How Come Everyone is So Poor?

Last week yet another public opinion survey reported that only 24% of Americans believe the economy to be in good shape, a number which is down from 30% the previous month. This survey was conducted by NORC, a polling company which is much more respected than the polling outfits hired by the political parties who usually just tell their clients whatever they want to hear.

Maybe I’m just so far removed from the reality of daily life that my understanding about current affairs is totally and completely out of whack, but I don’t remember a time when everyone had a job, that unskilled jobs were paying a lot more than minimum wage, and that the parking lot in front of every shopping mall is completely packed.

There is also endless talk about the high rate of inflation continues to take its toll on everyday life, with only 73% of respondents to a Federal Reserve survey saying that they are doing okay, which is the lowest number claiming to be living comfortably since 2016.

If one out of every four Americans find themselves living less comfortably than they would like to live, no wonder why a large majority of the country’s population believes that the economy isn’t behaving the way it should.

But any time we try to understand why people feel their financial expectations aren’t being met, we also need to understand the…