For tens of millions of Americans, the good times are right now
“We are very fortunate right now given the situation for many others during the pandemic,” said McCauley, 36, who works for a data orchestration company. “Somehow we’re doing even better financially, and it looks a bit awkward.”
Even for those who are well, the economy feels precarious. The venerable University of Michigan Consumer Sentiment Index fell in March to the same levels as in 1979, when the inflation rate was a painful 11 percent, before rising in April.
Politicians are mostly calm about the boom.
“Republicans are not eager to credit President Biden for anything,” said Baker, the economist. “Democrats might brag about how many people got jobs and the strong wage growth at the bottom, but they seem reluctant to do so, knowing that many people are affected by inflation.”
The initial coronavirus outbreak ended the longest U.S. economic expansion in modern history in 128 months. A dramatic decline has begun. The federal government stepped in, generously scattering cash. Shopping habits changed as people stayed home. The recession ended after two months and the boom resumed.
Jerome H. Powell, chairman of the Federal Reserve, recently warned that there were too many employers chasing too few workers, saying the labor market was “tight at an unhealthy level”. But it is rewarding for workers to have the upper hand in their search for a new position or career.
“Both my husband and I have been able to make job changes that have doubled our income from five years ago,” said Lindsay Bernhagen, 39, who lives in Stevens Point, Wisconsin, and works for a startup company. -up. “Seems it was mostly stupid luck.”
Ten years ago, the housing market was in chaos. Between 2007 and 2015, according to Black Knight, more than seven million homes were lost due to foreclosure. Some of these were speculative purchases or second homes, but many were primary residences. Encouraged by creditors, people lived in homes they couldn’t afford easily.