President Joe Biden goes into next year’s election with a vexing challenge: Just as the U.S. economy is getting stronger, people are still feeling horrible about it.
Pollsters and economists say there has never been as wide a gap between the underlying health of the economy and public perception. The divergence could be a decisive factor in whether the Democrat secures a second term next year. Republicans are seizing on the dissatisfaction to skewer Biden, while the White House is finding less success as it tries to highlight economic progress.
“Things are getting better and people think things are going to get worse — and that’s the most dangerous piece of this," said Democratic pollster Celinda Lake, who has worked with Biden. Lake said voters no longer want to just see inflation rates fall — rather, they want an outright decline in prices, something that last happened on a large scale during the Great Depression.
“Honestly, I’m kind of mystified by it,” she said.
No part of economics assumes that people “want money”. If that were true, there would be a lot more printed paper money in circulation.
Utility curves use prices for goods to find the maximum value of “happiness” or “satisfaction”. Rationality, in Economics, mean that people’s actions conform to their utility curves based on current prices.
Basically, if you like apples (or whatever) you should pay more for them than other goods, comparatively. That’s rational because your actions follow your preferences. Nothing to do with “liking money”.
Ah, okay. It’s not “rational” it’s “Rational™” which is an economic term. Kind of like how Magnetic Attraction™ isn’t them wanting to fuck.