Welcome to the New 'Good' Economy, Where Millions Get Left Behind | Hacker News Reader

Welcome to the New 'Good' Economy, Where Millions Get Left Behind

vice.com

13 pointsderbOac14 comments

Normally on an election year Vice which has a left leaning political rating would normally salute the DNC's policy statement on the "economy".

There is something going on that's "interesting" to say the least. I've been saying this a lot - if wages are up 10% over the past 3 years and prices are up 25% (and for many items we buy are at 100% - Pepsico products anyone? I can't even afford Lays chips anymore!), then no one is enjoying a "great economy".

Beyond that, personal debt has skyrocketed, which makes the inflation feel more like 50% - since every dollar someone spent is likely paid back twice because it's all going on the discover card.

>I can't even afford Lays chips anymore (nor sodapop)!

You need to get yourself a CostCo membership. I am blue collar [lower middle class?], and around 2021 it finally made fiscal sense to purchase membership, split with a housemate.

The majority of our food intake is sourced from CostCo, including the least-expensive namebrand chips anywhere. They are the #1 US distributor of choice beef, organic food, and probably hotdogs [lol@$1.50!].

Branded soda and chips are still too expensive at Costco. 24 packs of Pepsi run in the ballpark of $12 and 35 flats of Coke are $15-16. Branded chips are about $7 for a big bag, perhaps $5 on a sale like what Doritos sometimes offer. Those are only marginal savings over grocery stores.

We do save quite a bit there but Costco doesn’t seem to be able to negotiate well against Pepsi and Coca-cola’s recent increases. And they stay away from making a good Kirkland brand cola, presumably also by agreement.

I agree that Pepsico products (including Doritos? I know Taco Bell they own), particularly the soda, is not a great deal at CostCo.

However, their prices on meat, and of course anything "Kirkland Brand" make the trip worthwhile.

My best tip would be to entirely avoid buying canned soda (buy sparkling water instead — that's how I "quit"), except of course when getting that delicious $1.50 hotdog/pepsi combo at CostCo's dine-in =D

The hot dog is mandatory. :)

I think its a good thing that poor health choices are prohibitively expensive

I understand you're just expressing a sentiment, but it's not prohibitive. Demand has proven to be fairly inelastic during these price increases. This recent quarter was the first one where they've found a price ceiling.

Journalists are being laid off in what is a true bloodbath. Expect them to become far more critical and less ideologically aligned.

The economy is doing fine for people whose income comes mostly from return on capital. It is not good for people whose income comes mostly from working.

It seems to me like the problem is housing, an artificial scarcity. If there are full time workers who are homeless then any amount of wage rise is immediately consumed to out compete for a place to live and if that still puts one near that line, one has to cut health care and food expenses to keep out bidding.

It is feudalism again. Being a rentier is the best thing nowadays.

Regarding Janet Yellen: how do you know when a US Treasury Secretary is lying?

>“But,” she added, “wages have risen considerably, and the pace of price increases has now receded over the last six months.”

Answer: when her mouth is moving.

Comparing a first-order derivative to a second-order derivative like it's apples to apples...

Things are good for Wall Street. That’s all that matters for Mme. Yellen.

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