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The Wall Street Journal: A paradox: a seemingly strong American economy on the one hand and a pervasive sense of unhappiness among its citizens on the other.
Despite a robust economy and a relatively low unemployment rate of 3.8%, Americans are increasingly pessimistic about the country’s direction. While high inflation is often cited as a reason, this argument is not entirely convincing as other economic indicators, such as median wages and household wealth, have improved. The University of Michigan’s consumer sentiment index, sensitive to inflation, shows recession-like levels, but inflation rates have actually fallen recently.
Political polarization also contributes to the bleak outlook, as attitudes towards the economy tend to split along party lines. However, a deeper dissatisfaction seems to stem from broader national and global issues like political conflict, cultural intolerance, and ongoing crises from the pandemic to wars.
President Biden’s low approval ratings across various issues, not just the economy, suggest that the public’s discontent may be a “referred pain” from dissatisfaction with the country as a whole.
The entire article can be read at the link The Economy Is Great. Why Are Americans in Such a Rotten Mood? – WSJ
