A question for USA citizens

On this board most people will know how bad the inflation is and that the economic future of America is bad. However from what I understand there is quite a lot of disinfo about it (I'm not experiencing that myself since I live in the Netherlands).

So my question is, can anyone give me an estimate (roughly) about how many percent of the Americans are aware of how the economy is right now and what this could mean for them on long term?

reply to post by ambushrocks

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Well, I think the majority of Americans probably think it's a lot worse than it really is, which seems to be the consensus around here as well.

Granted we are in a rather turbulent time here, but things really aren't that bad. If you take a step back and take a look at things state by state in the US, most are actually growing. Take my state for example, I live in Kentucky and right now we are experiencing a good bit of growth in the area. Unemployment is down, the housing market is looking better everyday, and things generally feel pretty good.

On the whole the US economy is in a slump right now, but that happens. This country is not new to dips in the economy or anything else. I think the big problem here is normal concerns about a dip in the economy, combined with concerns over the war and elections have combined to make things seem a lot worse than they truly are.

Thank you for your answer. So from what you are saying local economy i sdoing pretty good. I'm glad to hear that. I'm just being worried over the inflation. I'm afraid it will go wrong one day. Of course I hope it won't but I'm just worried about it. But maybe I'm being to negative

Most of the people I've spoken to listen to the MSM, and take it hook line and sinker. Most think we are in a very bad recession. The definition of recession is two quarters in a row of negative growth. So the 1% growth we've had does not make a recession at all.

Inflation is a big one but again, little understood. Gas went through the roof (and is still heading straight up) and caused the government to get involved in another thing they dont belong in. People see inflation as the price of milk, eggs, cheese, meat, etc going up like crazy. They dont stop to think or connect the inflation of these prices to oil- but I can explain. The gov't is trying to use one commodity (corn) to shore up another (oil). The price of corn goes up to cover the "alternative fuel" poop, then the farmers/ ranchers pay more to feed their poultry and livestock. ie: milk, eggs, cheese, meat...and the fuel is still more expensive everyday.

So, as always, the government charges into where they don't belong, to "fix" something they don't understand. The MSM tells the people how bad it is and the people just listen.

"Well, I'm not doing too bad and things look to get better, but I'm worried about everyone else..." It's the same script everytime.

Does the media in your country have the same script when things are turning there? Do you think the citizens there have a better idea of what's really happening? I've always wondered how different/the same journalism school is in other parts of the world? Or even general economics education?

Thank you for your reply.

No I'm not under the impression journalism is working any different in the Netherlands. I believe it's almost the same in every part of the world. But often countries outside provide more information about something going on inside another country. So I try to gather news from all over the globe and try to get a better picture. One of the ways is trough this board

The thing that seems to be causing most of the inflation right now is the price of fuel. I'm not sure how many people have noticed but gas prices are outlandish. People who are lucky enough to have uber paying jobs probably are not as affected by it. But people with lower incomes, like myself, are really feeling the pinch.

But yeah, gas prices seem to be causing alot of our economic troubles right now. Its driving up the cost of goods and services and likewise, people are purchasing fewer products and services because they still need to save money. When prices get jacked up, the only way to save money is to not spend it. So people are spending less money on non-essential products so they don't go totally broke. Hence the slowing economy.

Economic downturns aren't all that uncommon. The current downturn is a bit more severe than the past few, yet no where near as bad as it could be, or has been in the past.

The answer to our economic success or unsuccess, if you prefer; is energy...it's availability or not. With plentiful energy, prices will either go down, or, at the very least, stabilize. With fuel prices stabilized, all the other things do likewise. That is why, until we find an alternative to oil, we must needs acquire it where it's at... Gulf of Mexico, ANWAR in Alaska, and wherever else it's been found. Plentiful oil, at least for the nearterm, plus furthur independence from foreign oil. Both good things.

I think some parts of the US are worse than others.

Here is Michigan it's not particularly good.
The (formerly) Big Three car companies and all the manufacturing they used to represent are making Michigan take a big hit economically.

Add to that the two fuels: gas and corn and prices are going up. (Too bad they think corn is the answer because I think this is a HUGE mistake.)

Housing is bad, probably due to subprime and folks who bought above their means (living on the overtime pay) and those who simply lost jobs. Too many for sale signs.

Unemployment: a situation where a lot of highly paid union workers are out of work, or must take lower paying non-union jobs. Loss of affiliated manufacturing auto industry jobs. Loss of construction jobs as the housing bubble burst.

A governor who is clueless as to how to entice new jobs to Michigan in a meaningful way.
But then there's a lot lacking in leadership in Michigan.

I have heard, however, that the western part of the state is doing MUCH better than most Michiganians.

reply to post by DontTreadOnMe

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Subprime lending is a nightmare that we're just beginning to get a glimpse of.

That, combined with an economic downturn and high gas prices, it could get really bad. I don't think it will, but then I'm an optimist where the economy of the US is concerned. Add to that I haven't a clue what I'm talking about where economics are concerned, and what do I know?