Many people, especially young people, believe that our country’s economy is going in the wrong direction. Polling data from a New York Times/Siena Poll shows that 59% of voters under the age of 30 rate our economy as being “poor”. However, that couldn’t be further from the truth!
According to the Bureau of Labor Statistics, unemployment rates are currently just under 4%. This means that record numbers of jobs are being created, and millions of people are going to work at levels comparable to just before the pandemic. Additionally, the inflation rate has fallen from its 8% height in July 2022 to just 3.2% as of October, which is approaching the Federal Reserve’s persistent goal of a 2% rate, meaning that prices have stopped increasing.
So why do people still think that the economy is doing so poorly? One possible reason could be due to misinformation on social media sites such as TikTok. According to the Pew Research Center, 32% of Americans aged 18-29 get their news from the social media app, and according to a recent article in the New York Times, trends such as the “Silent Depression” that disingenuously compare today’s economy with that of the Great Depression have received hundreds of thousands of views.
However, this could also be because our economy still hasn’t recovered from the COVID pandemic and ensuing supply chain disruptions. According to the Energy Information Administration, the average price of gasoline is $3.443/gallon, almost a full dollar more than it was pre-pandemic, and housing prices are almost 150% more than what they were before the pandemic.
Regardless of whether people are still facing some economic issues or whether most of the discontent is purely based on misinformation, it is important for Americans to have a more positive outlook on the economy that actually reflects the facts. According to an op-ed in the Washington Post, if this negative consumer sentiment continues, it could risk becoming a self-fulfilling prophecy leading to an actual recession, a term called the “vibecession”. So the next time you watch a TikTok or read a post that perpetuates harmful myths like this one, instead of spreading it further, figure out the real facts of the situation.
Works Cited:
“All-Transactions House Price Index for the United States.” Federal Reserve Economic Data (FRED), 28 Nov. 2023, https://fred.stlouisfed.org/series/USSTHPI. Accessed 29 Nov. 2023.
“Civilian unemployment rate.” Bureau of Labor Statistics, 8 Dec. 2023, https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm. Accessed 29 Nov. 2023.
“FAQs.” Board of Governors of the Federal Reserve System, 27 Aug. 2020, https://www.federalreserve.gov/faqs/economy_14400.htm. Accessed 29 Nov. 2023.
Levin, Jonathan. “Risks Are Growing of a Double-Dip ‘Vibecession’.” The Washington Post, 28 Sep. 2023, https://www.washingtonpost.com/business/energy/2023/09/28/risks-are-growing-of-a-double-dip-vibecession/4c1a9518-5dee-11ee-b961-94e18b27be28_story.html. Accessed 29 Nov. 2023.
Matsa, Katerina Eva. “More Americans are getting news on TikTok, bucking the trend seen on most other social media sites.” Pew Research Center, 15 Nov. 2023, https://www.pewresearch.org/short-reads/2023/11/15/more-americans-are-getting-news-on-tiktok-bucking-the-trend-seen-on-most-other-social-media-sites. Accessed 29 Nov. 2023.
“Petroleum and Other Liquids.” U.S. Energy Information Administration, 11 Dec. 2023, https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m. Accessed 29 Nov. 2023.
Smialek, Jeanna and Tankersley, Jim. “Want to Know What’s Bedeviling Biden? TikTok Economics May Hold Clues.” The New York Times, 17 Nov. 2023, https://www.nytimes.com/2023/11/17/business/economy/tiktok-biden-economy.html. Accessed 29 Nov. 2023.
Sorkin, Andrew Ross, et al. “Voters Aren’t Believing in Bidenomics.” The New York Times, 6 Nov. 2023, www.nytimes.com/2023/11/06/business/dealbook/biden-economy-trump-2024.html. Accessed 29 Nov. 2023.
“12-month percentage change, Consumer Price Index, selected categories.” Bureau of Labor Statistics, 8 Dec. 2023, https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm. Accessed 29 Nov. 2023.
This was really insightful. I myself have seen on TikTok people claiming that the economy was in freefall. Other sites such as Twitter have also painted the economy in a negative light. Your editorial concisely explained to me the reality of our economy. Thanks very much!
Your organization makes the passage very easy to read. The use of hyperlinks helps provide sources for the reader. YOU COULD ADD A CALL TO ACTION.
Ideas: You do a great job of providing specific and detailed evidence to support your thesis. You could further develop your idea by providing the application of your evidence so it is easier to understand as the reader.
Organization: You do a good job of tying the paragraphs together with questions and statements that connect back to the previous paragraph. You could break up all of the statistics with some appeals to emotion or personal experiences that make things more interesting.
Style: You do a great job appealing to logic through all the statistics. You could provide a personal story to add emotion and interest to your argument.
Category 1: IDEA DEVELOPMENT
* The column adequately develops a position and has a main idea with a focused topic, opinion and reasons for the opinion.
* Columnist states the claim early or strategically in the conclusion..
* The column uses at least two types of evidence to back up its reasons, and all reasons are supported with evidence.
* Provides integrated textual evidence with proper acknowledgement of information.
PRAISE: Strong and clear opening sets the stage for the rest of the essay well. Good incorporation of evidence to support a subclaim right from the beginning.
SUGGESTION: YOU COULD maybe develop the idea presented at the end a little more since it’s just left hanging there without a ton of development or explanation.
Category 2: ORGANIZATION
* The persuasive column includes a main opinion at the beginning and a call to action at the end.
* It includes transitions that connect ideas, though they may be formulaic or predictable.
* Writer consistently separates ideas into distinct paragraphs.
* Includes a headline that connects to the main idea.
PRAISE: Argument flows well and transitions well from one topic to another increasing cohesion and overall strength.
SUGGESTION: YOU COULD include modal verbs in the call to action to make it more overt in nature.
Category 3: STYLE
* Uses a tone that supports purpose and audience.
* Writer relates to, connects with, and appeals to their audience with ethos, pathos, and logos.
* Writer crafts persuasion with effective and appropriate rhetorical strategies (antithesis, rhetorical question, repetition, parallelism, juxtaposition).
* Grammar and mechanics are generally free from errors.
PRAISE: Strong logos throughout the essay, also inclusion of rhetorical questions to introduce evidence.
SUGGESTION: YOU COULD include an appeal to ethos/pathos by including a real life example or testimony of the desired point to demonstrate.
PRAISE: I THINK YOUR ORGANIZATION IS WELL-PLANNED OUT AND FORMATTED. YOU HAVE A STRONG CLAIM/ARGUMENT AND BACK IT UP WITH EVIDENCE AND A STRONG CALL-TO-ACTION AT THE END.
YOU COULD IMPROVE YOUR TRANSITIONS IN ORDER TO BETTER CONNECT ALL OF YOUR FANTASTIC ARGUMENTS AND EVIDENCE IN ORDER TO IMPROVE YOUR OVERALL COHESION.
PRAISE: YOUR ESSAY IS VERY WELL RESEARCHED AND IT FLOWS TOGETHER NICELY. YOU USED A LOT OF LOGOS THROUGHOUT IT AND IT IS EFFECTIVE.
YOU COULD IMPROVE YOUR CALL TO ACTION TO BE CLEARER WITH A NEAT CONCLUSION.