Too many people don't have an overview of the state of the American economy

The day before, the nonpartisan Congressional Budget Office reported that the things Americans bought in 2023 were actually cheaper to buy in 2023 than they were in 2019. In short, purchasing power of all Americans was higher in 2023 than it was in 2019.

The CBO report concluded that we, as buyers, are better off today than in 2019 because household incomes grew faster than prices during that four-year period. The very wording of the report was that “for all income groups…the share of household income needed to purchase the same set of goods and services has declined.”

For all of us, from the bottom to the top of income, our purchasing power has increased.

U.S. manufacturing jobs are growing for the first time since 1947, and unemployment has been below 4% for the past 27 months. Additionally, for those lucky enough to have retirement accounts or other assets in the U.S. stock markets, those also closed at record highs in mid-May.

Anyone who thinks the current economy is bad and worse off than in 2019 is paying too much attention to the media.

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