The word is new to me. I'm not sure it tells me anything, except that the lived reality for most of us is separate from the 'numbers'.
a voter's checking account feels depleted,
Feels depleted, or is depleted?
Is it possible to have strong employment numbers and yet have that employment number not reflect limited job mobility? Strong employment numbers and have lagging wage growth?
A "Fragility Premium"
I think this is the biggest factor affecting 'consumer confidence'.
I grew up in the 50s. While we lived under the shadow of nuclear annihilation (duck and cover exercises) there was a belief in the economic promise of the United States. Everyone believed they were part of the economic engine that drove the country. We believed in the stability of our domestic government. We had the sense that even disease was under control as we looked at polio in the rear view mirror. Science, the military, the government were dependable and predictable. We didn't question election integrity.
What a different world we live in now. People have faith in their neighbors, maybe, and their local communities. Not even in their school boards anymore. The rich are building bunkers, not against nuclear bombs but to defend against threats of undefined origin. Everybody wants a gun. Dual citizenship is a growing movement as people wonder if they should have an exit strategy.
Maybe the vibe people are feeling is more real than the economic numbers suggest. It's true the numbers don't hint of a depression, or recession. It's true such events would hit the middle and lower classes more than the wealthy. But those are distant threats. People look around today, and very little that they see gives them hope that there is stability not only in the distant future, but even in the near future.
Anyway, that's the way it looks to humble me who know little about economic theory.
Probably both for most.
Absolutely and not just mobility, meaning upward mobility in my mind, but also the jobs that are available are not simply good enough or well paid enough.
I see my Amazon delivery arrives regularly at 4:30 am by regular sedans. These are likely people doing a Amazon delivery service before going to the regular job at 8am.
We certainly don’t in Houston Public Schools where both my girls go. Just search Mike Miles. Enough said!
I read up on Mike Miles (!!)
I don't know if you know that I used to teach. It was a private school for adolescent girls who were diagnosed with psychiatric issues. We had books, and a state curriculum. I used the books, and my lessons (social studies, various courses) corresponded to the state curriculum, but I wrote all my own material. I wrote all my own study guides. I had small classes, because these students couldn't operate in a larger class, so I knew each student well and I knew each student's ability. My lessons were tailored for each class, with each student in mind. It was exhausting, but highly successful (I actually had to retire after six years because I was worn out😇). I can't imagine teaching to a scripted curriculum. I wouldn't have done it.
Mike Miles is much worse than that:)
Remember 1984 of Orwell?
He essentially created a "big brother" culture for the teachers over the last 3 years. We are personally throwing money at the problem because that's the only thing we can do. But situations is dire here for the teachers.
Over 4,700 teachers (about 40% of the teaching force) left during the 2023-24 school year,
https://www.houstonchronicle.com/news/houston-texas/education/hisd/article/june-teacher-employee-departures-2025-20770583.php