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Consider This from NPR

The numbers were good, but feelings were bad: The US economy in 2024

Consider This from NPR

NPR

Society & Culture, News, Daily News, News Commentary

4.15.3K Ratings

🗓️ 23 December 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

By most objective measures, the US economy is in good shape. Employers added about 2 million jobs this year. Unemployment is low. In much of the country, gasoline is now selling for less than $3 a gallon.

The Economist has called the United States' performance "the envy of the world."

But even as the U.S. is outperforming most other countries, many Americans remain frustrated by the high cost of living. And that's fueled a lot of unhappiness, and a political comeback for President-elect Donald Trump.

Trump will soon take the reins of an economy that's bounced back strongly during the four years he was out of office. For many families, though, that rebound was overshadowed by soaring prices for food, housing, and other necessities.

Will his policies bring costs down? Or rekindle inflation?

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Transcript

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0:00.0

Hey, it's Scott Detrow.

0:01.0

Before we start the show today, we want to say thank you for making consider this part

0:04.2

of your daily routine, even than the thick of the holiday season.

0:08.2

Listeners like you may consider this in everything you hear from NPR possible.

0:12.0

NPR is public media, which means we're here to serve you and we're here because of you.

0:17.1

Thank you so much if you already support that work through NPR Plus or by donated to your local station.

0:22.0

Your generosity helps us do our work.

0:24.8

If you haven't made that leap to contributing yet right now before the end of the year is the perfect time.

0:29.4

You can sign up for perks like sponsor-free listening and bonus episodes across more than 25 NPR podcasts with NPR Plus today.

0:40.1

You can join right now at plus.npr.org. That is plus.npr.org. Thanks. Let's get to today's story. Despite the recent political dysfunction

0:46.1

in Washington, the U.S. economy is ending this year on a high note. Inflation is down, real wages

0:51.6

are up. New figures released last week showed that GDP grew at an annual rate of more than 3% in the late summer and early fall.

0:59.3

The Economist magazine is called the United States Performance,

1:01.9

quote, the envy of the world and Federal Reserve Chairman Jerome Powell

1:05.5

says he hears regularly from foreign counterparts who wish their own countries were doing this well.

1:10.5

The U.S. economy has just been remarkable.

1:13.5

When we've, in these international meetings that I attend, this has been the story, how well the U.S. is doing.

1:19.6

If you look around the world, there's just a lot of slow growth and continues struggle with inflation.

1:25.6

But even as the U.S. is outperforming most other countries, many Americans remain

1:29.4

frustrated by the high cost of living.

1:31.9

Two-thirds of the people who responded to an Associated Press survey this month

1:35.2

described the U.S. economy as poor.

...

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