Summary
President Joe Biden highlighted his administration’s economic record, citing consistent job growth and a 2.7% inflation rate drop from its 2022 peak.
December’s jobs report showed 256,000 new jobs and declining unemployment, signaling steady economic growth.
However, inflation remains above the Federal Reserve’s 2% target, and interest rates remain high, impacting homebuyers and businesses.
Public pessimism lingers on affordability as Biden passes a largely strong economy to his successor, Donald Trump.
Average savings rate, average credit card debt, number of homeowners, college enrollment rates, average net worth. Lots of measures that the news and politicians ignore.
Averages wouldn’t work. We need some unit that returns a low number if most of the wealth is in a small number of people’s pockets.
Consider a world where one country has 99% of the world’s wealth, and 99% of that wealth inside that country is held by 1 person, with everyone else literally struggling to feed themselves.
An average net worth for the country would show the country as having a very good economy. But, in fact, the economy is terrible. Because it benefits only one person. That’s a failed economy.
That number would be the median, which is a form of average.