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Fresh veggies and herbs are a staple of longevity diets. d3sign/Getty ImagesThe US economy defied most inflation and employment recovery predictions.However, economist Paul Krugman argues inflation created lasting psychological and political damage.The disconnect between the economy’s performance and people’s perceptions could impact coming elections.Inflation is coming back down, but it may still have a years-long impact on American morale — and our politics.The US economy has defied most predictions about how it would recover from painful inflation, economist Paul Krugman wrote in a recent op-ed for The New York Times, yet the real damage has little to do with jobs or prices. Instead, inflation, which now sits around 3.2% as of July, has had lasting psychological and political damage, Krugman argues.Though American perceptions of the economy are improving, there still exists a major disconnect between how the public perceives the economy and how the economy is actually performing. A new Quinnipiac University poll of over 1,800 adults found 71% of Americans described the economy as poor or not so good. Meanwhile, Goldman Sachs predicts there’s just a 15% chance of a recession over the next 12 months.Some have deemed this the “vibecession,” caused in part by the shock of higher prices after a period of stability. That shock may be blinding many people to a slew of positive economic data.”At this point, however, it’s more or less impossible to deny that there’s something strange about the public’s negative view about a very good economy,” Krugman wrote.The negative view many have of the economy could hurt Biden and Democrats in the upcoming election. Biden and Trump are polling at very similar levels, with a recent Wall Street Journal poll showing 39% of registered voters viewed them favorably, compared with 58% who viewed them unfavorably. It’s still very early in the campaign cycle, though with many Americans still asserting the economy is hurting, the political sphere may continue heating up.Story continuesDespite the economy’s ‘remarkable progress,’ the pain of inflation still haunts AmericansIn the first year or two of the pandemic, many leading economists across the political spectrum blasted President Joe Biden’s economic policies, with some noting that the Federal Reserve erred in not raising interest rates in 2021 when inflation first reared its head. Many predicted inflation would skyrocket and not come way down without years of high …
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