The Daily The 1948 Economic Moment That Might Explain Our Own
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Feb 5, 2024 
Nate Cohn, the Chief Political Analyst for The New York Times, delves into the economic challenges President Biden faces, drawing intriguing parallels to the tumultuous 1948 election. He discusses how consumer sentiment can sway political fortunes despite seemingly positive economic indicators. Cohn emphasizes the evolution of voter priorities from economic performance to ideology, suggesting that historical lessons might shape today's electoral dynamics. He also touches on Biden's surprising success in South Carolina, hinting at shifting voter alignments.
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1948 Economic Parallel
- The current economic climate, with low unemployment, high growth, and voter dissatisfaction, has a precedent.
- This situation mirrors the 1948 post-WWII economy under President Truman.
Post-War Economic Woes
- Post-WWII, like post-pandemic, saw high inflation, housing shortages, and consumer goods scarcity.
- Despite economic growth, public dissatisfaction was high due to these factors.
Unique Economic Parallels
- Both 1948 and 2024 share high inflation, low unemployment, and continued economic growth.
- This unique combination is rare in modern economic data.