July 17, 2024

Ep 432: Your 2024 Mid-Year Economic Check-In

44 minutes

We are just past the halfway point of 2024, and things aren’t feeling great economy-wise, despite the US economy reaching “superstar status,” according to a recent article in the Atlantic.

Kyla Scanlon coined the term “vibecession” to explain this feeling. In her new book, “In This Economy? How Money & Markets Really Work,” she breaks down why what’s really going on in our economy feels at odds with what we’re experiencing in our day-to-day lives.

Chapters:

0:00 Intro

4:08 The Disconnect Between Economic Data and Consumer Sentiment

9:10 Personal Economic Experiences

13:37 American Personal Savings Rate

21:26 Economic Impact of Upcoming Presidential Election

27:00 Mailbag Segment

31:25 Evaluating Credit Card Benefits

34:14 Managing Savings for Major Goals

Takeaways:

Despite the US economy's strong performance, many Americans have a negative perception of the economy — that’s what we call the “vibecession,” influenced by alarmist media headlines and the vague language used by the Federal Reserve.

Buying a house is challenging due to high mortgage rates and elevated home prices, with the housing market facing long-standing issues that will take time to resolve.

The stock market's all-time high does not necessarily reflect the financial well-being of consumers, as it is driven by a few companies and does not capture the experiences of all Americans.

Financial education and savings incentives are crucial to address the low savings rate among Americans and promote a healthier personal economy.

The upcoming presidential election could have significant economic implications, with different policy approaches potentially impacting tariffs, student loan debt relief, and other areas.

Adopting an adventure mindset and promoting innovation can help address economic challenges and lead to solutions to the housing crisis, rising healthcare costs, and climate change.

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The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney.

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By Jean Chatzky Her Money

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