this post was submitted on 28 Dec 2023
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[–] Maggoty@lemmy.world 2 points 10 months ago (1 children)

Don't ask a grad student. You'll stop believing in the economy. It's the news doing stupid shit. Just a few days ago CNBC brazenly printed a headline proclaiming the end of the cost of living crisis and that wages beat the inflation from the pandemic.

Turns out they meant the actual pandemic, as in the less than 1 percent inflation in 2020. 2021-2023 is still fucked at record levels though. And the actual data they did manage to print was backwards to the headline.

Then there's the actual data we can easily access. Like the unemployment number. If you don't get a job in the next 6 months it just stops counting you. Most measures of wealth distribution available stop at 100,000. Effectively grouping the middle class with billionaires. (Even researchers at Rand have complained about that one) The further you look, the more shenanigans you find. For example go pull the median household income for the last 30 years from BLS. (The agency cited all over the Internet for those numbers in articles.) I can tell you exactly how many teenagers died by slipping in the bath tub with like ten clicks. But finding the most basic economic data from the government is like pulling teeth.

[–] Lauchs@lemmy.world 1 points 10 months ago

Yes, free online news that relies on clicks isn't the most reliable. That's why you don't see that nonsense in most respectable journalism.

As for the 6months not counted, you're misunderstanding. Typically, folks have to have looked for a job in the last 6 months. (Once they pass that, they are considered a discouraged worker.) Which seems a pretty fair measure, you don't want tp include people not looking for work, what you want out of the unemployment numbers is "of those working or looking for work, how many are currently unemployed."

Here it is by worker, broken down however you'd like. It took a minute and a half of googling and meandering through the website:

https://data.bls.gov/cgi-bin/surveymost?le

While household income is less of a good measure (do you only count married folks as people, how about households where one partner doesn't have to work as the house is already owned etc) you can similarly find that with a quick google.