The comfort and discomfort of the Biden economy
Over recent months, the question has come my way multiple times in various forms.
“Can you explain to me why Joe Biden is taking all of this heat on the economy?”
“The economy doesn’t seem that bad. What gives with Biden’s poll numbers?”
“Inflation is much less than it was a year ago. Why doesn’t our president get credit?”
“We’re doing just fine. Why are so many people so unhappy?”
That last variation is the most telling. As the one thing all such questions have in common is that they come from people of similar economic class and circumstance.
Whether over a social visit or a meal, whether in Denver or in the mountains, or whether in a public setting or over social media, all of these comments originated with people, like me, approaching senior status who are financially comfortable or better than that.
For people toward the end of successful careers or beyond, and those with far more assets than liabilities on their personal balance sheet, these times are not that bad. In fact, for many, they are quite robust.
However, for those on the economic margins of society or for those doing their damnedest to support a family and get to the next paycheck, the anxiety is unrelenting.
Though we are not yet to year’s end, it looks like inflation for 2023 will come in around 3.7%. That is still a high number relative to accustomed norms over the past few decades, when the average annual rate was most often 2% or less.