Have you noticed? The financial bubble is bursting. Many Americans are worse off NOW than before the pandemic. Bills are late, evictions are way up, gasoline is outrageous and it’s too expensive to buy groceries.
Everything is too much and the pressure to survive is intense.
That kind of turnaround is alarming for anyone going through it — and it may be the key to understanding why Americans have turned so sharply on this economy, posing a massive political threat to the Biden administration and Democrats in Congress ahead of this year’s midterm elections. The economy snapped back so quickly from the pandemic that people like Johnson are in a paradox: They’re worse off now, financially, than they were even when covid was a much more severe health threat, the national unemployment rate was almost twice as high, and economic growth was uneven.
Biden is claiming that the economy is fine but it is not. Not by a long shot.
“There’s no doubt wealth is much higher now than it was two years ago or in the time before that,” said Jason Furman, who served as a senior economist in the Obama administration and is now a professor at Harvard University. “But people have literally become poorer, by any concept, over the last year. Over the last 12-month period, just about everything has moved in the wrong direction. It should not be a mystery why people are worried.”
No wonder people are angry overall. When it comes to grocery bills doubling or even tripling, it’s not ok.
The share of Americans who reported sometimes or often going hungry plummeted to 8 percent in April 2021. It had risen back to 10 percent by February of this year, according to a research paper by University of Michigan poverty…