Is the explanation for why Americans have such a low opinion of the present U. S. economy the difference between surviving and thriving as proposed by Henry Olsen in his Washington Post column?
The news is sobering: In 1985, it took 39.7 weeks of work each year to pay for these things, giving families plenty of room to enjoy other consumer goods and luxuries. But today, it takes 62.1 weeks of work to cover the same expenses. In other words, about 40 years ago, the median American family could enjoy a middle-class life on one earner’s paycheck. Today, it takes two.
One might argue that the move from one-earner to two-earner families is unimportant. That would be correct if families preferred it that way, but most do not. A 2021 survey showed that more than half of married mothers would prefer to have one parent in the home full-time with children aged 5 or younger. That preference is especially pronounced among lower- or working-class families.
Consider the following graph (from American Compass):
I found the way they subdivided the groups in the graph above confusing, indeed, even capricious. I think it would be interesting to see how Men 25-34 (HS Grads) are faring. If it is I expect it would explain a lot more than just why people say they’re unhappy with the economy in opinion polls.
Whenever I listen to economic news the stats seem to become more and more discouraging. Those living paycheck to paycheck is increasing, even among those making six figure incomes. Credit card debt is soaring while savings is shrinking. People are diving into their 401k accounts at higher rates despite the harsh penalties applied. Greater numbers of people think we are going in the wrong direction. Small business optimism is going in the wrong direction. We’re essentially living Biden’s policies, in a world dominated by global hierarchies who seek to make people heel to their reset visions.