Inflation is a real problem but overall the economy is doing well.
The latest explanation for bad vibes about a good economy by normal criteria is that it’s about the level of prices, not the rate of change. So, how much have U.S. prices risen compared with other countries? Answer: almost identical. Clearly Biden’s fault. pic.twitter.com/RY2JKm0414
— Paul Krugman (@paulkrugman) October 18, 2023
Just incredible how the US economy is outperforming the rest of the world, how Biden’s COVID response is directly credited as a key reason, and voters seem impervious to this information. One has to think eventually that will change. pic.twitter.com/WtAZ2yeVvT
— Ian Bassin 🇺🇦 (@ianbassin) October 26, 2023
Wow. +4.9% GDP growth in Q3
— Heather Long (@byHeatherLong) October 26, 2023
Americans were on a spending spree.
This was the strongest consumer spending since the Q4 2021. Americans were spending on BOTH goods and services (thank you Beyonce and Taylor Swift).
~Half of GDP growth came from consumer spending pic.twitter.com/V4gRJiV6ee
JUST IN: US GDP soared to a blockbuster 4.9% in Q3. That’s the highest since the end of 2021 and a big uptick from 2.1% in Q2.
— Heather Long (@byHeatherLong) October 26, 2023
Strong consumer spending and gov’t spending drove the growth.
Bottom line: No recession in sight. pic.twitter.com/xRmOFfqIBF
Not good: 50% of American adults say prices increases have been "very stressful" in the past 2 months.
— Heather Long (@byHeatherLong) October 25, 2023
~60% of households earning under $50k are stressed
~50% of households earning $50k to $100k are stressed
~40% of households earning $100k to $150k are stressed
**Data from… pic.twitter.com/wtnWgtp2sy
In 2022, American households had a median net worth of $226K — the highest on record, even after adjusting for inflation.
— Steven Rattner (@SteveRattner) October 18, 2023
(That's $192K in constant 2019 dollars, as shown in the graph below.) pic.twitter.com/yjqw61eOOc
"American families saw the largest jump in their [inflation-adjusted] wealth on record between 2019 and 2022, according to Federal Reserve data released on Wednesday." https://t.co/LYWPU3xPfl pic.twitter.com/2uijPN1zde
— Justin Wolfers (@JustinWolfers) October 18, 2023
Sad! 