The Perception Gap in the US Economy

KQED's Forum

KQED

Politics, News, News Commentary

4.6 • 656 Ratings

🗓️ 9 January 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Poll after poll finds Americans believe the economy is getting worse. Yet, indicators such as low unemployment rates, rising wages and declining inflation tell a different story. Economists agree that the country managed to avoid another recession, but why don’t we feel good about it? Prior to 2020, Americans’ feelings about the economy tracked with objective figures, but more recently perception and reality have diverged, creating a disconnect known as the “vibecession.” We’ll talk about the perception gap, how various populations experience the economy differently and what it all means for the presidential election. Guests: Rachel Siegel, economy reporter, The Washington Post Christian Paz, senior politics reporter, Vox Gilad Edelman, senior editor, The Atlantic Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:58.0	From KQBD in San Francisco, I'm Mina Kim. Coming up on forum, are you finally starting to feel better about the economy? Or is your sentiment still down, as it has been in poll after poll of Americans, despite positive
1:28.5	economic trends. Inflation has dropped. Unemployment is low. Wages are improving, and most
1:34.4	economists agree we've avoided recession. This hour, we hear how you're feeling about the
1:39.6	economy now, why our moods didn't improve last year, even as economic indicators did, and whether
1:46.1	you think this will affect us, affect the election in 2024. Forum is next after this news.
1:56.9	Welcome to Forum. I'm Enoch Kim. The economy has ended 2023 in a, quote, remarkably better position than almost anyone on Wall Street or mainstream economics predicted, writes Rachel Siegel of the Washington Post. Inflation has dropped to 3% from a peak of 9. The unemployment rate is
2:20.3	well below 4%. Wages are rising, and the Fed is signaling interest rate cuts this year. And yet,
2:26.6	most Americans haven't been feeling it. But there are signs and surveys that find maybe we're
2:32.7	starting to feel more hopeful. So tell us, listeners,
2:36.1	where are you on the economy or your own personal economic situation for 2024? Optimistic,
2:42.5	gloomy, and why? Or what do you think has driven the disconnect between our perceptions
2:48.5	and economic reality? You can post on our social channels
	...

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