The Next Big Idea Daily If the Economy’s So Good, Why Do We All Feel So Broke?
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Oct 23, 2025 
Gene Ludwig, former U.S. Comptroller of the Currency and founder of the Ludwig Institute for Shared Economic Prosperity, sheds light on the hidden struggles within the economy. He reveals how misleading economic data distorts our understanding of financial health. Ludwig emphasizes that functional unemployment is significantly higher than reported and critiques wage statistics for overlooking vulnerable workers. He also discusses how the Consumer Price Index underrepresents essential item inflation. His insights push for better economic metrics to reflect true realities.
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Nation At An Economic Tipping Point
- Gene Ludwig warns America may be at an economic tipping point if policymakers ignore hidden struggles.
- Historical crises like the French Revolution and Great Depression followed similar data blind spots.
A Large Hidden Unemployed Population
- Ludwig calls official unemployment rates misleading because many technically "employed" still lack full work or sufficient pay.
- LISAP counts 24.7% as functionally unemployed versus the government's 4.3% headline rate.
Wage Stats Paint A Rosier Picture
- Official median wage stats exclude part-time workers and job seekers, biasing results upward.
- Wages can appear to rise during downturns because low-wage workers are dropped from the sample.
