Since the U.S. economy slipped into a technical recession—i.e., two consecutive quarters of negative GDP growth—the White House has rejected that the country is in the middle of an economic downturn.
President Joe Biden and his administration have alluded to various metrics to suggest that the American people are doing well, be it strong job creation or robust consumer demand.
So, how is the public doing, anyway? The Misery Index, a gauge of the health of the national economy, might offer some insight into how citizens are performing in the current economy.
Misery Loves Recessions?
The U.S. Misery Index clocked in at 12.1 in July, down from 12.7 in June. The monthly data point has been above the 12.00 threshold since May. The index has also been situated in double-digit territory since April 2021, averaging nearly 11.00 since the beginning of President Biden’s time in office….