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Giant Communist Robot wrote:Speaking before Congress, uh, it's Ben Bernanke this weak.
“When it comes to young adults (18-24) in the US, the employment rate is just barely above half, or 54%, which just happens to be the lowest in 64 years, and 7% worse than when Obama took office promising a whole lot of change 3 years ago.”
When older generations wonder what’s the matter with Millennials, they often judge their younger cohorts against such financial and social benchmarks as finding a job, getting married, and buying a home. These observations often come wrapped in weak science — “blame Facebook for their indolence” — or dripping with judgment — “blame their parents for making them weak.” The science is weak, but the observations are true. Fewer young people are finding jobs. Fewer young people are getting married. Fewer young people are buying homes.
Between 1980 and 2000, the share of late-twenty-somethings owning homes had declined from 43% to 38%. The share of early-thirty-something home owners slipped from 61% to 55% in that time. After the boom and bust were over, both rates kept falling. The rate of young people getting their first mortgage between 2009 and 2011 was chopped in half from just 10 years ago, according to a recent study from the Federal Reserve.
One headwind is student debt.
Giant Communist Robot wrote:Consumer spending has been up, but Personal Income has declined; an unsustainable relationship. These last two measures, though, are descriptive rather than predictive.
Giant Communist Robot wrote: My first reaction was "when you measure different things you get different numbers". By itself that doesn't mean one method produces a more "real" measure. Then I saw their graph of their version of prices, EPI, vs. CPI. The EPI has much more volatility, and when I checked their basket I saw why--they include food and energy. I'll try this again: those two series have wild swings in prices, those swings tend to mask the underlying trend by distorting the data. This is why the BLS emphasizes the core rather than the headline.
Haggis@wk wrote:I've never disputed your posts about the CPI I just believe it, and the government reports surrounding it, are simply irrelevant to the majority of Americans and therefore ignored.
they care about what it costs to feed, clothe, and transport their family
one of the CPI indices is the price of large appliances, if you are not prepared or have enough to buy those items then the "core" declines.
If it cost the average American family 8% more to live this year than it did last year then the "official" CPI is nonsense.
. Everytime I stick the gas nozzle in the tank and see that the price of gasoline has risen another $.10 or so, I think to myself: "Thank God the core CPI is down..."
I feel the same way when I look at prices in my supermarket. It seems our CPI is as meaningless as yours.
Giant Communist Robot wrote:I'm beginning to realize not too many people here understand CPI.
The CPI suggests a good portion of our spending is on Energy and Food.
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