Let's Unpack ThisIf the economy is technically doing fine, why don’t Americans feel that way? There seems to be a disconnect between the state of the economy and how Americans feel about it. Economists are saying the economy is healthy, even though inflation remains high. For many Americans, however, the data economists pay attention to doesn’t reflect their lived experience. We talked to Joanne Hsu, director of the Surveys of Consumers at the University of Michigan, about the disconnect. "The American dream doesn’t feel any more in reach and probably feels less in reach than it has in previous decades."She says inflation, political affiliation, comparisons to pre-COVID, and interactions with the news can all shape people’s perception of the economy. “ … In spite of GDP growth and labor markets being strong, none of these things are necessarily helping people pay off their student loans or buy a house.” At the same time, Hsu doesn’t agree that there is a so-called “silent depression” that’s been echoed on social media platforms like TikTok. “It can be true that you feel like you’re not thriving,” she said. “At the same time, it is true that the economy is better than it’s been historically.” | Featured ExpertJoanne HsuDirector, Surveys of Consumers at the University of Michigan |
|
|
| 