There is an interesting cognitive dissonance around the economy.
The tone, the memes, the lived experience are all: We’re struggling to barely survive. But when this gets brought up in the context of the current administration and their policies its: Its the best economy in a decade.
When you look at polling data, its always the economy at first position in terms of how people are going to vote. I think the current congress and the administration really shot themselves in the foot with the what they approached as priority in current legislation. It was all “might make a difference to peoples lives in 5-10 years” and almost nothing that “makes a difference in peoples lives they can sense right now”. Its not like that bigger picture stuff didn’t need to be done, but convincing a few wonks on the edges doesn’t get you elected to a second term.
Ultimately voting is transactional. If voters vote for you and you don’t provide the goods, they’ll move on.
The article is misleadingly framed by implying 58% being historically bad (though they avoid mentioning any historical comparisons in the article to avoid outright lying). Unfortunately 58% is a historically good number for this. It was as high as 78% in 2017. Also check out the very well sourced other comment on this article with this number for many more years. 58% seems historically one of the best results ever recorded.
https://www.cbsnews.com/news/americans-living-paycheck-to-paycheck/
Not that we shouldn’t push for it to be even better, 58% is still not a good number in absolute terms in my opinion, but the article is being very misleading when it portrays this as some unheard of worsening catastrophe.
The article doesn’t say, unless I missed it… but isn’t that below what it was? I thought it was over 60 not long ago.
Other sources say 66% right now.
They said 78%, 60%, 55, 63%, or 61% last year.
65% in April and 60% in December.
61% in 2022.
69% in 2020.
78% in 2019.
78% in 2017.
68% in 2012.
72% in 2010.
65% in 2006.
Numbers are all over the place, but 58% looks like almost the lowest reported by any source over the past 10 years or so (from what I could find).
I probably saw the 2022 figure. Thanks.
They didn’t ask, “what percent of your paycheck goes to rent/mortgage?” or “How many weeks of your paycheck do you have in savings/retirement?”
Don’t most people live paycheck to paycheck? I pay almost all of my bills on a credit card for the miles, and then i pay bill when i get paid.
Unless you are saving to something big in the near future it doesn’t make sense not to. I have known many peohle to die young. I have known misers who died with millions in the bank. There is no point to money after death (at least not most religions, I cannot comment on yours) earn it, save a little for a rainy day and spend the rest.
I want to retire. I’m “paycheck to paycheck” but maxing a few retirement accounts. I could easily not work for a year and survive. Depending on how the survey or whatever was phrased, I’d be included in that 58%. I should not be.
