Economic Stories You Haven’t Heard About
February 27, 2020
- Consumer confidence is at a 15-year high
- Economic headlines that haven’t gotten much media coverage
- What could slow us down?
The average American is feeling pretty good about the state of their Paychecks. According to MarketWatch, Americans are feeling more confident because of job security, income and wealth growth, a record-high stock market, and an 11-year economic expansion that hasn’t been stopped by the trade war, coronavirus, or the presidential election cycle.
Economic stories you haven’t heard about
With so many positive things in the economy to talk about, it’s easy to overlook some of the stories that don’t get much media coverage these days… like a better working climate for disabled workers, a booming local brewery industry, or economic activity that is less concentrated in a few big cities than it has been during most of the last 50 years.
Thanks to the strong economy, disabled workers are less-dependent on Social Security Disability Insurance (SSDI). As Vox writes, “lots of labor force dropouts, especially disabled ones, are getting back in the game.”
Then there’s the business of brewing beer, which has been expanding over the past decade and bringing new sources of tax revenue to communities across the country. More breweries also mean more food trucks, which helps even more local businesses and continues to strengthen the tourism industry.
Aside from better job security for disabled workers and a booming brewery industry, one of the most positive economic signs is the shrinking gap in geographic inequality. As the NY Times writes, “economic activity is less concentrated in a few top metro areas than in the past.” 26 percent of all economic activity was in the top five metropolitan areas back in 1969, but that number was just 21 percent in 2018.
What can stop us now?
You might have also noticed that doomsday headlines promising a recession have waned, as the economy has powered through an impeachment, and is currently powering through concerns over the Coronavirus. But stripping away all the headlines, are there areas of concern we should actually be on the lookout for?
If there’s anything we should be worried about, it’s not really what’s happening within our borders – it’s what’s happening abroad. Across the globe, fears of the Coronavirus, slowing GDP growth, growing debt, and geopolitical uncertainty in the middle east are some of the factors that could slow growth in the US.
The bottom line
At the end of the day, the US economy is stronger than it’s ever been and consumer confidence is nearing all-time highs. Global concerns will never go away, so relish in the fact that there’s never been a better time to make your paycheck work for you.