American Economics Thread

[PiSigma]

In many big cities in US, even making low six figures feels like poverty level

That is because 100k/y is poverty in some places like in NY or bay area. It would be crazy rich in Nebraska.

Visual capitalist got a graph on income needed for 1% in each state, you can look it up. California, Texas NY needs like $3m/y or something while Wyoming Nebraska needs only 400k or something. I'm going by memory so probably wrong, but should be in ballpark.

 

[HighGround]

So those complaining about inflation in US, you guys got it good. Sure beer and cheese is cheap in Europe, but everything else is cheaper back in NA.

USA has it good compared to the vast majority of the world. There are trade-offs of course. Healthcare is… a challenging situation for many.

I have lots of friends in Europe (and Ive stayed there myself for months at a time) and they genuinely have reasons to be upset by rising costs of living jn the last 10 years. Energy prices because of this war… it’s a legitimate hardship for many in Europe these days.

 

[Chevalier]

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The USG is forcing its allies to take on its inflation and to buy its shitcoins ie U.S. debt. 80% of the USD in circulation were printed during Covid, and it has to go somewhere, may as well be to the vassals of the Anglo Americans.

 

[Dante80]

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[

 

[FriedButter]

There is next to zero chance the bank is going to pursue and track someone for $140,000 dollars. It is going to be written off and sold to a debt collector which is then eventually going to pass the statute of limitations. Usually between 3-6 years or up to 10 years depending on the state. However, how common is it for students to be approved for $140,000 in credit?

 

[Serb]

Why do some copers say that the US has "strong institutions" and a "rule of law", whatever that tangibly means non-ideology-wise, as their last remaining economic/comprehensive advantage, when you have stuff like this too?

https://twitter.com/i/web/status/1790915042411479384

https://twitter.com/i/web/status/1755660097232179700

Even those companies that are prosecuted are primarily small fry. The DOJ’s

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shows that 81 percent of corporate prosecutions in fiscal year 2022 involved companies with fewer than 50 employees. Only 7 percent involved large companies with over 1,000 employees. Leniency agreements went to large firms like Credit Suisse, Uber, and Stericycle.

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[luminary]

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Production at U.S. factories unexpectedly fell in April amid a decline in motor vehicle output, data showed on Thursday.

Manufacturing output dropped 0.3% last month following a downwardly revised 0.2% increase in March, the Federal Reserve said. Economists polled by Reuters had forecast factory output rising 0.1% after a previously reported 0.5% advance in March.
Production at factories fell 0.5% year-on-year in April. Manufacturing, which accounts for 10.4% of the economy, remains constrained by higher borrowing costs.

A survey from the Institute for Supply Management early this month showed manufacturing regressing in April after growing in March for the first time in 1-1/2 years.
Motor vehicle and parts output decreased 2.0% last month after increasing 2.8% in March. Durable goods manufacturing production declined 0.5%. There were also decreases in the production of electrical equipment, appliances and components as well as wood products. But production of primary metals, computer and electronic products, aerospace and miscellaneous transportation equipment increased.
Production of nondurable goods dipped 0.1% as a 4.4% tumble in petroleum and coal products offset gains elsewhere.

Mining output fell 0.6% after dropping 1.1% in March. Utilities production increased 2.8% after rising 1.6% in the prior month. Overall industrial production was unchanged in April. That followed a 0.1% gain in March. Industrial production fell 0.4% year-on-year in April.
Capacity utilization for the industrial sector, a measure of how fully firms are using their resources, fell to 78.4% from 78.5% in March. It is 1.2 percentage points below its 1972-2023 average. The operating rate for the manufacturing sector slipped 0.3 percentage point in to 76.9% in April. It is 1.3 percentage points below its long-run average.