Because for many Americans, their personal situation is still worse than it was before the pandemic.
When asked to rate the national economy, some people base it on how they're doing financially or what they experience themselves. That might seem odd at first, since they're just one person in a multi-trillion-dollar economy. But the personal lens is often the most salient one we have into the bigger abstract forces at work. For most of us, it's bills and budgets that we pore over at the kitchen table — not the latest Fed briefing.
And in turn, more people report struggling today than did then: half of Americans says they're either just meeting, or cannot meet, their expenses. Those tougher descriptors are together nine points higher than summer four years ago. That amounts to millions of people.
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