After years of decline, economic profits rebounded with a vengeance—driven by tech companies, performance in the energy and materials sector, and capital growth in China and North America.

To be clear, this seems like nonsense to me, in a systematic sense. Most of that profit seems to be off the back of shrinkflation, enshittification, and AI hype, all of which is rent-seeking, and none of which is based on any meaningful material increase in real underlying value…

Do these people ever think about the connection between finance and economics and real, underlying value?

  • TowardsTheFuture@lemmy.zipEnglish
    1·
    2 months ago

    Did you read the article? I guess I’ll explain more in depth so you don’t need to infer things.

    The article is literally about profits bouncing back after the pandemic. literally saying they recovered in 2020-2024, what I was saying. Yes they compared it to data from 2005+, hence the bounce back part, instead of just saying went up from the last year. I did not think I needed to specify this because… it’s the literal title of the article?

    We all knew profits were fine because Biden kept shoving how “good the economy is” down our throats when people were basically dying because they couldn’t afford shit. This was about profits being record highs and GDP being fine. Maybe not specifically about GEP, but I mean that follows from “record profits”. (After Covid and inflation, not saying from Covid itself. Many people complained about Biden’s economy because he kept praising himself for it while people couldn’t afford frozen chicken anymore. Really put a lot of voters off because it showed DNC only gives a shit about profit not people.)

    And I was saying Trump is going to use this article (on how Biden’s economy bounced back) to say that Trump is doing a great job. (Where it was actively much worse in his first term and data does not include his second term.)