Voters have never felt so differently about economic news as they do today. From Pew:
With the election less than two months away, partisan differences in views of economic news have become wider than ever. Despite this month’s lackluster jobs report, there has been a modest decline in the percentage of Americans saying news about the economy is mostly bad – with virtually all of the change coming among Democrats …
Amid the nation’s financial crisis four years ago, there were virtually no differences in how Republicans, Democrats and independents viewed economic news. About eight-in-ten in each group said the news they were hearing was mostly bad.
Differences in perceptions of economic news emerged after Barack Obama took office. But they never have been as great as they are today.
Why aren't our incomes growing anymore?
The New York Times has a few theories, among them:
- Automation and computers
- Global competition
- Demographics
- Deregulation
- Slowdown in educational attainment
- Family structure
The Times is asking readers to vote on the factors that they consider most important. Definitely worth a read — see all 12 theories on income stagnation and make your picks here.
Q: Where are 20-somethings most likely to live with their parents?
A: Bridgeport, Honolulu and McAllen, Texas — at least according to a new study out of Ohio State. Atlantic Cities has the details.
Stimulus works -- according to science!
Dylan Matthews read every study published on the American Recovery and Reinvestment Act, then wrote Spark Notes versions of each one. His conclusion? “A more comprehensive analysis of the studies that have tried to assess the stimulus leads to a very different conclusion” than the (negative) one promoted by Republican lawmakers.
Fascinating stuff. Read more at the Washington Post.
Economic growth is coming — and you can thank the middle class.
Here’s one reason to be optimistic about the long-term potential of the global economy: the emergence of a global middle class. About 1.8 billion strong now, the global middle class will number close to 5 billion consumers by 2030, according to estimates from the Organization for Economic Cooperation and Development.
Broadly defined as consumers with enough income for food, clothing and shelter basics plus discretionary purchases, this group will spend about $56 trillion a year come 2030, nearly three times as much as they shell out today. These consumers will insist on a higher standard of living, with meatier diets, bigger houses and better hygiene. And they’ll clamor for a wide range of consumer goods — from air conditioners and electronics to cosmetics and organic foods.
Another month, another jobs report. So what?
CNNMoney has a great chart putting this month’s job numbers in context. In case you missed it, we’re up 163,000 jobs — but unemployment’s also up slightly, to 8.3%. Our friends at the Kiplinger Letter expect that to fall to 8% by 2013.
Are banks responsible for student loan debt? A new report by the Consumer Financial Protection Bureau finds that some banks played “fast and loose” with student loans shortly before the financial crisis — to the obvious detriment of students. The chart above shows student loan volume before, during and after the crisis.
Read more at ProPublica and in the original report.
