“Joe Biden is not getting credit for falling inflation and low unemployment, therefore, partisanship and media bias must be against him.”
— It’s (still) the economy (and politics) — stupid — Why isn’t Joe Biden getting credit for America’s sturdy jobs market? — How the ‘strong’ US economy feels for poorer Americans, in five charts — America: a healthy or healthcare economy?
— America is continental. US GDP, unemployment and inflation data are particularly poor reflections on the economic experiences of households and businesses in different states and counties. For that, one must dig down for local and income-level statistics. — A high-growth, high-spending economy is not necessarily a sign of a healthy economy. Many Americans are spending a high proportion of their money on rent, healthcare, and food, not discretionary items — and fuelled by debt. — “Inflation falling, unemployment low=good” is too simplistic when people feel price-levels (cumulative inflation) and job security (opportunities and real wage growth) more palpably.
Frankly, none of this is new. Political fealty, culture wars, and disinformation may all play a part. But, for all those still unconvinced that people’s lived experience of the economy mattered as much as the exit polls and voxpops suggest, here are ten charts we’ve been monitoring all year.