Most Americans are below average. This is not some pithy, upside-down Lake Woebegone poetic observation; this is the mathematical fact of an economy that has been growing increasingly unequal for generations. The White House, and the political pundit class are baffled by the gap between the improving economic statistics and the public’s dismal ratings of the economy in opinion polls and consumer surveys. The economic statistics tell us Americans are doing better on average, but most Americans believe they and their families are doing worse than average, and they are correct. When the economy creates a million new jobs, the stock market soars, and the gross domestic product (GDP) goes up by 2, 3, or 4 percent, relatively small numbers of people capture most of the gains in income, wealth, and improved economic opportunity. The public is not wrong to say that economic opportunities for their family, or their community are not improving, and they are worried that their credit card debt, auto-loans, student loans, mortgage and rental rates, food and energy costs are rising faster than their incomes.
Joe Biden is Getting “Bidenomics” Wrong
Joe Biden is Getting “Bidenomics” Wrong
Joe Biden is Getting “Bidenomics” Wrong
Most Americans are below average. This is not some pithy, upside-down Lake Woebegone poetic observation; this is the mathematical fact of an economy that has been growing increasingly unequal for generations. The White House, and the political pundit class are baffled by the gap between the improving economic statistics and the public’s dismal ratings of the economy in opinion polls and consumer surveys. The economic statistics tell us Americans are doing better on average, but most Americans believe they and their families are doing worse than average, and they are correct. When the economy creates a million new jobs, the stock market soars, and the gross domestic product (GDP) goes up by 2, 3, or 4 percent, relatively small numbers of people capture most of the gains in income, wealth, and improved economic opportunity. The public is not wrong to say that economic opportunities for their family, or their community are not improving, and they are worried that their credit card debt, auto-loans, student loans, mortgage and rental rates, food and energy costs are rising faster than their incomes.