In a year-end column, The Washington Post’s Heather Long wrote that the best way to describe the U.S. economy in 2023 was “miracle.” Despite assumptions about a recession and inflation causing widespread job losses, the resilient national economy preserved anyway and exceeded all expectations.
And yet, as regular readers know, despite historically low unemployment, economic growth, shrinking inflation, rising wages, falling gas prices, a rising stock market, and an economy that’s easily outperforming our peer nations abroad, recent surveys have found an American electorate with dour opinions about the state of the economy. As a political matter, the question on the minds of many Democrats is when public attitudes will start to better reflect economic improvements.
An answer to that question is starting to come into focus. The headline on a Wall Street Journal report said a lot in six words: “Americans Are Suddenly Upbeat About Economy.”
Consumer sentiment surged 29% since November, the biggest two-month increase since 1991, the University of Michigan said Friday, adding to gauges showing improving moods. It’s a sharp turn after persistently high inflation, the lingering shock from the pandemic’s destruction and fears that a recession was around the corner had put a damper on feelings about the economy in recent years, despite solid growth and consistent hiring.
It’s not the only relevant evidence. The Conference Board’s Consumer Confidence report pointed in the same direction as the closely watched University of Michigan report.
The latest USA Today/Suffolk University Poll, meanwhile, found that public views of the economy “are brightening,” and the latest national poll from Quinnipiac University showed that a plurality of U.S. voters (48%) believe the economy will continue to improve in 2024, while more than 6 in 10 Americans (62%) said they expect 2024 to be better than 2023 for them personally.
The New York Times reported this week that…
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