Fortune reporter Will Daniel recently quoted experts as blaming consumers for America’s economic woes.
In the June 6 article — headlined “What causes a recession? Maybe it’s you and how grumpy you are about the economy” — Daniel wrote: “Some economists argue that consumers’ bad mood and increasing lack of faith in the economy — which is sometimes unrelated to their own financial reality — could in and of itself affect economic growth or even trigger a recession.”
- “A lot of consumer sentiment today seems to be a function of political alignment,” said Peter Atwater, an economics professor at William & Mary. “Individuals, when asked about the economy, are expressing more than just a view of their current economic or financial situation. They’re expressing love or hate with respect to who’s in the White House.”
- “Atwater believes that ‘feelings of vulnerability’ are what ultimately drive consumer sentiment, and those feelings can be impacted by everything from political leanings to whether or not someone feels safe in their community,” Daniel wrote.