Explaining Americans’ Pessimism About a Strong Economy
At least six reasons have been advanced to explain the apparent disconnect between US economic indicators and public-opinion surveys. While some are clearly wrong, others – in particular, the idea that perceptions are simply lagging behind reality – are convincing.
CAMBRIDGE – The United States is in unusually good economic shape nowadays – no recession in sight. But it seems to be enduring a “vibecession”: public-opinion surveys show broad dissatisfaction with the economy and US President Joe Biden’s stewardship. What explains this disconnect between performance and perception? At least six answers – some far more credible than others – have been advanced.