This holiday season, politics should be avoided at the dinner table.
However, there is a good chance economy Will be brought up by someone in your family.
If that family member mentions how expensive things are or how bad the economy is, they’re not alone.
A survey from Fannie Mae In November 78% of Americans believe the economy is on the wrong track.
But it? Or, is the real problem Americans have about the economy?
The debate over opinion and reality is poised to play a big role in who wins next year’s presidential election. After all, most Americans don’t vote on statistics, but on how they feel.
So let’s take a deeper look at what is right in economic terms.
Comment #1: „Things are expensive”
Fact: Inflation is very low after April 2021.
For a closer look at the data, you can go to Bureau of Labor and Statistics website.
You see the peak inflation was in June last year when prices were 9.1% higher than the year before. But if you look down the red line, you can see that last month, prices rose by around 3.1% – still better than last year’s inflation rate.
Meanwhile, gas prices are actually quite low: As of June 2022, the national average was $5.02 a gallon. Currently, the average is $3.10 a gallon, according to AAA.
Comment #2: „A Recession May Be Coming Soon”
Fact: Economic growth will slow next year, but a recession will be avoided, according to the nonpartisan Congressional Budget Office.
There are several economic indicators that suggest the group may be right.
Comment #3: „Interest rates are too high”
Fact: Mortgage rates are the highest they’ve been in 20-plus years. Some ideas about economics are correct.
Higher interest rates mean that getting a loan like a car loan or swiping that credit card has become more expensive.
However, relief may be on the horizon.
Central Reserve Chairman Jerome Powell, who is partly responsible for those high rates enacted to curb inflation, said at a recent press conference that cuts could happen soon, perhaps several times next year.
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