Episode
The Economy Is Good. So Why Do We Feel Terrible About It?
25:12
Published: Thu Nov 18 2021
Description
The U.S. economy is doing better than many had anticipated. Some 80 percent of jobs lost during the pandemic have been regained, and people are making, and spending, more.But Americans seem to feel terrible about the financial outlook.Why the gap between reality and perception?Guest: Ben Casselman, a reporter covering economics and business for The New York Times.Sign up here to get The Daily in your inbox each morning. And for an exclusive look at how the biggest stories on our show come together, subscribe to our newsletter. Background reading: American consumers express worry about inflation and are pessimistic about the direction of the country in general. But none of that is keeping them from spending.For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Chapters
In this interview, guest Ben Casselman discusses the current state of the pandemic economy and addresses polling data that suggests Americans believe the economy is struggling.
00:00 - 02:08 (02:08)
Summary
In this interview, guest Ben Casselman discusses the current state of the pandemic economy and addresses polling data that suggests Americans believe the economy is struggling.
EpisodeThe Economy Is Good. So Why Do We Feel Terrible About It?
PodcastThe Daily
Despite strong wage gains and a majority of Americans saying it's a good time to find a quality job, 68% of Americans believe the economy is getting worse.
02:08 - 06:35 (04:27)
Summary
Despite strong wage gains and a majority of Americans saying it's a good time to find a quality job, 68% of Americans believe the economy is getting worse. This indicates that while economic indicators are positive, people's attitudes towards the economy are not.
EpisodeThe Economy Is Good. So Why Do We Feel Terrible About It?
PodcastThe Daily
As prices of commodities go up, any increase in wages is not enough to offset for the rise in daily expenses, leading to a fear of getting a raise in the future.
06:36 - 12:33 (05:57)
Summary
As prices of commodities go up, any increase in wages is not enough to offset for the rise in daily expenses, leading to a fear of getting a raise in the future. This gradual process of diminishing purchasing power continues to impact people's lives.
EpisodeThe Economy Is Good. So Why Do We Feel Terrible About It?
PodcastThe Daily
The level of happiness that money brings can only go so far in a poor economy, as economic dysfunction can lead to individuals feeling worse about the economy than they should, despite increased wages and savings.
12:33 - 17:27 (04:54)
Summary
The level of happiness that money brings can only go so far in a poor economy, as economic dysfunction can lead to individuals feeling worse about the economy than they should, despite increased wages and savings. It is important to consider how many people feel negatively towards the economy, as a more positive outlook on the economy can lead to actual improvement in economic conditions.
EpisodeThe Economy Is Good. So Why Do We Feel Terrible About It?
PodcastThe Daily
The way we feel about the economy is everything, as our psychology can become normalized and built into the economy, potentially making it even worse.
17:27 - 22:52 (05:25)
Summary
The way we feel about the economy is everything, as our psychology can become normalized and built into the economy, potentially making it even worse. While people may not feel great about the economy currently, there are real consequences to slowing down the economy, such as job loss and a higher unemployment rate.
EpisodeThe Economy Is Good. So Why Do We Feel Terrible About It?
PodcastThe Daily
The House of Representatives voted to strip Congressman Paul Gosar of his committee assignments for posting an animated video depicting him killing Democratic colleague Alexandria Ocasio-Cortez and assaulting President Biden.
22:52 - 25:04 (02:12)
Summary
The House of Representatives voted to strip Congressman Paul Gosar of his committee assignments for posting an animated video depicting him killing Democratic colleague Alexandria Ocasio-Cortez and assaulting President Biden. Democrats spoke out against threats that could incite violence similar to the events of January 6th in the Capitol.