Why do so many Americans feel bad about an econom
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Posted On: 12/26/2023 9:29:29 AM
Why do so many Americans feel bad about an economy that’s otherwise considered strong?
The consumer discontent comes even as the country is seeing a solid labor market, higher average hourly pay, appreciating home values, resilient consumer spending and a stock market rebound. Economists are still looking for answers but some have suggested it could be social media discourse or even just the pain at the grocery store. “People are still angry about the inflation we saw in 2021 and, in particular, 2022,” said Karen Dynan, a Harvard professor and former chief economist for the U.S. Treasury Department. “There’s something about the salience of … the bill for lunch that you see every single day that just maybe resonates in your brain, relative to the pay increase you get once a year.”
The consumer discontent comes even as the country is seeing a solid labor market, higher average hourly pay, appreciating home values, resilient consumer spending and a stock market rebound. Economists are still looking for answers but some have suggested it could be social media discourse or even just the pain at the grocery store. “People are still angry about the inflation we saw in 2021 and, in particular, 2022,” said Karen Dynan, a Harvard professor and former chief economist for the U.S. Treasury Department. “There’s something about the salience of … the bill for lunch that you see every single day that just maybe resonates in your brain, relative to the pay increase you get once a year.”
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