“I’m doing fine, but the national economy sucks”. That’s a very common refrain these days. A significant margin of respondents summarized in this wsj article report the national economy is in the dumper. About as many say their state and local economy is fine.

People report inflation moved in the wrong direction last year, but data shows it moved significantly in the right direction (but - prices don’t “deflate”, unless you’re in an economic contraction, which we’re not). Majorities report retirement savings moving in the wrong direction…but data shows that IRAs and 401ks surged in value last year.

Anyway, the link explores all the many ways national sentiment is completely disconnected from facts and data, which are indisputable. They attempt a bunch of explanations, but I don’t think anyone knows the reasons for sure. Some mentioned (in this article and elsewhere): inexperience with inflation, which never got near ‘70s stagflation levels but which people hadn’t seen in 4 decades; general feelings of dissatisfaction and stress with everything, where majorities don’t like any institutions in or out of govt; pure partisanship, where many saying the economy sucks would flip on a dime if Trump won in Nov, and vice versa. Also, misunderstandings of what inflation even is - many think it’s always price gouging.

From your standpoint, who cares? People vote the way they feel, and the dissatisfaction with the economy is a fact. Trying to rationalize people’s negative feelings away won’t work, so disconnect with reality or not, it’s a major headwind for Biden.
[Post edited by hoolstoptheheels at 04/05/2024 07:39AM]