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Navigating the New Normal: A 2023 Economic Overview
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So, how did 2023 end up? According to the news or social media, the economy and the average person are worse off than ever. In this episode, Jason and Catherine refute that notion with real-world data and examples, and provide a balanced perspective on current economic conditions, including inflation, the GDP, and the growth of personal net worth in the U.S.
Tune into this episode to also learn:
- How does the constant stream of negative financial news affect our perception of the economy?
- What are the actual numbers behind the U.S. economy's performance post-pandemic compared to the rest of the world?
- How have American families' net worth grown over recent years, and what does this mean for the average person?
What we discussed
- [00:11:00] The impact of negative news on our perception of the economy and financial markets.
- [00:15:30] Analysis of U.S. GDP growth and comparison with other countries post-pandemic.
- [00:20:45] Examining the net worth growth among American families and its significance.
3 Things To Remember
- Despite negative media narratives, the U.S. economy has shown resilience and growth, outpacing many other nations post-pandemic.
- Personal net worth in the U.S. has significantly increased, reflecting an overall positive trend in financial well-being.
- Understanding the broader economic context is critical to maintaining a balanced perspective in times of uncertainty.
Memorable moments:
(01:27) “ what we want to do with this kind of closing out the year is just give you some perspective. We know that we've always loved bad news, but it seems like increasingly, it's almost like we're addicted to it. It's just everywhere.”
(04:08) “So not only have we recovered from what happened during the pandemic, we're a little bit ahead. And it's important to put that in context, because guess what? When you look all around the rest of the world, everyone is at least two to six percent behind. Yeah, is a half a percent better? Great? No, but it's way better than everyone else.”
(09:53) “And what's really interesting is the growth on different age groups. The under 35 age group, which I just exited, you know, even with the housing issues and affordability and buying, I get that, but that group, their net worth is up 143 percent in the last three years. Crazy. It's 55 to 64, up 48 percent across the board”
Useful Links
Connect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedIn
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