Recent online discussions reflect a general dissatisfaction and frustration with the current economic situation, particularly around rising prices. There is a clear demand for more effective communication from the government and corporations about measures to manage inflation and stabilize prices. The online discussions provide a rich insight into the public sentiment and concerns regarding the current economic situation, particularly focusing on inflation and price changes. A few key themes emerge from these discussions:
Frustration over Rising Prices
Many online users express dissatisfaction with the continued increase in the prices of goods and services, with specific mention of gas prices and the subsequent impact on other sectors such as fast food and retail.
Lack of Trust in Corporations
There is significant sentiment expressing distrust towards corporations like Walmart and McDonald's, with users questioning why prices have not dropped now that gas prices have been lower for over a year.
Concern Over Real Estate Market
Concerns over the stability of the real estate market, particularly in high-value areas, are evident. Users are worried about the potential impact of environmental factors (like climate change) on property values and safety.
Uncertainty and Anxiety
There is a general sense of uncertainty and anxiety about the future, particularly concerning economic stability and the potential for increased inflation.
Skepticism Towards Biden and Media
There is skepticism towards the claims made by Biden and the media regarding the state of inflation. Users are eager for tangible evidence of improvement.
Messaging
Increasing Sentiment on Inflation Getting Better:
Tangible evidence of price decreases, especially in essential goods and services.
Positive news about economic recovery and job growth.
Clear communication from the government about measures taken to control inflation.
Decreasing Sentiment on Inflation Getting Better:
Continued increase in prices of goods and services.
Negative news about the economy or job market.
Lack of clear communication or perceived inaction from the government on inflation.
American voters have an unhappy view about the job market and general state of the economy. Conversations online boil down to two indicators:
Distrust in the economic reporting
How the government spends money
Americans remain skeptical about the job reports, with claims that half of the jobs are "fake" and the other half being government jobs. They also express concern about the lack of new jobs for native-born Americans since 2018. This sentiment could be indicative of wider concerns about unemployment, underemployment, and the overall health of the job market.
Online conversations support this a pattern of the top discussions:
Concerns about job security and employment prospects, especially for native-born Americans
Doubts about the accuracy and reliability of government-provided statistics
Belief in the recovery and stabilization of the labor market
General interest in economic matters, with specific focus on employment rates and the health of the job market
The broader context of political discourse, with jobs and the economy being key issues in political campaigns and policy-making
Bipartisan Disapproval
Democrats' comments seem to focus more on dissatisfaction with the current tax system, advocating for reform and suggesting that wealthy individuals and large corporations are not paying their fair share. They also express concerns about how tax money is being spent, particularly with regard to funding wars.
Republicans' comments reveal a similar dissatisfaction with the tax system, but from a different angle. They mention the burden of taxes on the middle class and business owners, and they express frustration with how tax money is spent. They also seem to be against high taxes and are more likely to suggest tax cuts or reforms that reduce taxes.
Independents' comments are a mix of the above. They express frustration with the complexity of the tax system, the perceived unfairness of the distribution of tax burdens, and the misuse of tax money. They also discuss the impact of taxes on various groups, including the homeless and the self-employed. Some Independents seem open to both tax hikes for the wealthy and tax cuts for middle-income earners and businesses.
Media Narrative Support
Online conversations appear to be sustained by assistance from traditional approaches; online discussions peaked on Jan 10, Jan 18, Jan 25, Feb.
Jan 10: several articles about Biden adding 14 million jobs
Jan 18: Biden tweets about adding 14 million jobs
Jan 25: several articles and Nancy Pelosi tweet about adding 14 million jobs
A recent Media Intelligence Group (MIG) report on public sentiment regarding the US economy reveals a nation split along partisan lines. Supporters praise the administration for allegedly reducing unemployment and achieving GDP growth. But critics blame Biden for rising inflation and interest rates that threaten the middle class.
One sentiment that crosses the political divide is that many people feel their financial situations are becoming strained in the current economy. The report highlights Americans worries about the impact of continuously climbing interest rates on mortgages and car loans.
Today auto loan defaults are surging, and mortgage rates hover around 7.5%. Households are struggling with the higher threshold for borrowing. Despite the administration touting positive economic indicators like a 4.9% GDP growth in Q3 2022, many of the voting population still express fear and uncertainty. MIG data shows that Joe Biden's approval rating dropped to a concerning 35% during the second week of October.
Biden critics point to inflation reducing real incomes and an accumulating public debt burden as indicators of economic mismanagement. But Biden supporters credit policies like the Inflation Reduction Act for spurring investment and job creation. In general, sentiment appears aligned with political affiliations but the overall sentiment towards the economy in 2023 is negative.
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