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How Americans Feel About The Economy

FiveThirtyEight Politics

ABC News

News, Politics

4.620.3K Ratings

🗓️ 1 February 2024

⏱️ 38 minutes

🧾️ Download transcript

Summary

The conventional wisdom is that the economy and a president’s fate are closely tied. For much of Joe Biden’s presidency, part of the story has been that despite a strong labor market and economic growth, views of the economy and Biden’s handling of it have been abysmal. A lot of that likely had to do with inflation, rising interest rates and a declining stock market. Trends that, as of right now, have abated and even reversed. So what’s happened over the past three years and where are we headed? And what does all of that mean for November 2024? In this installment of the 538 Politics podcast, Galen speaks with Joanne Hsu, who directs the University of Michigan consumer sentiment survey, and Neale Mahoney, economics professor at Stanford University. Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0

Like some kind of Pizza Ninja, Domino's are slicing their prices.

0:05.0

Domino's price slice.

0:07.0

Small pizzas now 8 quid, medium now 10 quid, and large now 12 quid.

0:12.0

Yet we're making cuts too.

0:14.0

In 11th of February 24, minimum delivery spend, charges and areas may apply.

0:18.0

Tous and see, see Domino's dot code.

0:20.0

We're going to try to make the economy sexy guys. Hello and welcome to the 538 politics podcast, I'm Galen Drew.

0:31.0

The conventional wisdom is that the economy and a president's fate are

0:34.8

closely tied and for much of Biden's presidency part of the story has been that

0:39.4

despite a strong labor market and economic growth, views of the economy and President Biden's

0:45.0

handling of it have been abysmal.

0:47.8

In the summer of 2022, the Consumer Sentiment Index, a University of Michigan survey, with an 80-year history, hit an all-time low.

0:56.2

In other words, Americans clocked worse feelings about the economy a year and a half ago than they

1:01.6

did during the depths of the financial crisis.

1:04.7

A lot of that likely had to do with inflation, rising interest rates, and a declining stock market.

1:09.8

trends that as of right now have abated and even reversed.

1:14.3

So what's happened over the past three years and where are we headed?

1:18.2

And what does all of that mean for November 2024?

1:21.2

Here with me to discuss is Joanne Schu who directs the Consumer Sentiment Survey at Michigan that I mentioned and is also a professor there welcome to the podcast.

1:29.0

Thank you for having me.

1:30.0

Also joining me is Neil Mahoney, economics professor at Stanford University.

1:34.2

His recent research looks at the effects of partisanship and inflation on perceptions of the economy.

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