Question of the Day: How is the U.S Economy doing? And how does the average citizen feel about the economy?
As I was pumping gas earlier this week, I realized that gas prices have dropped significantly in the last year. This got me thinking, so I decided to do some research on how the U.S economy is doing and see how that compares to how the average citizen feels about the economy.
On the positive side, the overall economy is growing very strong in the last year, inflation is half of what it was a year ago, unemployment is at an all time low, the supply chain issue has mostly been resolved, wages have grown significantly in recent months, and products are available. The macro economists view the economy as favorable. The federal reserve feels good about the prospects of keeping inflation under control and getting back to less than 3% annual inflation.
On the negative side, food costs continue to be high, interest rates continue to be high, the cost of housing is at an all-time high as less homes come on the market, and savings are dwindling. The average citizen views the economy as unfavorable.
What we have is a classic point-counter point. When Bill Clinton won the presidency in 1992, he ran on the tag line, “It is the economy, stupid.” The economy will be a major factor in the 2024 presidential election.
The Democrats are going to hit us hard on the strength of the overall economy and prospects of a continued strong economy into the future. The Republicans are going to focus on the consumers’ issues such as high interest rates, inflation, housing cost and consumer confidence. The messages will be fierce and come from all directions. Where consumers get their news and information will be important. Biases will be in every message. The facts will not get in the way of the message.
The party that can win over the independents will be the party that will be successful. It will not be easy, but the stakes are high. Voters will need to do their homework and sort out facts from fiction.
We are less than one year away from the 2024 presidential election. It is not too early to start doing your own homework.
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Quote of the Day: “It is the economy, stupid” Bill Clinton
Orchid of the Day: My brother Larry, who celebrates his 75th birthday on Wednesday.
Onion of the Day: The Detroit Pistons, who have lost a club record 14 games in a row. Turnovers, defense, effort, fouling and lack of three-point shooting are the primary problems. Lack of effort has nothing to do with their youth.
Question of the Day: See above.
Image/Video of the Day: Watch this amazing interception by a Belleville defensive back in the Division 1 state finals for Michigan High School football.
For me, “It’s our Democracy stupid.”