The “Good Vibrations” Economy
One of the best kept secrets in the world today is that Americans are feeling far better about the economy than they have in years.
You would never know it scrolling through the gloomy headlines of the financial press or listening to the nabobs natter negatively on the business television channels. Even the better-than-expected news on the labor market released last week was presented as not really all that good, with liberal analysts and pundits somehow complaining with a straight face that there were too many government jobs cluttering up the employment report. More jobs going to Americans than foreigners? They’re calling that a labor shortage. Any good news is transitory or illusory or merely a headfake.
In a way, it is the photographic negative of the vibecession narrative pushed relentlessly during the Biden administration. The cable networks and financial news outlets insisted that the economy was much better under Joe Biden than the public was willing to admit. People were not happy about the economy because of the “vibes” rather than any actual facts about the economy, the story went.
If the vibecession ever existed, it is now definitively over. The latest polling shows that Americans are now feeling good vibrations about the U.S. economy. Civiqs, a daily online tracking poll that measures public opinion with demographic weighting and trend smoothing, is showing some of the best numbers in years.
More People Are Happier About Their Family Finances and the National Economy
Let’s start with the question of personal finances. When asked how a family’s financial situation has developed over the last year, 19 percent say it has gotten better. While that’s not overwhelmingly positive, it is the highest share saying things have improved since 2021. In other words, Americans haven’t felt this much improvement since we were coming out of the pandemic.
Similarly, the share saying that things have gotten worse over the past year is down to 33 percent, the lowest since January 2022. As a result, the “net better” share—while still negative—is at its best since May of 2021.
Zoom out from the household to the national economy and the story is similar. The share of people saying the economy is either fairly good or very good is at its highest level since 2021. The share saying things are very bad is at its lowest since May of 2021. The “net good” is still negative—meaning more people are unhappy than happy about the economy—but at its best level since October of 2020.
When asked if the economy is getting better or worse, more people still say the economy is getting worse than better. But the share saying things are getting better has climbed to 36 percent, the highest since June of 2020. The “net better” figure matches the election day number, which was the highest since 2021.
It’s not just the Civiqs poll. The latest polling from YouGov for the Economist tells a similar story. The share of registered voters who say the economy is getting better has risen to the highest levels since early 2021, according to the weekly tracker.
The radiance of this rampaging revelry has not been lost on financial markets. Stocks recently made new highs and barely retreated in the face of President Donald Trump’s announcements that Liberation Day level tariffs would return for many exports on August 1. This has many analysts and pessimistic pundits scratching their heads because they simply are too divorced from the American public to feel the Trump-era cheer.
The post Breitbart Business Digest: American Economic Optimism Rises to Highest Levels in Years appeared first on Breitbart.
