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Unemployment remains (generally) low — by historic standards.
Household spending continues to grow.
And yet, ask anyone — and polls do it all the time! — whether they feel like their financial situation is (or will be) good and they tell you “no.”
What gives?
I put that question to economist , the former head of the Congressional Budget Office during the presidency of George W. Bush.
(Sidebar: Doug now runs the American Action Forum, a center-right think tank. I HIGHLY recommend subscribing to his “Daily Dish” daily newsletter.)
His answer comes down to a single chart — comparing real wages to inflation. Meaning, in layman’s terms, how much you make versus how much the things you buy cost.
Here’s the chart (via ):
“In 2026, you go to work, you work hard all week, and you're further behind,” Doug told me. “Food's expensive. Gas is expensive. You know, people are just really angry about that. And I think that's legitimate.”
I think that’s a critical point to remember in the final month of this campaign.
Doug and I also talked about:
💸 Trump, tariffs and inflation
📈 The bond market’s warning signs
💳 America’s $40 trillion debt problem
⏰ The coming Social Security reckoning
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