If there’s a time in history that might make sense of today’s political and economic moments, post-WWII America might just be it.
Many analysts today have been perplexed by public dissatisfaction with the economy while unemployment and gross domestic product (GDP) have remained strong and as inflation has slowed significantly after a steep rise.
To some, public opinion and economic realities are so discordant that it requires a non-economic explanation, called “vibes,” like the effect of social media or a pandemic hangover on the national mood.
But in the era of modern economic data, Harry Truman was the only president besides Joe Biden to oversee an economy with inflation more than 7% while unemployment stayed under 4%, and as GDP growth kept climbing. Voters weren’t overjoyed then, either. (Yahoo News 01/04/24) Want to Understand 2024? Look at 1948. (yahoo.com)
[Editor's Note: Remember what happened in the 1948 election? Truman amassed 303 electoral college votes to 189 by the Republican challenger. It was one of the greatest election upsets in American history. Incumbent President Harry S. Truman, the Democratic nominee, defeated heavily favored Republican Governor of New York Thomas E. Dewey, and third-party candidates, becoming the third president to succeed to the presidency upon his predecessor's death and be elected to a full term.]
No comments:
Post a Comment