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Before the pandemic, a number of variables were statistically significant indicators for consumer sentiment in our model; in particular, the most salient variables appear to be vehicle sales, gas prices, median household income, the federal funds effective rate, personal savings and household expenditures (excluding food and energy).

surprisingly, our pre-pandemic model didn't find a notable relationship between housing prices and consumer sentiment

All this taken together meant Americans were flush with cash but had nowhere to spend it. So despite the fact that the savings rate went way up, consumers still weren't feeling positively about the economy — contrary to the relationship between these two variables we saw in the decades before the pandemic.

Fast forward to 2024, and the personal savings rate has dropped to one of its lowest levels ever (the only time the savings rate was lower was in the years surrounding the Great Recession)

during and after the pandemic, Americans saw some of the highest rates of inflation the country has had in decades, and in a very short period of time. These sudden spikes naturally shocked many people who had been blissfully enjoying slow, steady price growth their entire adult lives. And it has taken a while for that shock to wear off, even as inflation has cre

the numbers align with our intuitive sense of how consumers process suddenly having their grocery store bill jump, as well as the findings from our model. In simple terms: Even if inflation is getting better, Americans aren't done being ticked off that it was bad to begin with.

During the pandemic, the personal savings rate soared. In April 2020, the metric was nearly double its previous high, recorded in May 1975.

However, in our post-pandemic data, when we examined how correlated consumer sentiment was with each indicator we considered, consumer sentiment and median housing prices had the strongest correlation of all****** (a negative one, meaning higher prices were associated with lower consumer sentiment)

"Right before the pandemic, the typical average transaction price was around $38,000 for a new car. By 2023, it was $48,000," Schirmer said. This could all be contributing to the break in the relationship between car sales and sentiment, he noted. Basically, people might be buying cars, but they aren't necessarily happy about it.

That's true even if a family has been able to save enough for a down payment, already a difficult task when rents remain high as well. Fewer people are able to cover their current housing costs while saving enough to make a down payment.

Low-income households are still the most likely to be burdened with high rents, but they're not the only ones affected anymore. High rents have also begun to affect those at middle-income levels as well.

In short, there was already a housing affordability crisis before the pandemic. Now it's worse, locking a wider array of people, at higher and higher income levels, out of the home-buying market

People who are renting but want to buy are stuck. People who live in starter homes and want to move to bigger homes are stuck. The conditions have frustrated a fundamental element of the American dream

In our pre-pandemic model, total vehicle sales had a strong positive relationship with consumer sentiment: If people were buying cars, you could pretty reasonably bet that they felt good about the economy. This feels intuitive — who buys a car if they think the economy

Cox Automotive also tracks vehicle affordability by calculating the estimated number of weeks' worth of median income needed to purchase the average new vehicle, and while that number has improved over the last two years, it remains high compared to pre-pandemic levels. In April, the most recent month with data, it took 37.7 weeks of median income to purchase a car, compared with fewer than 35 weeks at the end of 2019.

during the pandemic, low interest rates, high savings rates and changes in working patterns — namely, many workers' newfound ability to work from home — helped overheat the homebuying market, and buyers ran headlong into an enduring supply shortage. There simply weren't enough houses to buy, which drove up the costs of the ones that were for sale.

Inspired by our model of economic indicators and sentiment from 1987 to 2019, we tried to train a similar linear regression model on the same data from 2021 to 2024 to more directly compare how things changed after the pandemic. While we were able to get a pretty good fit for this post-pandemic model,******* something interesting happened: Not a single variable showed up as a statistically significant predictor of consumer sentiment.

This suggests there's something much more complicated going on behind the scenes: Interactions between these variables are probably driving the prediction, and there's too much noise in this small post-pandemic data set for the model to disentangle i

Changes in the kinds of purchases we've discussed — homes, cars and everyday items like groceries — have fundamentally shifted the way Americans view how affordable their lives are and how they measure their quality of life.

Even though some indicators may be improving, Americans are simply weighing the factors differently than they used to, and that gives folks more than enough reason to have the economic blues.

The purpose of journalism is to get the story and tell the story.

Now the cavemen turn to the tribal elder. “What should we do?” “Short term, climb a tree if you see a wolf,” she says. “They don’t like fire and noise, so we should keep lit torches and scream. In the longer term, wolf packs are seen in the west, so we should go east to high ground.” That is the authentic sound of commentary, of editorials and columns. Advice, exhortation—they’re part of the news too. People will always want it, question it, disagree.

It is as if journalism is no longer about Get the Story but about Meeting People Where They Are and helping them navigate through a confusing world. But do you really think current editors know where people are? Do you think they know how to navigate? It all feels presumptuous.

The great news for journalism is there will always be a huge market for this. The need for news is built into human nature. Tech platforms change, portals change, but the need is forever.

The past two decades, accelerating over the past four years, newsrooms have increasingly become distracted from their main mission, confused about their purpose. Really, they’ve grown detached from their mission

the journalistic product now being offered has become something vaguer than it was, more boring, less swashbuckling, more labored, as if it’s written by frightened people. There’s an emphasis on giving the story “context,” but the story doesn’t feel alive and the context seems skewed

But even cavemen who eat bugs and wear hides are not always grim. Man wants not only to be informed but to be amused, entertained. He wants humor, wit, mischief, a visual tour of the latest cave paintings. Cave man want cooking app. And word games and reporting on the richest tribes: “Most Expensive Cave Dwelling Sells in Malibu.”

More disturbing, major stories go unreported because, the reader senses, they don’t relate to the personal obsessions of the editors and reporters, or to their political priors.

Facebook and social media can’t get the story. They can amplify it, give an opinion, comment. But they don’t have the resources and expertise; they don’t have trained investigative journalists and first-class experienced editors and a publisher willing to take a chance and spend the money. Social media has opinions, emotions, propaganda.

And the great thing for newspapers is if you get the story—if you are known to get the story, like the Washington Post in the Watergate years—you will be read.

In early 2023, Len Downie and Andrew Heyward, formerly executive editor of the Washington Post and president of CBS News, respectively, wrote a paper about how modern journalists see standards within their professions, and it seemed to me not only confused but a kind of capitulation. There had been a “generational shift” in journalism, and the many editors and reporters they interviewed think objectivity is more or less “outmoded,” a false standard created by the white male patriarchy.

What was really striking was there was no mention, not one, of the thrill of the chase, of getting the story—of journalism itself. It was all about the guck and mess, not the mission, and made them look like news bureaucrats, joyless grinds, self-infatuated bores.

They were obsessed with who’s in the newsroom when their readers are obsessed with what comes out of the newsroom.

current ways of encouraging diversity seem to yield a great sameness in terms of class and viewpoint, and in any case diversity is a mission within a mission, it isn’t the mission itself, which is: Get the story, tell the story.

MAGA has replaced Reaganism as the chief operating system of the Republican Party.

If Democrats hope to win in the near future they have to take the MAGA worldview seriously, and respectfully make the case, especially to working-class voters, for something better.

In a volatile world, MAGA offers people security. It promises secure borders and secure neighborhoods. It offers protection from globalization, from the creative destruction of modern capitalism. It offers protection from an educated class that looks down on you and indoctrinates your children in school. It offers you protection from corporate predators.

the problem with MAGA — and here is where the Democratic opportunity lies — is that it emerges from a mode of consciousness that is very different from the traditional American consciousness.

we saw ourselves, as the dynamic nation par excellence. We didn’t have a common past, but we dreamed of a common futur

“the Spirit of America is best known in Europe by one of its qualities — energy.”

Americans have a zeal for continual self-improvement, a “need tirelessly to tinker, improve everything and everybody, never leave anything alone.”

Americans can’t be secure if the world is in flames. That’s why America has to be active abroad in places like Ukraine, keeping wolves like Vladimir Putin at bay.

Through most of our history, we were not known for our profundity or culture but for living at full throttle.

MAGA, on the other hand, emerges from a scarcity consciousness, a zero-sum mentality: If we let in tons of immigrants they will take all our jobs; if America gets browner, “they” will replace “us.”

MAGA is based on a series of victim stories: The elites are out to screw us. Our allies are freeloading off us. Secular America is oppressing Christian America.

MAGA looks less like an American brand of conservatism and more like a European brand of conservatism. It resembles all those generations of Russian chauvinists who argued that the Russian masses embody all that is good but they are threatened by aliens from the outside

MAGA looks like a kind of right-wing Marxism, which assumes that class struggle is the permanent defining feature of politics.

The American consciousness has traditionally been an abundance consciousness.

If Democrats are to thrive, they need to tap into America’s dynamic cultural roots and show how they can be applied to the 21st century

My favorite definition of dynamism is adapted from the psychologist John Bowlby: All of life is a series of daring explorations from a secure base. If Democrats are to thrive, they need to offer people a vision both of the secure base and of the daring explorations.

MAGA is a fortress mentality, but America has traditionally been defined by a pioneering mentality. MAGA offers a strong shell, but not much in the way of wings needed to soar.

Americans can’t be secure if the border is in chaos. Popular support for continued immigration depends on a sense that the government has things under control.

Americans can’t be secure if a single setback will send people to the depths of crushing poverty. That’s why the social insurance programs that Democrats largely built are so important.

offer people a vision of the daring explorations that await them. That’s where the pessimistic post-Reagan Republicans can’t compete

champion the abundance agenda that people like Derek Thompson and my colleague Ezra Klein have been writing about. We need to build things. Lots of new homes. Supersonic airplanes and high-speed trains.

If Republicans are going to double down on class war rhetoric — elites versus masses — Democrats need to get out of that business

They need to stand up to protectionism, not join the stampede.

Democrats need to take on their teachers’ unions and commit to dynamism in the field of education.

Democrats need to throttle back the regulators who have been given such free rein that they’ve stifled innovation.

tap back into the more traditional American aspiration: We are not sentenced to a permanent class-riven future but can create a fluid, mobile society.

The economist Michael Strain of the American Enterprise Institute has offered a telling psychic critique of MAGA economic thinking: “The economics of grievance is ineffective, counterproductive and corrosive, eroding the foundations of prosperity. Messages matter. Tell people that the system is rigged, and they will aspire to less

Champion personal responsibility, and they will lift their aspirations. Promoting an optimistic vision of economic life can increase risk tolerance, ambition, effort and dynamism.”

t aspiration is not like a brick that just sits there. Aspiration is more like a flame that can be fed or dampened

“The problem is desire. We need to *want* these things. The problem is inertia. We need to want these things more than we want to prevent these things.”

But what kind of men were featured? They’re all rich and powerful, and as a longtime fan of professional wrestling, I loved watching Hogan as a kid, but none of them are the kind of man I’d want my son to be. White was caught on video slapping his wife. Kid Rock has his own checkered past, including a sex tape and an assault charge related to a fight in a Nashville strip club. Hogan faced his own sex scandal after he had a bizarre sexual relationship with a woman who was married to one of his close friends, a radio host who goes by “Bubba the Love Sponge.”

We know all about Trump, but it’s worth remembering some of his worst moments — including a jury finding that he was liable for sexual abuse, his defamation of his sex-abuse victim, the “Access Hollywood” tape and the countless examples of his cruelly insulting the women he so plainly hates.

I highlight McRaven for a reason; he has perfectly articulated how to attack MAGA masculinity. Ten years ago, he gave one of the most powerful commencement speeches in recent American history. He addressed the graduates of the University of Texas, Austin, and three YouTube versions have racked up more than 70 million views combined.

It’s known — oddly enough — as the “Make Your Bed” speech. While it wasn’t aimed only at men, every person who forwarded it to me was a man. It appealed to universal values, but it connected with men I know at a deep and profound level.

McRaven draws on his SEAL training to teach students how to change the world. It begins with the small things, like accomplishing that tiny first task of making your bed, because “if you can’t do the little things right, you’ll never be able to do the big things right.”

Each new principle is rooted in his experience, including “If you want to change the world, measure a person by the size of their heart, not by the size of their flippers.” Here’s one that’s particularly salient in the face of Trumpist bullying: “If you want to change the world, don’t back down from the sharks.”

The address builds to a conclusion that is alien to Trumpist masculinity: “Start each day with a task completed. Find someone to help you through life. Respect everyone. Know that life is not fair and that you will fail often. But if you take some risks, step up when the times are the toughest, face down the bullies, lift up the downtrodden and never ever give up — if you do these things, the next generation and the generations that follow will live in a world far better than the one we have today.”

Trumpist masculinity is rooted in grievance and anger. McRaven’s message centers on honor and courage.

When you center masculinity on grievance and anger rather than honor and courage, you attract men like Hogan and Kid Rock and White. Worse, that is how you mold the men in your movement, including men like Vance.

Many conservatives rightly decry the way in which parts of the far left tend to use the words “straight white male” as a virtual epithet, as if there were something inherently suspect in the identities of tens of millions of men and boy

if men feel that Democrats are hostile to them, they’ll go where they feel wanted, the gender gap will become a gender canyon, and more men will embrace Trumpism because that’s just what men do.

We aren’t simply electing women and men; we’re electing role models, and Trump has unquestionably been a role model for countless men. He has molded not just the policies but also the ethos of the Republican Party. But America’s men need different role models and a different ethos.

let’s return for the moment to the Navy SEAL who served his country for decades, who helped kill one of America’s deadliest foes and who declared to American college graduates, “You must have compassion. You must ache for the poor and disenfranchised. You must fear for the vulnerable. You must weep for the ill and infirm. You must pray for those who are without hope. You must be kind to the less fortunate.”

I wonder if Democrats should answer the Republican men’s night with a men’s night of their own — a night that features heroes instead of bullies and showmen, a night that answers the Republican appeal to men’s basest instincts with an appeal to their highest ideals.

there’s a better way for men — for all of us. It’s rooted in honor, courage and love. Or as McRaven put it, “For what hero gives so much of themselves without caring for those they are trying to save?