This Week's Misconceptions: Embracing the "Vibecession"
The Oxford English Dictionary's chosen word for the year 2023, according to their announcement, is "rizz." However, they've got it all wrong. The true spirit of the year lies in the term "Vibecession."
Kayla Scanlon introduced the term "Vibesession," meaning a relentless pessimism towards the economy, regardless of its actual status. We find ourselves immersed in an enormous shakeup.
As per a recent Pew Research Center survey, 81% of Americans believe the wealth gap between the rich and poor will continue to widen by 2050, contradicting their eventual belief that it will shrink. Nowadays, American consumer confidence is lower than during COVID-19 lockdowns, with 71% of Americans reporting that the country's economic situation is "very bad" or "fairly bad." Almost half of the respondents said "very bad."
Despite the gloom painted in social media, significant economic indicators suggest the situation is thriving. The U.S. unemployment rate is currently 3.5%, compared to 14.7% during the lockdowns. The average annual household income in the USA has surged from $65,100 during the pandemic to $74,600. This growth does not signify a decline in income inequality, as wealth is trickling upwards from the bottom. Americans in the lower half of the income distribution are projected to increase their income by 4.5% by 2022, with an average growth rate of 1.2% for all Americans. Inflation is also steadily declining, current at 3.24%, compared to 3.70% last month and 7.75% the previous year. GDP growth for 2022 is forecasted at 2%, lower than the 5% growth in the previous year.
Amid the constant grim sentiments flashing across social media, the data points to a promising trend.
Longing for the Good Old Days in America, 1973
During my investigation into frequency analysis, a particular data point caught my eye: 58% of Americans believe life "today is worse for people like them" than it was 50 years ago—1973, a year arguably harder than 2023 for some.
Here are the tangible numbers that paint a less dire picture for 1973:
In 1973, more than half the global population lived under dictatorships, compared to about 13% today. Close to 60% of people live in democracies now, contrasted with 25% in the early 1970s. Approximately half the global population was barely surviving in extreme poverty in 1973, with the share currently hovering around 8%.
Between 1970–1973, an estimated 988,892 people lost their lives in conflict, with 394,375 lives lost in the most recent years for which we have full statistics (2019–2022).
On a domestic scale, unemployment stood at 4.9% in 1973 and is now at 3.5%. The overall economic growth in 1973 was 5.6%, and in 2022, it reached 9.2%. Inflation in 1973 was 8.7%, while the current rate is 3.24%. Interest rates in 1973 were at 8.74% and are now at 5.25%. Women's wages in 1973 were 56.6 cents for every dollar men's were worth, compared to 83.7 cents today.
In 1973, 55,984 Americans lost their lives in car accidents, lower than the 42,795 fatalities in 2022. Relative to the amount of cars on the road, the number of accidents has virtually tripled.
A Cultural Disconnect: Every Year Is a Difficult Year
The negative sentiments surround 1973; the truth is, it was no better or worse. Things began to deteriorate from 1974 and saw an aggravation of the challenges until the early 1980s, with interest rates at around 20% and unemployment at around 10%. It's logical to believe people at that time would yearn for a return to the "good old days" of 1936.
The historical context plays a fundamental role in miscues, emphasizing the potential dangers. Forward momentum can be achieved when we genuinely strive to shape the world towards perfection in our minds. However, it proves counterproductive to cling to false memories of the past and slip into self-delusion, believing perfection eluded us in 2023. It breeds pessimism, lethargy, and failure. Moreover, it nurtures a generation of people who have dedicated their lives to attempting to make 2023 slightly better than 1973. Who would be willing to pay $52,255.56 for a Chrysler LeBaron from the '70s, knowing that its lifetime would likely be half as long as a modern car with the same price tag?
Further Reading:
The term "Vibesession," originating from cultural and political discourse, refers to an all-encompassing pessimistic sentiment towards the economy, irrespective of its actual condition. It now represents a pervasive sense of melancholy and anxiety among consumer groups.
Enrichment Insights:
Originating in the realm of cultural and political discourse, the term "Vibesession" has been adopted to describe widespread economic pessimism. This perspective sees the economy as frustrating, regardless of objective data suggesting economic stability and growth. The phenomenon has been fueled by cultural shifts and political changes, leading to a collective feeling of economic anxiety.
In conclusion, the 'Vibesession' highlights a misconception that permeates society. A disconnect exists between the actual state of the economy and the subjective feelings and perceptions of consumers. The disillusionment stems partly from broader societal shifts, including cultural decadence and nihilism. As a result, consumers develop an enduring sense of dissatisfaction and frustration with the current economic climate.
