A strong economy? Not even for a minute. (I know it's CNN reporting). The economy is coming back in part because many states are raising the middle finger to Joe's mandates and are opening up and doing business. That doesn't mean in anyway that the economy is strong. Please, how can the economy be strong with bare shelves in the supermarket and the inability to get goods to build homes or make products?? Inflation anyone?
Americans are feeling pessimistic despite a strong economy. Here's whyThere is a Covid economy contradiction. Pandemic exhaustion and higher prices are overshadowing a roaring economy.
The economy surged ahead in 2021 at the fastest pace since Ronald Reagan was in the White House. The jobless rate in December fell to 3.9%, a level historically considered nearing full employment. Wages are growing the fastest in years, especially for low-wage workers.
The Fed boss, Jerome Powell, this week called the labor market "tremendously strong" and said he expected it to stay that way. For the first time in memory, workers have the upper hand in the jobs market. Another 4.5 million workers quit their jobs in November, many in pursuit of better jobs and better pay.
At the same time, home prices are at record highs, giving many homeowners record equity in their homes. And 401(k) balances also hit record highs last year, fueled by high pandemic savings rates and record highs in the stock market. The S&P 500 (SPX) index has surged an average of 24% a year over the past three years, minting a record number of 401(k) and IRA millionaires at Fidelity Investments.
That's a lot of records.
So why do polls show Americans so pessimistic about the economy? A new Pew Research poll shows only 28% rate the economy excellent or good and even among Democrats, only 36% said the same............
https://www.cnn.com/2022/01/28/economy/economy-covid-inflation/index.html
