The Daily
The Bad Vibes Around a Good Economy
Nov 30, 2023
Jeanna Smialek, a savvy reporter at The New York Times covering the Federal Reserve and the U.S. economy, dives into the puzzling mix of a thriving economy and widespread dissatisfaction. She explores why Americans feel uneasy despite impressive economic gains, especially among young adults burdened by rising costs and student debt. The discussion highlights the influence of social media, particularly TikTok, on shaping perceptions of economic sentiment. Smialek also assesses whether this negativity represents a larger trend or a temporary phase.
21:40
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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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