Why Everyone Hates The 'Great' Economy
Economists keep insisting the numbers look fantastic, while everyone buying groceries feels like they're slowly going broke.
On paper, the American economy looks like a powerhouse. Unemployment is low, business investment is booming, and the Federal Reserve loves showing off charts of resilient consumer spending. Yet voters are thoroughly miserable, and politicians are panicking because economic doom-and-gloom is practically the only thing both Democrats and Republicans agree on right now.
The big mystery isn't really a mystery once anyone looks under the hood. The top 10% of earners are now driving half of all retail spending, while the bottom 80% have watched their paychecks get quietly eaten by sticky prices. When the ultra-wealthy splurge on luxury trips and tech portfolios, the macroeconomic dashboard flashes bright green, even if normal households are debating whether name-brand cereal is a luxury.
It turns out aggregate averages look amazing when a tiny sliver at the top owns five times the wealth of the entire bottom half of the country. Telling people the vibes are wrong because a spreadsheet says GDP grew is not the electoral winner spreadsheet fans think it is.
Source: The Conversation
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