Imagine that.

Will Stancil wrote on Bluesky:” Look either the entire US economy turned around sometime in the month of November, or the economy really was great and we’ve just been mainlining media doomerism all along.” Uh yeah.

Paul Krugman:

…Anyway, there has been a running debate over why Americans were giving the economy negative reviews. One side argued that it was about perception rather than reality — that we were in a “vibecession,” Kyla Scanlon’s brilliant coinage. After all, wages for most workers have significantly outpaced inflation since the eve of the pandemic:


The other view was that the data were missing important ways in which Americans’ economic position had worsened. For example, interest rates, say on car loans, aren’t included in the CPI.

And of course there are many families in America struggling to make ends meet. But that has always been true. I mean, almost 22 million workers were laid off in 2019, which most people remember as a good year, and not all of them landed on their feet.

The vibes guys, a group that included yours truly, pointed to a lot of evidence suggesting that while Americans had a negative view of the national economy, they had a much more positive view of their own financial situation, while rating their local economy, which they could some extent observe directly, much more positively than that of the nation as a whole. You could see this, for example, in the Federal Reserve’s survey of the Economic Well-Being of U.S. Households:

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