Derek Thompson: “We’re now in the back half of a year that was supposedly doomed, and the U.S. economy isn’t just narrowly avoiding a downturn. As the writer Noah Smith points out, nearly everything you should want to go well in an economy is going quite well right now.”
“Employment is high, inflation is falling, real incomes are rising, and inequality is narrowing.
Superlatives abound. The official unemployment rate is near a 60-year low, and the jobless rate for Black Americans recently hit an all-time low. The U.S. has the fastest growth rate and the lowest annual inflation of any G7 country. Yes, problems exist. Essentials such as housing, education, and health care are still too expensive; wages could be growing faster; and last year’s inflation is still baked into today’s prices. But mostly, things are good—for now.”