People Have Negative View of Economy ‘Because They Remember’ How Things Were About a Year Ago

2024-03-08 18:10:46

On Friday’s broadcast of MSNBC’s “Morning Joe,” Senate Majority Leader Sen. Chuck Schumer (D-NY) stated that people have negative views of the economy “because they remember” how things were about a year ago under President Joe Biden.

Schumer said, “We had the greatest two years that we’ve had in a very long time, in terms of production for middle-class people, for American values.”

Later, co-host Joe Scarborough asked, “Let’s talk about the economy. … [W]e just got a new report in, breaking news, once again, job hiring blew past expectations…275,000 new jobs over the past month. You look at all the numbers, they’re historic, the best jobs numbers ever over the past three years, the jobless rate below 4% for the first time in 60 years, new business starts, up, as the President said, you look at manufacturing, up. I’m curious, you’ve been in politics a long time, how long does it take for the reality to catch up with the expectation?”

Schumer said, “The economy is always a lagging indicator. In other words, it takes about a year for the reality to catch up with people’s views, because they remember, they still remember when eggs were $4 or $5. They still remember when gasoline was $4 or $5. Now, the prices are lower. But people have a view, let’s see if this sticks or this just isn’t a bump. Once it stays for a while, which it will, inflation going down from 9% to less than 3%, 15 million new jobs, a record, that’s all going to start sinking in. We’re already seeing it in some of our Senate races, where the Senate candidates — the Senate incumbents are talking about this record and they’re running ahead of their Republican incumbents — their Republican challengers. So, it’s a lagging indicator, but, I believe, by September, the economy will be, in people’s minds, far more favorable than it is today.”

Follow Ian Hanchett on Twitter @IanHanchett

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People Have Negative View of Economy ‘Because They Remember’ How Things Were About a Year Ago


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