What does a “good” economy look like — and are we in one?
What does a “good” economy look like — and are we in one?
Pretty much whenever pollsters ask American voters what issues are top of mind in a presidential election year, those related to the economy are at, or near, the top.
But sometimes, what voters believe about the economy doesn’t line up with their own economic realities or what’s actually happening in the economy. That gap can influence how someone views an incumbent officeholder’s job performance or how receptive they are to certain economic messages.
People’s perceptions of the economy, of course, are closely linked to their own experience and rarely match up exactly with top-line national economic trends. That disconnect can be apparent at the grocery store, where consumers are still feeling the sticker shock of higher prices, even as the rate of inflation cools.
At Dawson’s Market in Rockville, Maryland, owner Bart Yablonsky said he’s seeing signs of the economic recovery in higher foot traffic and steadier supply chains. I asked what a “good” economy looks like to him.
“I think people working makes a good economy,” Yablonsky said. “I think [having] a lot of good products that are out there and efficiencies in products, having things that people want to purchase. … Pricing is obviously the top discussion, and food prices have gone up all last year. We’re definitely starting to see them level out a little bit.”
Outside the store, it seemed like every one of the people buzzing around on their lunch breaks had their own take on what makes for a good economy and whether we are in one.
The economy’s “not perceived as good, but erroneously. I think all indicators are going well,” said 91-year-old Jacques Gelin, a retired lawyer for the federal government. Gelin said he pays attention to the macroeconomic data showing inflation declining, low unemployment and the bullish stock market.
At the same time, he said, “grocery prices and gas prices are up. And that’s what the average person thinks. And they’ve been told that things are bad by certain people. But they’re not that bad.”
Even many shoppers who said they were doing well for themselves still expressed some skepticism about the state of the economy.
“This is the land of opportunities,” said 48-year-old real estate agent Juan Umanzor. “But I will say that I’m not happy with what’s happening now. I mean, our economy is not great. So it’s time for a change.”
Umanzor said his own personal economy is great, which he attributes to the hard work he put in over decades living in the United States.
“But a lot of people that I talk to and I surround myself with, I know they’re struggling to make ends meet,” he said.
That’s the case for 29-year-old Melody Wang, who came to the supermarket with her partner. “My standard for a good economy isn’t the stock market. It’s whether or not I can pay my bills and, like, have food to eat,” she said.
Wang recently graduated from college and is working as a substitute teacher. “I’m lucky enough that I can rely on my parents, but it’s not great so far.”
The struggles of younger Americans came up with a lot of the folks bustling in and out of Dawson’s Market.
“People are working again,” said M Aragon, who lives in nearby Takoma Park, “but that doesn’t necessarily mean that people aren’t, aren’t still struggling on … other aspects of living and surviving while still working.”
Aragon works for a nonprofit gallery, and while she likes the job, “I’m definitely, like, struggling,” she said. “I would have thought, like, at 26 I’d have much more of a surplus of money so that I can afford to travel and do things that feel like a human thing to do. But it just feels like I can only work and do other side hustles.”
Dawson’s is in a pretty affluent area just outside Washington, D.C., where many people have high-paying jobs. But it’s expensive to live there, and even people with steady work were hesitant to say we are in a good economy.
“Something as simple as, like, going to the movies is more expensive,” said Max van Over, a 35-year-old biostatistician who works for a clinical research organization. He said he makes decent money, but “I’d like to definitely save a lot more money. I had to downsize [apartments] in order to save a little bit more. But I think you probably shouldn’t have to do that in order to save.”
No matter what the numbers say about the economy, come Election Day, what matters is what people think and feel about their own economic realities.
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