For over 12 months, a major contradiction has marked the United States. According to several important indicators, the US economy is doing well. Yet clear majorities of Americans insist that it isn’t.
Normally, you would expect Americans to rejoice that inflation has fallen from a high of 9.06 per cent in June 2020 to its present rate of 3.2 per cent while unemployment continues to be below 4 per cent (which is near historic lows). Another positive sign is a high level of consumer spending that continues to drive growth.
Survey after survey, however, indicates that those same big-spending consumers are deeply pessimistic about their economic prospects. What’s more, those sentiments are hurting President Joe Biden’s popularity and, potentially, his re-election chances.
A recent ABC/Washington Post poll indicated that a mere 30 per cent of…
