mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

mickeyrat said:

tempo_n_groove said:

mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

I want to know what people are doing to be buying cars?  I have seen a few dealerships offer zero financing.  Maybe that is the incentive?

perhaps. they get bonus for meeting unit totals. its also an indication folks are better these days despite high grocery prices etc...

many polled say they are personally doing well, but still believe the ecnomy is bad ...

tempo_n_groove said:

mickeyrat said:

tempo_n_groove said:

mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

I want to know what people are doing to be buying cars?  I have seen a few dealerships offer zero financing.  Maybe that is the incentive?

perhaps. they get bonus for meeting unit totals. its also an indication folks are better these days despite high grocery prices etc...

many polled say they are personally doing well, but still believe the ecnomy is bad ...

Car sales have been down 12% past few years so this is somewhat befuddling.

cutz said:

tempo_n_groove said:

mickeyrat said:

tempo_n_groove said:

mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

I want to know what people are doing to be buying cars?  I have seen a few dealerships offer zero financing.  Maybe that is the incentive?

perhaps. they get bonus for meeting unit totals. its also an indication folks are better these days despite high grocery prices etc...

many polled say they are personally doing well, but still believe the ecnomy is bad ...

Car sales have been down 12% past few years so this is somewhat befuddling.

Could be I just so-happened to see a few recently in my area(and NO, I don't live in a rich area=LOL) and not the norm.

I'm looking to buy a new car, or a '23, but I NEED  a car as mine is 19 years old. 

mrussel1 said:

tempo_n_groove said:

mrussel1 said:

tempo_n_groove said:

mickeyrat said:

tempo_n_groove said:

mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

I want to know what people are doing to be buying cars?  I have seen a few dealerships offer zero financing.  Maybe that is the incentive?

perhaps. they get bonus for meeting unit totals. its also an indication folks are better these days despite high grocery prices etc...

many polled say they are personally doing well, but still believe the ecnomy is bad ...

Car sales have been down 12% past few years so this is somewhat befuddling.

Is that inventory related? Be interesting to see if cars are actually sitting for longer than usual. 

Sales themselves are down 12%.  We know the car makers are making fewer for higher profits.  People just aren't buying them.

Great example is the Dodge Hornet.  I like the car, not the price.  The public has spoken too and sales reflect that.  You can't throw a high price on something because it's the way things are and expect good results from an inferior product.
Sales are abysmal. Nobody wants them.

My take on why sales are down.  Prices are too damn high.

That doesn't make a ton of sense.  When inventory stacks up, dealerships and manufacturers cut prices.  It's simple economics.  That can't afford to have a depreciating asset sit on the lot.  

Halifax2TheMax said:

Maybe owning a car that costs a semester’s tuition payment, gets shit for gas mileage, contributes to the climate change crises and costs a meal plan in insurance premiums isn’t all that attractive of an option to gen Z and millennials? Maybe they’re fine with urban living, bike paths and public transportation and/or working from home and not spending a shit ton of time commuting? And using car shares when needed. From an economic standpoint, new car ownership is a losing proposition. Hey, but drill baby drill, right?

tempo_n_groove said:

mrussel1 said:

Halifax2TheMax said:

Maybe owning a car that costs a semester’s tuition payment, gets shit for gas mileage, contributes to the climate change crises and costs a meal plan in insurance premiums isn’t all that attractive of an option to gen Z and millennials? Maybe they’re fine with urban living, bike paths and public transportation and/or working from home and not spending a shit ton of time commuting? And using car shares when needed. From an economic standpoint, new car ownership is a losing proposition. Hey, but drill baby drill, right?

I would always expect to pay more for a car than a semester of college.  That's not particularly close.  

You aren't doing MIT or Harvard?

tempo_n_groove said:

mrussel1 said:

tempo_n_groove said:

mrussel1 said:

tempo_n_groove said:

mrussel1 said:

tempo_n_groove said:

mickeyrat said:

tempo_n_groove said:

mickeyrat said:

cutz said:

mickeyrat said:

https://www.theatlantic.com/ideas/archive/2024/06/us-economy-excellent/678630/

 

The U.S. Economy Reaches Superstar Status

No, really.

By Rogé Karma

Illustration by Michael Haddad

June 10, 2024

Listen to this article

00:00

14:20

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

If the United States’ economy were an athlete, right now it would be peak LeBron James. If it were a pop star, it would be peak Taylor Swift. Four years ago, the pandemic temporarily brought much of the world economy to a halt. Since then, America’s economic performance has left other countries in the dust and even broken some of its own records. The growth rate is high, the unemployment rate is at historic lows, household wealth is surging, and wages are rising faster than costs, especially for the working class. There are many ways to define a good economy. America is in tremendous shape according to just about any of them.

The American public doesn’t feel that way—a dynamic that many people, including me, have recently tried to explain. But if, instead of asking how people feel about the economy, we ask how it’s objectively performing, we get a very different answer.

Let’s start with economists’ favorite metric: growth. When an economy is growing, more money is being spent. More stuff is being produced, more services are being performed, more businesses are being started, more workers are being hired—and, because of this abundance, living standards are probably rising. (On the flip side, during a recession—literally, when the economy shrinks—life gets materially worse.) Right now America’s economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada’s, three times as fast as the European Union’s, and more than eight times as fast as the United Kingdom’s.

Rogé Karma: What would it take to convince Americans that the economy is fine?

continues...

I believe it.

I went to Costco on a Tuesday and the placed was packed like it was a Weekend. I always go on a Tuesday, or a Wed.s to avoid the crowd.

I've also seen a lot of New Car Tags(Temporary) while driving around too.

which is amazing seeing so many temp tags given interest rates havent starting dropping yet.

I want to know what people are doing to be buying cars?  I have seen a few dealerships offer zero financing.  Maybe that is the incentive?

perhaps. they get bonus for meeting unit totals. its also an indication folks are better these days despite high grocery prices etc...

many polled say they are personally doing well, but still believe the ecnomy is bad ...

Car sales have been down 12% past few years so this is somewhat befuddling.

Is that inventory related? Be interesting to see if cars are actually sitting for longer than usual. 

Sales themselves are down 12%.  We know the car makers are making fewer for higher profits.  People just aren't buying them.

Great example is the Dodge Hornet.  I like the car, not the price.  The public has spoken too and sales reflect that.  You can't throw a high price on something because it's the way things are and expect good results from an inferior product.
Sales are abysmal. Nobody wants them.

My take on why sales are down.  Prices are too damn high.

That doesn't make a ton of sense.  When inventory stacks up, dealerships and manufacturers cut prices.  It's simple economics.  That can't afford to have a depreciating asset sit on the lot.  

You can literally look up the Dodge numbers and see.  It's a horrible business model and it IS Dodge.

My brief research told me that because inventories of new cars were expected to rise in 2024, that used car prices would be falling up to 20%, but remain above pre-2020 levels.  I don't know what the Dodge numbers are.  

I'm using the Hornet as an example and one car I have followed.  It's numbers sold last year were 9300.  That isn't much for a "sport new car".  The car should be priced at half that and then maybe you'd sell more.