The last time this happened, voters didnāt credit Bill Clinton. That may be a bad omen, or a good one.
If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a āsoft landingā (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided itās already here.
But the stock market doesnāt choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial TimesāMichigan Ross Nationwide Survey conducted November 2ā7 is absolutely brutal on this point.
Exactly. Your downvotes here only prove the financial illiteracy/intentional misinformation rampant across lemmy.
Not to mention that the average person should be putting their retirement savings mostly into mutual funds, so when the market goes up it should benefit the average person directly as well as indirectly.
And do you have any criticism for the rampant misinformation being spread by major politicial parties, for-profit media empires, exclusive schools and giant corporations the world over, as they promise āthis time, neoliberalism is really going to workā, even as they stake their fortunes on it failing yet again?
Do you have anything relevant to the conversation to say, or just typical whataboutism?
Relevant username.
That is completely relevant to the conversation. If you canāt even manage a token ātrickle down is bullshitā then we know the āknowledgeā youāre about to bless us poor idiots with is just self-serving garbage.
The average person doesnāt have retirement savings dude, thatās the whole problem. 80% of the country lives paycheck to paycheck.
A quick glance at his profile should be all you need to know that facts arenāt going to change his opinions.
Not because heās one of the usual fascists, reactionaries, or idiots, but because chances are heās a neoliberal, groomed from birth to defend the rich.
Itās unlikely heāll actually admit it, because the piss-covered graves of Thatcher and Reagan made it clear it was best to stay mask on. Instead they communicate through dog-whistles, flashing just enough of their bullshit theories like ātrickle down economicsā and āderegulation is better for everyoneā to let other neoliberals know the feeding trough will soon open and filled with other peopleās money.
The giveaway is that whenever he decides to be critical of other peoples opinions, theyāre almost always opinions that are a threat to someones profits.
People upset about the spiralling cost of living while the executives of the companies milking them for every cent get multi-million dollar bonuses? They just donāt understand economics.
Whistleblowers exposing the horrific animal abuse thats rife within the multi-billion dollar meat industry? Theyāre just petty criminals.
Itās the game theyāve all been taught to play. Youāre allowed to tussle for market share (such as the āleft wingā and āright wingā media empires and political parties) but youāre never, ever to tolerate a genuine threat to the systems theyāve built.
The moment a politician suggests making the rich pay their share, all of these ācompetitorsā suddenly unify with a class solidarity we can only dream of.
Which is a lot of words to call out a single person living in his greedy little bubble, but itās important that people are able to identity neoliberalism in the wild, because its well on its way to killing us all.
Mutual funds generally underperform the SP500 as a whole, as well as most broad-spectrum ETFs, and carry an expense ratio 5x higher than VG/Schwab ETFs just for fun. And thatās not even accounting for the class-A shares that a lot of financial advisors steer their retail clients into.
No, the āaverageā person should be putting whatever retirement money they can scrape together into index funds via Roth and/or traditional IRA, then regular retirement investments. But most āaverageā people canāt afford to even sock away 6 monthsā worth of expenses in an emergency fund because healthcare costs and anything associated with raising kids has gone up a gazillion percent in the last 40 years while real wages have stayed stagnant.
Oh, also try buying a house while facing all of that AND student loans that Republicans are too pig-headed to let the government forgive even a fraction of.
āFinancial illiteracyā isnāt the problem here, reality is.
What the poors really need to do is hire better accountants!
You have savings?
Lmao