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Sorry to offend so many people with this OLD meme in a MEME community!
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"Ok, yes, but remember when biden stuttered on stage that time? Obviously the best choice of the two was a child raping tyrannical imbecile old dude, and not the stuttering old dude. Obviously."
The stock market is not economic security or mobility, housing security, quality of life or education, standard of living ... or everything else that actually matters to 99% of the human population.
The stock market isn't even "the economy". It's literally just an indicator of how much more wealthy the wealthiest have grown over a period of time.
I'm no economist, but isn't the stock market more an indicator of what the wealthy think will happen in the near future?
The stock market is just a way for people with more money to slowly take money away from people with less money, while the people with less money feel like they have a chance of winning. For poor people it is basically gambling, and for rich people it is basically owning the casino.
There are so many built-in structures to the way it operates to favour the flow of money to larger holders over time.
Also it's only slow for the rich people, for the poor people it can happen in an instant.
The stock market is just a way for people with more money to slowly take money away from people with less money
A stock price isn't "money". It is, literally, a price tag. The price of a stock going up does not take actual money out of anyone's wallet.
If my $5 baseball card becomes worth $100 as time passes while I continue to possess it, do you seriously believe I've now done the equivalent of stealing $95?
Your baseball card became worth more because more of them got lost or destroyed over time so it got more rare. So the increase in value came from all the people that lost their 5 dollar card. And also partially from inflation.
Completely different from the stock market.
The money from the stock market comes primarily from other investors. You may not be directly taking it from them, but there are only a few layers of abstraction between them putting money into a stock that went down and you taking money out of a stock that went up.
But the main advantage rich people have in the stock market is less latency in their trades and more weight to swing around. Not to mention being much more likely to have insider info, but even without actually cheating they have quite a few advantages that tip it in their favour.
Your baseball card became worth more because more of them got lost or destroyed over time so it got more rare.
Assumption. That can happen because the athlete has a very good season, or even becomes famous/infamous for an unrelated reason.
In other words, you're assuming it's because supply went down, but it can also be that demand went up. Or a combination.
But that's beside the point, which is that its value changing has zero impact on what's in others' wallets. Because it's a price tag. Not an amount of actual money.
You are correct but this point can be overextended. When the stock market crashes, companies lay people off, retirees’ income goes down, interest rates and prices shift.
The stock market isn’t the economy. But it is connected to almost everything in the economy, and regular people are affected by it: it isn’t just a casino for billionaires.l (although it is certainly that).
A casino where the high rollers get bailed out in big losses by both parties now, just a few more trillions on the credit card and zero interest loans via the fed every time a big crash happens.
How much pretend wealth exists as measured by recent trades of stock.
It is divorced from reality and fundamentals and the intrinsic value is a fraction of market caps.
The indexes measure investor confidence in future stock price movements.
Down voted because of highly inaccurate numbers.
YTD DOW: Up 2,674.15 (6.31%).
YTD S&P: Up 553.57(9.43%).
The stock market isn't the economy. A lot of this growths is toxic and based on the idea that small companies will get destroyed by larger ones and people dumping billions into companies trusting that AI will destroy jobs and increase profits will ignoring that without customers companies can't exist.
Not a trump supporter but I'm also extremely against outdated data and a failure to appreciate other factors.
The problem with making charts like this is that they are punchy to people who don't understand that the stock market is not a very good indicator of economic health (and that it's incredibly outdated by this point, making the numbers untrue) but anyone who actually does any investing, even casual investing, quickly realize that the DOW, NASDAQ, and S&P500 are completely unmoored from reality.
The fed talks about (but crucially does not commit to) a half percentage point interest rate cut next month? Line go up!
Tesla quarterly earnings beat their revenue goals, but not by as much as analysts predicted? Line go down!
The numbers will go up or down mostly irrespective of what the man in the oval office does. What Trump or Biden say and do as President certainly has an effect, but then the market forces usually correct it days later and it's back to business as usual.
The more important stats to focus on are how regular consumers are feeling the pinch every day with the inflated cost of goods and services. Who cares about whether or not the wealthiest companies are doing well for themselves. If the stock market has a bad day, just wait a month and you'll be back in the green again. If the consumer market is having a bad day, it's not likely going to be isolated to just one day.
Yeah, quite a few Trump voters were lamenting how “The economy was terrible under Biden.” The initial impulse is to point to numbers that say No, it was actually good, you’re getting lied to. But what we really need is a better viewpoint of what we define as “The Economy.”
I think a lot of those voters have a power/life-control complex that prevents them from ever saying “I’m struggling, and my boss doesn’t pay me enough, and I need help.” That’s a pretty “weak” thing to say. But if your boss gives the excuse “Sorry, I can’t give you a raise, the economy sucks” they have a bit of an excuse to deliver.
So: Median income was struggling, as Bernie said for so long. But both parties spurned Bernie in favor of habitual lies. At least Trump’s lies were grander and posed a made-up solution to them.
he inherited a good situation twice now, dropped the ball last time, doing it again
Which Republican president are you even talking about? Oh, all of them.
He didn't drop the ball. He pulled a knife out of his pocket and slashed it, then said Biden dropped it.
Uh...when was this image made? S&P is currently at 6447.
It keeps going back up after he delays his illegal tariffs
I don't give a fuck about the GDP, the Dow, or the S&P when no one I know can afford the price of food.
The dow that can be measured is not the eternal dow.
Shape the economy into a vessel, it's the space within that is useful.
Those are also getting worse. They were bad before too though, of course
GDP is the only important one there, if we don't take in money from outside then the like 14 people who own everything will just sequester everything. They can stick it out, we can't.
Right now
This meme is old, so these numbers aren’t accurate. Biden’s been out of office for nearly 9 months now.
6 months ago was March
Based on the numbers, I'm guessing this was made on May 28th.
Huh. What was 5 months ago?
June
Holy fuck
Huh. What was 4 months ago?
February
Holy fuck
Seems to be a running theme for Republican presidents, especially Trump.
I want to see a chart of median and average wage vs. housing, food, and medical care. Far better representation of what things are like now. Compare it to the 3rd year of every election cycle.
There is an excellent point made that those left of MAGA are absolute dog shite when it comes to messaging, which is completely correct. I think both liberals and left shy away from using social media because it is perceive as vapid and shallow. But us older folks need to loosen up, keep up with the times, get rid of high brow scoffing of smart digital technology, and admit that social media is the new social place of gathering and battleground of ideas, and we would lose if we don't participate in it.
An eye opening experience for me is when I was talking politics to a younger Gen Z colleague, and he mentioned that the nascent centre left party in our country only had gotten more exposure and votes in the last election because the party started getting more into social media. People complain of the right influencing politics through social media, but the right gets it right! That's where people are nowadays so why not convince them there? Franklin Roosevelt used radio and TV to present his message and ideas. Obama is considered the first social media president. Zohran Mamdani took New York and America by storm because he has a wider social media presence than his Democrat and Republican opponents. Use the new forms of mass communications like they have! There is no point being an old man or woman yelling at clouds! Biden and other older Democrats are not engaging in social media the same way as others younger politicians are. This is why there is disconnect between older Dem politicians with the voters and are deemed as out of touch, because they ARE out of touch.
That being said, forgive for me pontificating, but indeed I will pontificate this to many Lemmy users who are much older and scoff at social media, and rightly so, but the environment you grew up in to survive no longer exists. You wonder where are all the right wing ideas are coming from and why people are eating it up? If you spend more time on social media, there is your answer. The left has to keep up with the times. That has been the failure to realise by progressives around the globe.
Whether we like it or not, the internet and social media are the new TV and radio, the latter two of which were previously accused of as mode of brainwashing and conditioning the masses but are now becoming obsolete for those agenda. Social media and internet are the new media for mass communications and we have to accept it and keep up with the times.
Not that it's actually an indicator of anything meaningful, but the S&P broke 6500 for the first time ever a few days ago.
Hehe yeah, this was definitely created at a time when 6 months ago wasn't still trump. There was a pretty huge crash when he started, but if there is one thing he actually listens to his advisors about, it's how to make rich people more rich. Looks like it was made around april or may.
Right now, the S&P 500 is 6,448.26 and the Dow Jones is 45,271.23, lol—both higher than the "6 months ago" figures.
Wonder what day "today" actually is. This is an especially egregious example of making a meme that will age badly, literally giving itself a natural lifespan under 24 hours with "today".
In any case, boo to you for spreading false info that you could have fact-checked extremely easily.
Always
Your point?
Typical partisans ignoring that by being the status quo r's run as reform and win.
This is establishment propaganda to justify them staying in control despite 3 shit show elections in a row.
Biden was the wrong leader, and until you admit that we are doomed to r rule.
Except it is too late now.
whAt ABouT eGg pRICes?
Mine are still roughly the same. Lowest I can find is about $4 a dozen.
Costco is usually cheaper, if you have one close
I do not.
His bullshit about what’s “hot” and “everybody is saying” cringes me up the wall. This is the most powerful country in the world, not a fucking TV show.
Old. Do not use.
The gas prices are mostly controlled by the major oil companies. If the government does not play ball and let them get away with murder they raise it, and social media is filled with people blaming the government when all they wanted to restrict drilling or not let them hoover up more land.
It sucks because it's a good thing if gas prices were not subsidized and if the government could tell them no, but we forced to be reliant on low prices increasing the gas prices effects the people making the lowest wages first.
He's right. Six months ago Trump was still settling into his term and I knew the country and democracy had failed. This is the only thing he hasn't lied about.