“Commentators have written off voters’ concerns as mere vibes or the result of misleading media coverage. But a more careful look suggests that there is something to voters’ perception that they are worse-off economically. Although wages have more than kept pace with inflation, especially at the bottom, wages are not the only source of income. The withdrawal of pandemic-era welfare policies has left many people materially worse off than in the first year of the Biden administration, even as their paychecks have grown.”
Full article at Barron’s.