Top Economist Dismisses Claims America's Economy Is 'Booming'
Summary
A top U.S. economist, Mark Zandi, disagrees with claims that America's economy is booming. He says most Americans are struggling with higher energy prices and inflation, which is hurting their real wages and savings, even though some parts of the economy, like AI-related businesses, are doing well.Key Facts
- President Donald Trump and some officials describe the U.S. economy as "booming."
- JPMorgan CEO Jamie Dimon also called the economy "kind of booming," citing low unemployment and high corporate profits.
- The unemployment rate was 4.2 percent in September 2026, which is low by historical standards.
- Corporate profits hit a record $4.7 trillion in the second quarter of 2026.
- Mark Zandi says most Americans are not benefiting from the economic gains, except those in the AI sector.
- Inflation was 3.7 percent in September, driven mostly by rising fuel costs.
- After adjusting for inflation, wages have actually decreased, causing a drop in real income for workers.
- Consumer confidence is near record lows, indicating many people are worried about the economy.
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