Some things never change, such as – the incumbent political party says the economy is doing great, while the opposing party says things are terrible. That’s normal. While the majority of economists, myself included, predicted a mild recession at worst, it looks like economic conditions are indeed stronger than any of us anticipated.
Here’s what is unusual: Less than half of the American people believe the economy is good! Why? Inflation is at a three-year low and falling. and jobs are plentiful. Why?
The overall numbers are skewed by two very different age groups. First, the older generation is the most financially secure in history. While they are upset by higher grocery prices, the bigger risk they face is any potential loss in their retirement portfolio. Naturally, they feel the economy may not be great but is certainly not bad.
The second group is Gen X. These young Americans have a disproportionate share of unemployment and “dead-end” jobs, while they are carrying well over a trillion dollars in student debt. The American dream that a college degree entitles a person to a good job proved to be tragically wrong for these young people. It’s more like the American nightmare. Retirement is a mere fantasy for them. They maintain we are already in a “vibecession” — economists keep telling them how good things are, but “vibes” are bad, very bad. They ask . . . what did we do wrong? What?
Seniors, you can help! Take a Gen X’er to lunch and . . . just listen.