This is such a clear and relatively concise discussion of the key issues connected to the question whether the American dream is dead. The author shows how descriptive statistics can be used to bring insight into important issues. First rate work.
Very good review of the current economic situation. I know the survey for income is based on household income, but that can be very interesting as it puts single person households with multigenerational households together. I do think the statistic is valid, but it could be refined (which most can, lol). I assume the income for children is real income, which would make sense since the dollar today is much different than the Dollar yesterday.
I do think the rise of nontraditional media can help (like this article) and hurt. In the 80s and 90s many people would see aggregate data and customize it to their situation. "Growth slowed, so the plan laid off some workers which meant I needed to get another job. "Today, rather than share aggregate data, they share a story which pits one person against another. "Country X provides cheaper labor, so I am going to lose my job - I will just blame them and wine online." Even though the same situation, growth slowing, caused a firm to re-evaluate the cost structure for efficiency and profitability. If the firm closes, the whole society could suffer, rather than just a few (i know this is harsh, but it happens).
Don't forget to update these numbers with the revisons that came out yesterday. I'm sure you had this ready to go so didn't see the revisions. Easy fix!
This is such a clear and relatively concise discussion of the key issues connected to the question whether the American dream is dead. The author shows how descriptive statistics can be used to bring insight into important issues. First rate work.
Thank you, Bill. I am glad to hear you found the information valuable.
Very good review of the current economic situation. I know the survey for income is based on household income, but that can be very interesting as it puts single person households with multigenerational households together. I do think the statistic is valid, but it could be refined (which most can, lol). I assume the income for children is real income, which would make sense since the dollar today is much different than the Dollar yesterday.
I do think the rise of nontraditional media can help (like this article) and hurt. In the 80s and 90s many people would see aggregate data and customize it to their situation. "Growth slowed, so the plan laid off some workers which meant I needed to get another job. "Today, rather than share aggregate data, they share a story which pits one person against another. "Country X provides cheaper labor, so I am going to lose my job - I will just blame them and wine online." Even though the same situation, growth slowing, caused a firm to re-evaluate the cost structure for efficiency and profitability. If the firm closes, the whole society could suffer, rather than just a few (i know this is harsh, but it happens).
Thanks again and keep up the good work.
Chris
I appreciate your input on this topic! Thanks for reading and contributing to the commentary.
Don't forget to update these numbers with the revisons that came out yesterday. I'm sure you had this ready to go so didn't see the revisions. Easy fix!
https://www.bea.gov/news/2024/gross-domestic-product-second-estimate-corporate-profits-preliminary-estimate-second
"Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1)"
Updated with the revision. Thanks
Thanks for the link. I also appreciate you reading.