Possible But Ambiguous Economic Lessons From The Onion…

So I’m not entirely clear on what The Onion is making fun of here…

Nation’s Middle Class Chillingly Reappears Out Of Nowhere

Nation’s Middle Class Chillingly Reappears Out Of Nowhere

WASHINGTON– According to eyewitness accounts from around the country, the nation’s middle class suddenly and mysteriously reappeared Tuesday with baffled citizens providing chilling reports of thousands upon thousands of financially stable individuals pouring onto factory floors, taking up positions along assembly lines, and resuming their former blue-collar jobs without any warning whatsoever.

Source: www.theonion.com/article/nations-middle-class-chillingly-reappears-out-nowh-56824

…but I have a couple hypotheses:

1. (more obvious) If polls are to be believed, the economy immediately improved once Trump got elected. Yes, this seems absurd if taken literally, but I guess this is what the concept of “animal spirits” is supposed to be all about. If enough people believe that Trump will be good for the economy and act accordingly, it kind of becomes a self-fulfilling prophecy. But it still doesn’t happen immediately so come on, people. (Also, it doesn’t mean that the old-timey jobs will come roaring back.)

2. (more nuanced) This article was published right after the Bureau of Labor Statistics released its monthly “jobs report”, which showed that the unemployment rate increased even though there was an increase in the number of jobs in the economy. This seems weird, but it’s what happens when people enter the labor force (i..e either start working or start looking for work) and not all of them immediately find jobs. I initially thought that the reappearance of the middle class was supposed to be this increase in the labor force, but I could be overthinking things.

Other thoughts?

4 Replies to “Possible But Ambiguous Economic Lessons From The Onion…”

  1. You are overthinking. This is not a quick response to the news, but rather evergreen Onion satire of our wandering attention. For the past two years we were subject to continual political posturing about the “disappearance of the middle class.” For the Left it was a call to arms to stop tax cuts for the rich and to talk about UBI. For the Right it was a call to arms to kill the Obama-era “job killing regulation” of the financial industry and “open borders.” Now that other “news” is driving our attention, it has been many months since CCN or Fox or MSNBC has featured anyone’s blathering about the “disappearance of the middle class,” hence the satire. Nothing has changed in reality (except for the expert “conversation”).

  2. It’s a parody of the chimera of rebuilding the middle class as we once knew it, #MAGA, or whatever unachievable societal goals pol’s would have us believe.

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