The real reason why America needs economic growth.Ordinary Americans today enjoy a living standard that would have awed kings for most of human history.We live in homes conditioned to our ideal temperature in any season; drive vehicles that pack the power of 250 horses into a 100-square-foot metal frame; carry six-ounce rectangles that offer instant access to virtually any loved one, book, song, fact, or pornography; inhale gases that take the pain out of any surgery; replace our worn-out hips with titanium; glide 40,000 feet above the Earth in pressurized aluminum tubes; and eat ground beef wrapped in tacos made of Doritos.But we don’t seem that jazzed about it.Since 1996, America’s median household income (adjusted for inflation) has risen by 26 percent, enabling us to afford more flights, smartphones, and Gordita Supremes than ever before. And yet, over that same period, the share of Americans who described themselves as “not too happy” in the General Social Survey rose by 9 percentage points, while the segment calling themselves “very happy” shrank by more than 9.4 points.Meanwhile, measures of Americans’ economic confidence and consumer sentiment both declined. And in 2025, the percentage of Americans who were “very satisfied” with their personal lives hit an all-time low in Gallup’s polling.This disconnect between America’s rising prosperity and sagging spirits has grown more conspicuous in recent years. Since the middle of 2023 — when inflation returned to normal levels following the post-pandemic price spike — Americans’ real wages and net worths have ticked up. But the public’s mood has scarcely improved.
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100 sats \ 5 replies \ @Undisciplined 2h
Clearly something is wrong with that definition of “prosperity”
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69 sats \ 2 replies \ @SimpleStacker 2h
Seems like it calls into question a lot of economic orthodoxies too, including perhaps some Austrian ones
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75 sats \ 1 reply \ @Undisciplined 1h
I think it’s more of a reminder that there’s lots of weirdly connected stuff in our utility functions.
The normal ceteris paribus reasoning is mostly fine. We’re just overlooking a bunch of tradeoffs that involve difficult to measure goods.
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144 sats \ 0 replies \ @SimpleStacker 1h
yeh, i'm not calling into question the method of economic reasoning. More calling into question the kind of commentary you see on CNBC, y'know where they say things like re-using your old printer instead of buying a new one may be good for your wallet but bad for the economy.
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69 sats \ 1 reply \ @0xbitcoiner OP 1h
So what you’re saying is that the definition of prosperity should be broader and include your state of mind?
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108 sats \ 0 replies \ @Undisciplined 1h
All value is subjective, so “prosperity” has always been related to states of mind.
We proxy for it with purchasing power because that’s sort of observable and measurable, but people have conflated the proxy with the real thing.
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100 sats \ 3 replies \ @grayruby 59m
Since 1996, America’s median household income (adjusted for inflation) has risen by 26 percent, enabling us to afford more flights, smartphones, and Gordita Supremes than ever before. And yet, over that same period, the share of Americans who described themselves as “not too happy” in the General Social Survey rose by 9 percentage points, while the segment calling themselves “very happy” shrank by more than 9.4 points.
Meanwhile, measures of Americans’ economic confidence and consumer sentiment both declined. And in 2025, the percentage of Americans who were “very satisfied” with their personal lives hit an all-time low in Gallup’s polling.
This disconnect between America’s rising prosperity and sagging spirits has grown more conspicuous in recent years. Since the middle of 2023 — when inflation returned to normal levels following the post-pandemic price spike — Americans’ real wages and net worths have ticked up. But the public’s mood has scarcely improved.
Yeah maybe the way wealth and inflation are being measured are total bullshit.
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40 sats \ 1 reply \ @0xbitcoiner OP 26m
It’s not really that, i think! I think @Undisciplined nailed it when he talked about prosperity definition.
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0 sats \ 0 replies \ @grayruby 17m
Agreed but I don't think I am wrong here. People's largest monthly expenses- housing, healthcare, education, healthy food have all gone up in price much faster than inflation. So while measured in fiat sure your income and paper wealth have increased but your purchasing power for the goods you need and want most has not, which is why people don't feel prosperous.
Even if we talk about people who have assets like real estate and stocks these are not outpacing money supply expansion thus even though you may be making more income, your share of the pie is shrinking.
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0 sats \ 0 replies \ @SimpleStacker 55m
Or maybe wealth doesn't lead to happiness
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0 sats \ 0 replies \ @SHA256man 9m
one hidden hands makes improvements to life, another hidden hand creates friction for life;
it's an illusion of true progress, which shud be astronomical and exponential in reality;
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