The numbers were good, but feelings were bad: The US economy in 2024
Consider This from NPR
Deep Dive
Why are many Americans still dissatisfied with the economy despite its strong performance?
Despite strong GDP growth and low unemployment, many Americans are frustrated by high costs of living, particularly in food, housing, and other necessities. This dissatisfaction has fueled political unrest and contributed to Donald Trump's political comeback.
What economic indicators show the U.S. economy is performing well?
The U.S. economy added about 2 million jobs this year, unemployment is low, and gasoline prices are below $3 a gallon in much of the country. GDP grew at an annual rate of more than 3% in the late summer and early fall.
How has inflation impacted American households?
Inflation has cooled, but prices for essentials like groceries and housing remain high. Grocery prices have risen by 22% since President Biden took office, while wages have only increased by 19%. This has reduced real buying power for many families.
What role did economic dissatisfaction play in the recent election?
Economic dissatisfaction, particularly with high costs of living, was a key factor in Donald Trump's election victory. Voters' unhappiness with rising prices and inflation contributed to his political comeback.
What are the potential economic impacts of Trump's proposed policies?
Trump's policies, such as increasing domestic energy production and imposing tariffs, could potentially raise prices further, especially for lower-income families. Mass deportations could also increase costs and make it harder for employers to maintain job growth.
How do different political groups view the future of the economy?
Republicans are generally optimistic, with 70% expecting the economy to improve under Trump. In contrast, 60% of Democrats expect the economy to worsen, reflecting the deep political polarization in the U.S.
What has been the impact of high interest rates on consumers?
High interest rates, imposed to combat inflation, have increased borrowing costs, making it more expensive for consumers to buy homes, cars, and other big-ticket items. This has particularly affected lower-income families.
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