rent. [This study](https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/) shows the median rent since 1980. Let’s compare it to the median income in a few different years.

>1990: Income is 61,500 and rent is 600, or 7,200 a year. Rent is ** 11.71%** of income

>2014: Income is 64,900 and rent is 1384, or 16,604 a year. Rent is **25.58%** of income

>2022: Income is 74,580 and rent is 1874, or 22,488 a year. Rent is **30.15%** of income.

This is by far the most concerning one. To say the economy is doing good when this is the reality is almost laughable if it wasn’t so tragic.

“I have to give a third of my income to some guy who doesn’t give me anything in return. All I get is temporary access to a shelter that would exist with or without the owner, and there is no alternative to this. 30% of my income down the drain, every month, and that’s not even considered utilities, gas, car payments, insurance payments, and food expenses.”

“But GDP and corporate profits are up! So the economy is, by definition, doing great right now!”

FieldValue
text It’s because the definition of a Recession has no bearing whatsoever on the quality of life of the individual. The economic QoL for the average American has irrefutably gone down in the past few years. Everything is more expensive and income has not risen enough to compensate. But GDP is up, the stock market is doing well, corporate profits are through the roof. Quite conveniently, this is what determines if an economy is in recession, even though the average American isn’t feeling these prof…
label r/politics
dataType comment
communityName r/politics
datetime 2024-05-22
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Raw Record

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  "text": "It’s because the definition of a Recession has no bearing whatsoever on the quality of life of the individual.\n\nThe economic QoL for the average American has irrefutably gone down in the past few years. Everything is more expensive and income has not risen enough to compensate. \n\nBut GDP is up, the stock market is doing well, corporate profits are through the roof. Quite conveniently, this is what determines if an economy is in recession, even though the average American isn’t feeling these profits. \n\nThe median income is up by quite a bit. In 2012 it was 63k, today it’s 74k [(source)](https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/). But that isn’t the only thing that matters. Cost of living is the ultimate determining factor.\n\nAccording to a [survey](https://www.forbes.com/advisor/banking/living-paycheck-to-paycheck-statistics-2024/#sources) conducted by Payroll.org, 78% of Americans live paycheck to paycheck, meaning their income just barely covers their living expenses.\n\nThe worst one by far is the portion of one’s income that goes to rent. [This study](https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/) shows the median rent since 1980. Let’s compare it to the median income in a few different years.\n\n>1990: Income is 61,500 and rent is 600, or 7,200 a year. Rent is ** 11.71%** of income\n\n>2014: Income is 64,900 and rent is 1384, or 16,604 a year. Rent is **25.58%** of income\n\n>2022: Income is 74,580 and rent is 1874, or 22,488 a year. Rent is **30.15%** of income.\n\nThis is by far the most concerning one. To say the economy is doing good when this is the reality is almost laughable if it wasn’t so tragic.\n\n“I have to give a third of my income to some guy who doesn’t give me anything in return. All I get is temporary access to a shelter that would exist with or without the owner, and there is no alternative to this. 30% of my income down the drain, every month, and that’s not even considered utilities, gas, car payments, insurance payments, and food expenses.” \n\n“But GDP and corporate profits are up! So the economy is, by definition, doing great right now!”",
  "label": "r/politics",
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  "datetime": "2024-05-22",
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}
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