Why the 1960s can help us understand our confusing economic mood
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The article explores how the economic boom and public pessimism of the 1960s can help us understand the current economic mood. The 1960s saw a combination of economic expansion and social unrest, with the economy not becoming a central concern until inflation became a problem later in the decade. The article draws parallels between the 1960s and the present day, highlighting the role of the economy in shaping public consciousness and the division among economists regarding the reasons for public dissatisfaction with the economy. It also discusses the impact of social issues and politics on the assessment of the nation's finances. The article mentions the University of Michigan consumer sentiment survey, which shows an improvement in consumer confidence but still remains below pre-pandemic levels. It also explores how the economy shaped the 1960s and the current era, with both periods marked by social changes and economic challenges such as rising consumer prices. The article concludes by discussing the possibility of 2024 being remembered like 1968, a year of social upheaval, and the lessons that can be drawn from both eras.
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