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When asked how they are doing, 72% of Americans report they are "at least doing okay financially." When asked how the nation's economy is doing, 58% rate natio
by cs702 2y ago
When asked how they are doing, 72% of Americans report they are "at least doing okay financially."
When asked how the nation's economy is doing, 58% rate national economic conditions as "poor."[a]
Many observers call this a "vibecession."[b]
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[a] https://www.nytimes.com/2022/07/15/business/economy/inflation-economy-polling.html https://www.nytimes.com/2022/07/15/business/economy/inflatio...
[b] https://en.wikipedia.org/wiki/Vibecession#In_the_United_States https://en.wikipedia.org/wiki/Vibecession#In_the_United_Stat...
- dv_dt 2y agoAmericans also suffer from chronic positivity and many think they are Middle class even as they suffer conditions of financial instability. Savings rates are going down. https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT
- cs702 2y agoYes. I agree on both counts. But neither fact explains the disconnect between perceptions of personal economic situation vs. national economic situation. "Vibecession" is the conventional name for the disconnect. I'm making no value judgments on the state of the economy!
- dv_dt 2y agoI think we are really more on the same page than not on the actual conditions of the economy, but I would add that to me "Vibecession" carries an undercurrent that is is used to make fun of and to quiet the people thinking the economy is bad. Often accompanied by citation of overall positive economic metrics which has disconnects from individual economic security. I think the core problem that media calling it a vibecession is basically acting intentionally blind to the effects of inequality.
- cs702 2y agoGot it. I've never gotten the sense "vibecession" is used to "make fun" or "quiet" anyone. To me it's just a clever word that has caught on. AFAICT :-)