This guy needs a UP invite
https://twitter.com/davidmfaris/status/1511073360968617984?s=21&t=5jWCTRsjM1LI9QvM9bgRug
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From the Media thread:
https://twitter.com/atrupar/status/1510783009062101003?t=P-77EGbG6DgEp8g9OIgbJg&s=19
This is also the fault of the base not talking up the Administrationâs economic accomplishments on social media.
Havenât I been saying all along that part of the problem is people bound by norms that guard against greater militancy?
Difficult to hype economic accomplishments when inflation is going bonkers.
You can only count on your base to pump you up when you do the shit you told them you would. This administration continues to be more hostile to its own voters than the opposition that is out there calling them groomers and communists.
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Working hard. Thank you!
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8% for 2 quarters after running <3% since '99 feels like a first world-problem. weâve gotten used to something below historical norms, so even moderately above normal feels bonkers. early 80s had a period of 3 years worth of 10+% trailing inflation. and that crisis by itself isnât as big in the collective memory as the housing crisis, if you polled republicans theyâd say it was morning in america or some shit.
Except in reality for most people, itâs way worse than that. Groceries and gas are going up much faster.
gas isnât part of core inflation. food index measured inflation at 7.9.
Yeah food is going up way more than 8% annualized. Iâve seen some food prices go up by 50-90% in a matter of 2-3 months around me. Weâve started shopping at cheaper grocery stores and comparing prices on almost everything to avoid price gouging.
Six months ago we barely noticed grocery prices, now itâs a big deal in our household financially.
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i mean, the 7.9 figure is an average. so i can accept that some items might have risen 50-90%, but itâs not useful to focus on those for the bigger picture. the bigger picture is showing that food is rising roughly in-line with everything else, except itâs exposed to gas prices more (something like 6% of cpi is gas).
Okay, sure.
But thatâs still bonkers relative to the past few decades. The financial situations of a very large percentage of people are getting objectively worse. Who do you think is going to take the political hit for that?
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those who couldnât edumacate the larger populace about independently computed maths?
i am not arguing the political hit. i am saying in reality things arenât as bad as most people feel. they probably feel better than they did during '08 crisis, unemployment numbers and all.
The gas pricing that bothers me most now isnât just them going up, itâs stations near me charging 22 cents more per gallon if you pay with a credit/debit card instead of cash or their company card. It used to be 10 cents/gallon, but hell I guess if prices are going up just sneak some more gouging in there while youâre at it.
Itâs because credit card processing fees are a percentage of the transaction amount
Is that how they calculate it? It sure seems like it stayed 10 cents extra per gallon for a long time while the gas prices went up and down. Do gas stations pay different processing fees than convenience stores? I know some of those will add like a 30 cent fee to pay with a card and I donât think that ever changes on the transaction amount.
The thing that sucks is that companies are not just passing on their costs increases but instead are doing what they can get away with. Some of this is just the price for historically low inflation for decades. (Of course not the federal min wage though).
Sub 4% unemployment doesnât mean anything if more people are getting further and further behind.
People can come up with some voodoo reasons that show that inflation is only at 8% or whatever, but thatâs just not what people are seeing at the store or at the gas pump or on their rent statements or on their child care bills.
Iâm not going to assign a percentage of the blame that goes to Biden for this, but I donât think this administration should be bragging about the economy right now.
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Credit card companies typically charge merchants around 4% to process transactions. The exact rate varies depending on the card and the merchant. I imagines that gas stations with credit premiums typically use a fixed premium amount that covers the transaction fee for normal price levels. But if prices get really high, the normal premium doesnât cover the processing fee, so they jack it up.
Other types of products may not adjust their fees as much because they have higher profit margins. That means theyâre willing to eat a higher fee instead of risk losing sales.
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Hereâs something I assume one of you knows and Iâm too lazy to look up. Why doesnât every business have one price for credit cards and another for cash?