When asked what drives the economy, many Americans have a simple, single answer that comes to mind immediately: "greed." They believe the rich and powerful have designed the economy to benefit themselves and have left others with too little or with nothing at all.
When experts talk about the economy, they often focus on issues that many Americans feel have little effect on their lives. Growth and productivity are important, but they are not everything. The nation needs to focus less on how the economy is doing and focus more on how Americans are doing. This idea led to the project at the heart of our guest essay this week. Over the past two years, with the American Academy of Arts and Sciences, we spearheaded a team that held small-group conversations about the economy in almost every corner of the country. In these conversations, participants shared their frustration with the two major political parties, their belief that greed is the driving force of the nation's economic system and the stresses caused by financial insecurity. As a participant in Kentucky told us: "Even when you think you're doing [everything] right … it's always something that jumps in the way. … I just feel like they don't give you a chance out here." These conversations help explain the disconnect between traditional economic indicators and polling that for months found widespread dissatisfaction with the economy. Polls can highlight preferences and trends, but they do not provide understanding. Truly understanding what people think requires listening to them share their own stories in their own words. Listening can provide a blueprint for a better and fairer economy. Creating an economy that puts people first means giving them a say over the institutions that shape their lives. In nearly all our conversations, participants expressed their appreciation for the chance to share their thoughts, simply because it felt like a rare opportunity for them to make their voices heard. They should have many other chances to do so, and the rest of us should be sure to listen.
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Saturday, February 24, 2024
Opinion Today: Many Americans believe the economy is rigged against them
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