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The Bad Vibes Around a Good Economy

The American economy, by many measures, is doing better than it has done in years. But for many Americans, that is not how it feels. Their feelings point to an enduring mystery: Why do Americans feel so bad when the economy is so good? Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses a new way to understand the disconnect.
Duration
24m
Broadcast on
30 Nov 2023
Audio Format
other

The American economy, by many measures, is doing better than it has done in years. But for many Americans, that is not how it feels. Their feelings point to an enduring mystery: Why do Americans feel so bad when the economy is so good?

Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses a new way to understand the disconnect. 

Guest: Jeanna Smialek, a reporter covering the Federal Reserve and the U.S. economy for The New York Times.

Background reading: 

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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This podcast is supported by TikTok. Sometimes the most interesting discoveries are the ones you weren't looking for. That happens every day on TikTok. A science experiment can spark a whole new interest. A recipe you stumble upon can become a meal you make for the people you love. And a restaurant you've never heard of might become your new favorite spot. That's the thing about TikTok. Follow your curiosity and see where it leads. Your next discovery is waiting on TikTok. From the New York Times, I'm Sabrina Tavernese. And this is The Daily. The American economy, by many measures, is doing better than it's done in years. But for many Americans, that's not how it feels. I mean, I get comments from people all the time that I could stretch a dollar like no one else. And even though I'm struggling to do it. Yeah, when I'm talking about inflation, I'm mostly talking about the cost of groceries. Milk used to be, like, a buck 89, a gallon. It's now 289. I'm like, "Thank God I'm lactose intolerant." Their feeling is pointing to an enduring economic mystery. Why do Americans feel so bad when the economy is so good? We're kind of just struggling in what's left of the middle class. Today, my colleague, Gina Smilik, is on a new way to understand the disconnect. ♪♪ It's Thursday, November 30th. So, Gina, we're going to talk today about the economy and how, despite the fact that it's doing quite well, Americans are feeling pretty badly about it. So, you know, this is a puzzle we've spent some time on the show already thinking about. Two years ago, we did a show with our colleague Ben Castleman. At the time, the economy was still really emerging from the pandemic. Inflation was really high. And the thinking at the time was, you know, this is a temporary thing. Americans feel badly about the economy, but it will pass. Two years later, here we are. The economy is actually doing better, but people feel bad still. So, help us understand what's going on here. Right. So, like you said, this is a pretty confusing situation.

Transcription truncated.

The American economy, by many measures, is doing better than it has done in years. But for many Americans, that is not how it feels. Their feelings point to an enduring mystery: Why do Americans feel so bad when the economy is so good? Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses a new way to understand the disconnect.