It Was Never Just Vibes (opens in new tab)

The vibecession is back, or never really went away, or is now a “permacession.” Or so we’re told. But here’s a novel thought: What if it’s not just vibes? For years, economists and commentators have been trying to explain why American consumer sentiment and confidence in the economy have hit record lows while many objective measures of the economy remain solid. This alleged dissonance persisted throughout the Biden era, when the economy was recovering from the Covid pandemic, and has only got...