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Pitchfork Economics with Nick Hanauer

Why Americans are so displeased with the economy (with Aaron Sojourner)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 5 March 2024

⏱️ 38 minutes

🧾️ Download transcript

Summary

The latest economic indicators show a historically strong economy. Over the past couple of years, the unemployment rate has consistently stayed below 4%, real wages have been growing faster than they have in decades, and economic growth has been strong. And yet, public opinion surveys consistently show dissatisfaction with economic conditions. Aaron Sojourner, a labor economist from the Upjohn Institute, joins us to discuss his research findings into why Americans are so displeased with the economy. Aaron helps us unpack the complicated relationship between news coverage of the economy and its effect on consumer sentiment. Aaron Sojourner is a labor economist and senior researcher at the Upjohn Institute for Employment Research. His research focuses on the effects of labor-market institutions, policies to promote efficient and equitable development of human capital, and behavioral economic approaches to consumer finance decisions. He’s also served as the senior economist for labor on the U.S. Council of Economic Advisers for Presidents Obama and Trump. Twitter: @aaronsojourner BlueSky: @aaronsojourner.bsky.social Threads: aaronsojourner Why are Americans so displeased with the economy? https://www.brookings.edu/articles/why-are-americans-so-displeased-with-the-economy Aaron’s thread on within-worker real wage growth on Threads: https://www.threads.net/@aaronsojourner/post/C3OVo8FrDgV/?igshid=NTc4MTIwNjQ2YQ== Tax Subsidies for Journalism Are Only for Rich People: Perry Bacon Edition https://cepr.net/tax-subsidies-for-journalism-are-only-for-rich-people-perry-bacon-edition Website: http://pitchforkeconomics.com Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0

The rising inequality and growing political instability that we see today are the direct result of decades of bad economic theory.

0:10.0

It's time to build our economy from the bottom up and from the middle out, not the top down.

0:15.5

Middle out economics is the answer.

0:17.8

Because Wall Street didn't build this country.

0:20.1

Great middle class built this country.

0:22.2

The more the middle class thrives, the better the economy from the middle out.

0:42.0

Welcome to the show.

0:44.0

I was talking to my

0:50.0

I was talking to my daughter the other day Nick and you know she's it's a busy life she's

0:58.2

26 almost 27 in her second year of grad school, getting ready to graduate in May and, you know, obviously anxious

1:08.3

about entering the job market with a master's.

1:11.8

And at some point she just just she got a little quiet and in a hushed voice she said to me she asked dad are we in a depression are you serious And I'm like, wait, what? A depression? What? Like, no, this is one of the best economies in history like why and you know again I think some of it just is like personal because she's you know anxious she just spent you know two years in

1:44.4

grad school spending all that money learning a profession and now she's you know

1:49.0

worried about whether she's going to get a job that will help her pay her

1:51.7

student loans.

1:52.5

But also she told me, this is her cohort.

1:55.6

Not all of them, but some of them are struggling.

1:57.8

They're having trouble finding jobs or jobs in their fields

2:01.3

or jobs that they want to do or that pay them enough to get by.

2:08.0

And so that's the world she's living in and which she's wondering whether we're in a depression.

2:14.8

Nick, are we in a depression?

2:16.5

I don't think we're in a depression.

...

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