Report from Federal Reserve shows economic well-being tanking

NEWS AND OPINION:

The Federal Reserve issued a current review of the nation’s financial situation on Monday. The very detailed 84-page report titled “Economic Well-Being of U.S. Households in 2022” tracks income, expenses, employment and other pocketbook considerations.

The research also includes a comprehensive “Survey of Household Economics and Decisionmaking,” which has been conducted since 2013. It evaluates the economic well-being of U.S. households and identifies potential risks to their financial stability.

Things are not so great right now.

“The share of adults doing at least okay financially fell sharply in 2022 and was among the lowest observed since 2016. This decline in financial well-being occurred broadly across the population. Notably, it was the first time since the survey began that adults with at least a bachelor’s degree saw a decline in well-being. Even so, existing gaps by education and by race and ethnicity remained large,” the report said.

“People’s perception of the national economy continued to decline. The share rating the national economy as ‘good’ or ‘excellent’ fell to 18 percent in 2022, the lowest share since the survey began asking this question in 2017,” it said.

Moreover, this share has fallen a substantial 32 percentage points since before the pandemic in 2019, when one-half of adults rated the national economy as “good” or “excellent,” the report also noted.

Curious about all this? Visit FederalReserve.gov and check for the full report under the “Recent Developments” heading.

THE TIM SCOTT PRESS

Sen. Tim Scott has declared his intentions to run for president in 2024 during an event Monday that included candor and some refreshing patriotism. Here are just a few of the many headlines with emerged in the aftermath:

“5 things to know about Tim Scott” (New York Times); “55 things you need to know about Tim Scott” (Politico); “Tim Scott’s trying to beat Trump as a nice guy with Wall Street backing” (Bloomberg); “Tim Scott formally kicks off presidential bid, saying ‘our nation is retreating’” (The Washington Post); “Tim Scott, lone Black Republican in U.S. Senate, to run for president” (Reuters); “Tim Scott and the rise of the Black Republican” (Axios); and “Who is Tim Scott, the GOP candidate who’s combating Trump with optimism?” (FiveThirtyEight).

AND FROM THE CANDIDATE

“Tim is in,” advised Sen. Tim Scott’s first public campaign message, which followed his aforementioned declaration.

“Our party and our nation are at a time for choosing. And Tim is the candidate the far Left fears most. It’s time for conservatives to rise up and stop the Left’s attacks on our American values,” said the outreach, which was shared with Inside the Beltway.

“It’s time to choose freedom, hope, and opportunity over grievance and victimhood. It’s time to elect a President who believes in the greatness of our country. It’s time to restore faith in America. It’s time for Tim Scott. Thank you and God bless,” declared the message.

ONE FOR THE WARRIORS

Rep. Rich McCormick, Georgia Republican, has introduced a bipartisan “Wounded Warrior Bill of Rights” meant to cut through red tape, improve transparency and increase accountability for the nation’s wounded military heroes.

Mr. McCormick wants to ensure that military veterans can effectively appeal decisions made about their medical separation from service, as well as their entitlement to disability benefits.

The legislation was co-sponsored by Republican Reps. Brian Mast of Florida and Cathy McMorris Rodgers of Washington, plus Democratic Reps. Rick Larsen of Washington and Jimmy Panetta of California.

“We cannot allow Washington bureaucrats to drown servicemembers in paperwork and obscure rules while they are trying to heal and care for their families,” Mr. Mast said in a written statement to Inside the Beltway.

The Georgia lawmaker has a helpful military background, by the way.

“During his two decades of service, McCormick deployed to combat zones in Africa, the Persian Gulf, and Afghanistan. As a Marine, he flew helicopters, was Airborne and attached to Army and foreign forces, and taught at Georgia Tech and Morehouse College as the Marine Officer Instructor. In the Navy, Rich earned the rank of Commander and served as Department Head for the Emergency Medicine Department in Kandahar, Afghanistan,” his biography says.

A TREND?

“Another Senate Democrat jumps ship,” declared the National Republican Senate Committee in a statement that points out that Sen. Tom Carper, Delaware Democrat, will not seek re-election.

“Carper joins fellow Democrat senators Debbie Stabenow, Ben Cardin, and Dianne Feinstein in deciding not to seek another term,” the committee said in a statement.

“Senate Democrats keep retiring because they know they are going to lose the majority,” noted committee spokesman Tate Mitchell.

FOR THE LEXICON

“MAGArita Monday.”

This little term is from the New York Young Republicans Club, founded in 1916 in New York City. And yes, the group is planning to stage an event in June which celebrates the cocktail and the phrase “Make America America Great Again,” as established by former President Donald Trump’s 2016 election campaign.

“Ready to be more MAGA than before?” the invitation asks.

POLL DU JOUR

• 45% of U.S. adults follow what’s going on in government and public affairs most of the time; 53% of Republicans, 37% of independents and 47% of Democrats agree.

• 27% follow those events some of the time; 26% of Republicans, 22% of independents and 34% of Democrats agree.

• 14% overall follow those events only now and then; 12% of Republicans, 18% of independents and 13% of Democrats agree.

• 9% follow the event “hardly at all”; 7% of Republicans, 15% of independents and 5% of Democrats agree.

• 4% don’t know; 2% of Republicans, 8% of independents and 2% of Democrats agree.

SOURCE: An Economist/YouGov poll of 1,500 U.S. adults conducted May 13-16.

• Helpful information to jharper@washingtontimes.com.