RAMBOW: The Real Battle In 2024 Is Consumer Sentiment Vs. Gov’t Statistics

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Joseph Rambow Contributor
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This November, millions of Americans will head to their local voting precinct and decide who should lead our country for the next four years.

On the top of their minds: the economy.

Americans historically vote based on their checkbooks – whichever candidate has a better vision for easing the financial burden facing so many families is going to win.

The traditional metrics that measure economic viability indicate the economy is actually in pretty decent shape. Across the board, inflation rates are down, employment rates are up, and interest rates are remaining steady, with the Federal Reserve possibly lowering rates later this year.

But do these metrics actually represent the feelings of hardworking Americans who are focused on making ends meet? 

Just go to the Bureau of Labor Statistics site. Right on the homepage, there is an inflation calculator. If you enter $1 in Jan. 2020 it shows that it takes $1.20 to match that dollar today. How many Americans can say their incomes have risen by 20 percent since Jan. 2020?

In addition, how are Americans supposed to trust the same leadership that got the whole inflation problem wrong from the beginning? 

We were told for nearly a year that it was transitory. The confidence and credibility of the leadership is vastly lacking. On the one hand, we have our Federal Reserve Bank trying to combat inflation with restrictive monetary policy, and on the other hand, the federal government is fueling inflation with further spending increases.

As the economy braces for these changes, concerns arise regarding the accuracy of the government’s inflation numbers and their implications for the broader economy. 

Every time Americans go to the grocery store, put fuel in their tank, or even go to buy a bigger car because their family is expanding, they are hit with major cost increases.

The cost of everyday essentials like gas and groceries seems to be increasing each week. These are the metrics Americans use to determine whether or not the economy is working, and they seem to contradict what the government is claiming.

There is a massive disconnect between bureaucrats and average Americans.

A new report from the Public Policy Institute of California found that a revised estimate of job growth in 2023 actually indicates weaker economic performance for the state with the largest GDP. Thus, the report shows the widening disconnect between government statistics and, for most Americans, the bleak reality of current economic conditions.

California is not alone – our own federal government is experiencing discrepancies in economic statistics.

The Federal Reserve Bank of Philadelphia reported that the 2023 job numbers coming from the White House do not paint quite the rosy picture Washington wants them to.

The federal government can claim all it wants that our economy is strong. But ultimately, the people who will decide the outcome of November’s crucial election have a different understanding of current economic conditions.

As someone who works in the wealth management industry, I tend to agree with the majority of Americans. Our economy is not as strong as it is being made out to be.

Inflation continues to rock households throughout the country. We are told the rate of inflation appears to be slowing, but if you go to the grocery store, you see the exact opposite.

When voters head to the polls, they are more likely to remember how much they paid for milk that morning than they are to remember some statistics from the news that seem to change weekly.

If either party wants to win in November, it must understand that American voters’ sentiments are not always aligned with the information they are trying to sell.

Joseph Rambow is the founder and CEO of Neptune Technologies and a Managing Partner for Pelican Wealth Advisors, where he has become an industry expert in wealth management and artificial intelligence.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller.