The economy is terrible right now, but President Trump's approval ratings on the economy are not. Why? jbarro writes
Photo: Scott Olson/Getty Images The best thing the president has going for him right now is the economy, which doesn’t sound great for him, since the economy is terrible right now. But his approval ratings on the economy are not terrible.
Americans spent 18 percent less than normal in April; by July, spending was still about 7 percent below what you would have expected if pre-pandemic trends had continued. Meanwhile, disposable personal income was 13 percent above normal in April and still about 5 percent above the pre-pandemic trend in July, when the full $600-weekly enhancement to unemployment benefits was still being paid.
More subjective measures of financial well-being were about flat rather than improved: 77 percent of respondents this July said they were doing at least “okay” financially, up from 75 percent in October — not bad for the aftermath of a historically large drop in economic output and rise in unemployment. The trend in results on that question was about flat no matter what demographic you looked at — low or high income, rural or urban, and across ethnicities.
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