this post was submitted on 11 Dec 2023
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“Consumers have been feeling broadly uneasy about the economy since the pandemic, and they are still coming to grips with the notion that we are not returning to the pre-pandemic ‘normal,’” Joanne Hsu, director and chief economist of the survey, said of the overall trend in recent months.Jared Bernstein, chair of the White House Council of Economic Advisers, stressed that a strong underlying economy is “absolutely necessary” to eventually lifting consumer sentiment.
As the annual inflation rate has fallen, GOP messaging has focused instead on multi-year increases in consumer prices without necessarily factoring in wage gains.
Administration officials had once assumed that better economic numbers would overcome any doubts among voters, only to find that the negativity stayed even as the U.S. economy became likely to avoid a recession once forecasted by economists.
As a result, there’s a lag before a slowing rate of inflation boosts how consumers feel, according to a recent analysis by the economists Ryan Cummings and Neale Mahoney.
Adjusting for government transfers and taxes, the average annual income for someone in the lower half of earners was $34,800 when Biden took office, according to an analysis provided by Gabriel Zucman, an economist at the University of California, Berkeley.
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