Ep 432: Your 2024 Mid-Year Economic Check-In

We are just past the halfway point of 2024, and things aren’t feeling great economy-wise, despite the US economy reaching “superstar status,” according to a recent article in the Atlantic. 

Kyla Scanlon coined the term “vibecession” to explain this feeling. In her new book, “In This Economy? How Money & Markets Really Work,” she breaks down why what’s really going on in our economy feels at odds with what we’re experiencing in our day-to-day lives.  

Chapters:

0:00 Intro

4:08 The Disconnect Between Economic Data and Consumer Sentiment

9:10 Personal Economic Experiences

13:37 American Personal Savings Rate

21:26 Economic Impact of Upcoming Presidential Election

27:00 Mailbag Segment

31:25 Evaluating Credit Card Benefits

34:14 Managing Savings for Major Goals

Takeaways:

• Despite the US economy's strong performance, many Americans have a negative perception of the economy — that’s what we call the “vibecession,” influenced by alarmist media headlines and the vague language used by the Federal Reserve.
• Buying a house is challenging due to high mortgage rates and elevated home prices, with the housing market facing long-standing issues that will take time to resolve.
• The stock market's all-time high does not necessarily reflect the financial well-being of consumers, as it is driven by a few companies and does not capture the experiences of all Americans.
• Financial education and savings incentives are crucial to address the low savings rate among Americans and promote a healthier personal economy.
• The upcoming presidential election could have significant economic implications, with different policy approaches potentially impacting tariffs, student loan debt relief, and other areas.
• Adopting an adventure mindset and promoting innovation can help address economic challenges and lead to solutions to the housing crisis, rising healthcare costs, and climate change.

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