(NewsNation) — In a nation long inspired by the “pursuit of the American dream,” the reality for many in the United States paints a starkly different picture, NewsNation “On Balance” host Leland Vittert says.
According to the U.S. Bureau of Labor Statistics, over 5 million Americans are currently juggling two jobs, marking a record high since the commencement of this statistic in 1994.
Vittert says this isn’t a lifestyle choice. It’s a necessity driven by economic constraints.
Housing costs, as reported by The Wall Street Journal, have soared to unprecedented heights, prompting divorced couples to continue cohabiting simply due to the financial burden of separate living arrangements.
Vittert says this predicament reflects a broader issue. It’s not that the economy is in shambles; rather, it’s the Biden administration’s limited ability to effect change.
“It’s that the administration really can’t do anything about it,” Vittert added.
Wall Street closed its worst week since Halloween with a listless Friday after reports showed workers are getting bigger raises, but key parts of the economy still don’t look like they’re improving.
U.S. Treasury Secretary Janet Yellen described pessimism about the economy as unwarranted.
“There has been a lot of pessimism about the economy that’s really proven unwarranted,” she said. “(People are) spending in ways that suggest they’re happy with their financial circumstances.”
The disconnect between official reports and the tangible struggles faced by many Americans is palpable as reports indicate credit card debt has reached a staggering $1 trillion nationwide.
Former Goldman Sachs analyst and conservative commentator Trish Regan, host of “The Trish Regan Show,” joined “On Balance With Leland Vittert” to discuss how things look so good by the numbers and then feel so bad to some Americans.
“I think you have to think about the market as something that’s rather separate than just Main Street America,” Regan said.
Regan emphasized that the market operates somewhat detached from struggles faced by many Americans.
Regan called the prevailing sentiment on Wall Street bullish.
“If I’m investing in the markets,” she said. “Hey, it’s game on, right, the Fed is gonna leave rates low.”
While economic reports may suggest prosperity, Regan points to lurking concerns, particularly regarding inflation.
“So there’s a little bit of inflation creeping in,” she said. “But you gotta remember that there’s that old adage, ‘Don’t fight the Fed.’ And that’s why the market kind of likes some of this.”
Regan emphasizes the significance of how people feel versus the statistical data presented.
“When you have low inflation, you feel like you have more spending power,” she said. “You got more bucks in your pocket like you want that low inflation. When inflation keeps going up, you can’t afford as much. It’s pretty simple.”
While factually accurate, Biden’s emphasis on low inflation doesn’t resonate with individuals struggling to cope with rising costs in their day-to-day lives, Regan said.
Shifting the focus to the political landscape, Regan drew parallels to past administrations and highlighted the need for a positive outlook.
“It drove me crazy when Obama would get up there and say, ‘Things are really bad, we have much more work to do,'” she said. “And I’m like, wait a second, I just saw the last jobs report, and it’s actually looking pretty good. Why don’t we celebrate that?”
Regan added, “One of the things that Trump had going for him was he was always willing to throw a party, right? Like he’d get an economic number and he’d always see sort of the silver lining.”
Regan called out the Biden administration, saying, “He’s not exactly the cheerleader. He’s not exactly putting a sunny face on things.”
The Associated Press contributed to this report.
