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The economy overall might be fine, but the average person can still not be.
People don't care much about data and facts on unemployment and GDP when ultimately their personal situation is what matters. Things are more expensive and wages for a lot of people haven't kept up. Already have too many people think that no/less inflation means prices go down, when actually that just means prices stay the same or go up slower. Deflation is off the table cause that can be even worse.
Sadly, there isn't much that can be done beyond sticking to higher interest rates and letting the market adapt and catch up.
Not much the president can do either, especially with this congress. Even if it wasn't, the changes and effects would likely take years to even reach fruition. Let alone have a significant impact for most people if all goes according to plan.
We have seen this scenario play out before.
I'm not sure that this is the case but I'm not an expert. A recent opinion pieces by Krugman showed survey data that indicated that most people reported doing ok, while also saying the economy was not. Some of this might be related to individuals doing ok but being worried about the prevalence of folks struggling.
Article: https://www.nytimes.com/2023/09/07/opinion/economy-inflation-negativity.html
One key point is that at the end of 2022, 73% of respondents said that they were doing at least ok financially. So almost three quarters of households aren't significantly struggling, and yet a majority of people also say the economy isn't doing well, even when they are.
Now, many people are struggling, but many people are always struggling. The question is why is the proportion of people with a negative sentiment towards the economy out of whack with the number of people reporting doing ok financially.
I dunno; Krugman makes some guesses and the article is a quick read. If you hit a paywall let me know and I'll make a gift link.
Edit: I’m OK, but Things Are Terrible
Paywall.
But that is very weird if people think they are fine, but somehow others aren't and the economy isn't. At least enough to say that.
Gift article: I’m OK, but Things Are Terrible
Yeah, the survey responses seem out of whack compared to historical data. It's odd, and worth thinking about.
Interesting option from the article.
So, it might be more "everything is falling apart or not the same" type of thinking. Could explain it and wouldn't surprise me.
Everything does seem different after COVID at least. Things don't feel the same even years after.