4 ms·
It's impossible to take this argument seriously when Americans are out there buying more junk than ever, from eggs to bass boats. Household debt service ratios
by jeffbee 2y ago
It's impossible to take this argument seriously when Americans are out there buying more junk than ever, from eggs to bass boats. Household debt service ratios are as low as they've ever been, significantly lower than the Trump years. Americans can very demonstrably afford these things, which is expected because their earnings are way up, more than prices are up.
This article and the source material from the Economist argue that what really happened is Republicans negatively polarized themselves against the economy, and will just say anything in surveys. https://www.econlib.org/why-so-sad/ https://www.econlib.org/why-so-sad/
- pugets 2y agoThe second graph in that article ("The Partisan Gap on Economy Ratings") is alarming. In mid-2016, ~30% of Republicans said the economy was doing good. By mid-2017, that figure passed ~80%. By comparison, optimism among Democrats fell from ~70% to ~55% over that same time period. I wonder if we'll make it to March 2025 before half of Republicans once again say that the economy is doing quite well.
- jeffbee 2y agoThat graph, by using rolling averages, makes the transition look less dramatic than it actually was. Expectation of future economy among Republicans in the U. Michigan survey fell by a full third in November 2020, immediately after the election. https://data.sca.isr.umich.edu/fetchdoc.php?docid=77165 https://data.sca.isr.umich.edu/fetchdoc.php?docid=77165