Talk about a disconnect. Unemployment is near record lows. Job creation is robust. The economy is growing, driven by hea
Unemployment is near record lows. Job creation is robust. The economy is growing, driven by healthy consumer spending. And the stock market has hit record highs.
Voters are giving Donald Trump — who’s seeking to return to the White House — more love on the economy than they’re giving Biden. In a late February-early March, almost two-thirds of respondents nationally said the economy was good under Trump, while 39% said the same of today’s economy under Biden. For more than two years through December 2023, the survey’s consumer sentiment score was lower than it was at April 2020 — a startling finding, given that in April 2020 the unemployment rate was 13.2% and Americans were facing the uncertainty of a once-a-century pandemic.
A significant number of Americans, Hannah said,"are gainfully employed, have seen their wages rise, and are enjoying cheaper gas — but they remain pessimistic because some of these larger purchases like homes or cars seem unattainable right now."Compounding Biden’s challenge is that, adjusted for inflation, wages haven’t quite caught up to price growth.
"Consumers' income growth has finally started to offset inflation, but while the trend is good, there's still a bit of ground to cover for people's purchasing power to get back its longer-run trend," said Sasha Indarte, an assistant professor of finance at the University of Pennsylvania’s Wharton School.found that about six of 10 respondents said the U.S. economy was in a recession — when a recession was never declared.
One example of a media mismatch is that despite many recent stories about how young people have given up on ever owning a home, theis higher today than it was in 2016, said Dean Baker, co-founder of the liberal Center for Economic and Policy Research."I have seen virtually zero mention of the 17 million additional people who are able to work from home, saving thousands of dollars in commuting-related expenses and hundreds of hours spent commuting," Baker added.
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