Did you know that over 12 Snickers bars are sold every second in the United States? More important, did you know that this fact contains insight as to why voters are unhappy with our economy? With clarity and a bit of wit, the UBS economist Paul Donovan offers his take on what has been one of this election's biggest mysteries: Why are voters so concerned about a problem that, by most measures, doesn't really exist? In December, consumer prices increased just 3.4 percent over the previous year; in June 2022, the increase in prices over the previous year was 9.1 percent. And yet voters are still declaring inflation a major issue. The answer has less to do with economic statistics and more to do with human nature. As Donovan explains in his guest essay, history holds many examples of emblematic commodities or cultural memories being reflected in feelings about economic reality, from Italians' apparent sensitivity to shifts in the cost of espresso to German wariness of fiscal deficits decades after experiencing hyperinflation. The recognition of the power of such sentiments even led President Richard Nixon's administration to obsess over hamburger meat. "As Nixon's special counsel Charles Colson described it, hamburger meat was 'the one item that is highly visible and meaningful to the housewife.' The gender stereotyping seems archaic half a century later, but the principle still holds," Donovan writes. There have been many arguments made about the forces that are dominating this election. As Donovan notes, perhaps some of the most important ones can be those influencing the decisions you make at the grocery store. Read the guest essay:
Here's what we're focusing on today:
We hope you've enjoyed this newsletter, which is made possible through subscriber support. Subscribe to The New York Times. Games Here are today's Mini Crossword, Wordle and Spelling Bee. If you're in the mood to play more, find all our games here. Forward this newsletter to friends to share ideas and perspectives that will help inform their lives. They can sign up here. Do you have feedback? Email us at opiniontoday@nytimes.com.
If you have questions about your Times account, delivery problems or other issues, visit our Help Page or contact The Times.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thursday, January 18, 2024
Opinion Today: That candy bar seems a little pricey
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment