When Republicans express dismay over public disappointment with the economy, it’s generally indicative of how out of touch the party really is. When the New York Times does the same thing, it’s just odd.
In many ways, the economy has not looked so good in a long time…. But Republican candidates do not seem to be getting any traction from the glowing economic statistics with midterm elections just two weeks away.
The economy is virtually nowhere to be found among the campaign ads of embattled Republican incumbents fighting to hold onto their House or Senate seats. Nor is it showing up as a strong weapon in the arsenal of Republican governors defending their jobs from Democrats.
“I don’t know of another election cycle in which the economy was so good, yet the election prospects for the incumbent party looked so bad,” said Frank Luntz, a Republican strategist.
Deep into the story, the NYT notes, “Rather than celebrate the stock market’s gains and the overall growth of the economy, many voters are worried about the wages of ordinary workers, which have just started to improve after several years of falling short or barely keeping up with inflation.”
You don’t say. Regular American workers are more interested in regular American wages than the health of the Dow Jones? Economic growth doesn’t seem to mean much when most people aren’t feeling the effects?
Why would anyone find any of this surprising?
The WaPo/ABC News poll released this morning found that the public isn’t satisfied with the state of the economy, and only a quarter of those surveyed said they are getting ahead financially. Not surprisingly, Republicans have an advantage only among those who say their financial condition is improving.
With this in mind, Luntz’s quote is about how the majority party should be excelling considering how “good” the economy is, suggests the right is completely oblivious about the kind of indicators the public is looking for.
Through September, the growth in hourly wages was flat or negative for 27 of the previous 29 months, according to Labor Department data….Workers are barely keeping up. Health care, wages and energy prices are consumers’ top three economic concerns, according to a Gallup poll in September.
“That has to do with things like stagnant wages, fears of jobs being outsourced, income security. These are on people’s minds, particularly in lower- and middle-income areas,” said Dennis Jacobe, chief economist in Charlotte, N.C., for Gallup.
“I think it’s quite clear to people that their paychecks are being squeezed when they try to meet their family budgets,” said Jared Bernstein, the chief economist for the liberal Economic Policy Institute in Washington. “There’s a disconnect between overall economic performance and paychecks of working families.”
Why is this so hard for people to understand? Wages are awful, bankruptcies are up, debt is skyrocketing, Americans are working more for less, employment insecurity is everywhere, health care costs are hard to keep up with, and unions and bargaining power are in decline. The rhetoric from the GOP majority in Washington argues, “We cut taxes for billionaires; everyone should be thrilled.”
Who, exactly, expects the typical American to be impressed with the economy?