Americans Like Sharing Bad Economic News Way Too Much
The misery index was twice as high in the 1970s than it is now, yet consumers report hearing negative things about the economy at a much greater rate. Social media is partly to blame.
Bad economic news is spreading faster than ever in the cellular era.
Photographer: Lionel Bonaventure/AFP via Getty Images
US consumer spending surged at a 4% annual rate last quarter even after accounting for inflation — and inflation is rapidly slowing. But say anything good about this economy and expect intense pushback. Yes, there are too many Americans living paycheck to paycheck and without any financial buffer, but there are far fewer than before the pandemic. The real net worth of a typical family jumped 37% from 2019 to 2022, which is the largest increase over a three-year period on record and was nearly universal across all demographic and economic groups.
One would think that all the spending, the additional wealth and an unemployment rate holding below 4% since early 2022 would merit a mention when people talk about the economy. But they rarely do.