Telling Americans the economy is good only goes so far. They remain fearful about the future.
America’s economic mood remains glum. This is despite great news: Growth is strong; the stock market just hit record levels; unemployment is low; and inflation has significantly cooled in the past year.
The main answer is inflation. Prices spiked across the board in 2022, largely driven by supply shortages of everything from gas to meat to kitchen cabinets to workers. Inflation is typically reported as the change in prices in the past year. But looking at the cumulative increase since the start of the pandemic, inflation is up 21 percent. Wagesare uptook office in January 2021 shows prices up 19 percent over that period. That’s unusual.
Telling Americans the economy is better than they realize doesn’t make much impact in an era when many are still in shock about the rise in prices. Good news about employment and growth isn’t registering. Politicians who try to win support by citing those numbers — we’re looking at you, Mr. Biden — have to find a new language for a new post-inflation psychology, acknowledging the price shock while projecting confidence that it’s being overcome.
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