The Great Exclusion
The United States of America is once more booming, apparently. The economy, according to recently released figures, grew 5.2% in the third quarter of 2023 — an increase that surpassed expectations. Corporate profits were up in the same quarter by more than 4%, helping drive wages higher which in turn resulted in increased consumer spending. Across a range of metrics, the US economy currently looks a lot healthier than it did when Joe Biden first assumed office. Yay!
Higher growth, lower unemployment, and a growing economy should — according to received wisdom — ensure Biden’s re-election next year. Unfortunately for Joe, many Americans aren’t buying it. Despite the positive numbers, consumer sentiment remains low and Biden still trails Donald Trump in most opinion polls. Even among Biden supporters there remains a general pessimism about the state of the economy. The reasons for this should be obvious. Despite the headline figures, too many Americans are not feeling the benefits of a growing economy.
The most basic of economic needs are simply not being met for a significant portion of the population. Last year, nearly 17…
