The wrong apartment problem

Created
Tue, 25/07/2023 - 07:00
Updated
Tue, 25/07/2023 - 07:00
Annie Lowrey in the Atlantic had an interesting take on why so many people are unhappy in this booming economy: Dr. Dre on the radio, The Matrix on the big screen, The Sopranos on TV: The year 1999 was wonderful for many reasons, including economic ones. That year, the median household income rose to a record level, a watermark that held for nearly two decades. (The average American family was poorer when Donald Trump was running for office than when Bill Clinton left office.) Wages were growing across the board—all kinds of workers were getting consistent raises. Productivity growth was strong. Wealth inequality was holding steady and far lower than it is today. The poverty rate hit its lowest point in years. I could go on and on with the hard statistics: The share of workers with a college degree was climbing. The homeownership rate was booming. The stock market, booming. Consumer confidence was the highest it has ever been. The share of people employed was the highest it has ever been. Investor optimism was the highest it has ever been. The share of Americans saying the country was going in the right direction—also the highest it has ever been. Things just felt like they were going well and getting better. High-quality televisions were becoming ubiquitous; cellphones beginning to replace pagers. The share of homes with a computer and an internet hookup was exploding, and the web was promising to change everything. Now: Earwormy TikTok blips on the radio, warmed-over superheroes on the big screen (at least until Barbenheimer), Peak TV drowning us in okay content: 2023 is blah for many…