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The Daily

The Bad Vibes Around a Good Economy

Nov 30, 2023
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21:40
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Jeanna Smialek, a reporter covering the Federal Reserve and the U.S. economy for The New York Times, discusses the perplexing disconnect between Americans feeling dissatisfied despite a thriving economy. Topics include rising grocery costs, financial struggles, impact of rapid price increases, challenges faced by young adults, influence of social media on perceptions of the economy, and the emotional power of silent depression videos.
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Podcast summary created with Snipd AI

Quick takeaways

  • Rising inflation has led to a higher cost of living, contributing to negative sentiment among Americans despite positive economic indicators like low unemployment and wage growth.
  • Increased housing prices, especially for younger generations, have made home ownership more difficult, hindering individuals' ability to achieve the traditional markers of the American dream.

Deep dives

Impact of Inflation on Consumer Sentiment

Despite improvements in the American economy, many Americans feel economically strained due to rising inflation impacting their daily lives. Consumer prices have increased by about 20% since late 2019, resulting in sticker shock for everyday items such as groceries and gas. This higher cost of living has contributed to a negative sentiment among Americans, even as traditional economic indicators like low unemployment and wage growth appear positive.

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