[Editor Charlie sez: Thankfully the current proposal for physical/download mechanicals includes an inflation index for songwriters but only after commenters freaked out.]
The broad optimism that Americans felt about the economy in the spring of 2021 — optimism that even a global pandemic and hundreds of thousands of COVID deaths couldn’t squelch — has finally been undone by inflation, and health worries that are getting worse rather than better.
Why it matters: The sharp rise in food and energy prices over the past year has had a particularly harsh effect on the finances of suburban and rural Americans.
Driving the news: Every six months, McKinsey and Ipsos conduct a massive survey of Americans, asking about their perceptions of the current state of the economy. This time around, sentiment has fallen sharply.
By the numbers: For the first time since the survey began last year, Americans have a negative outlook on the economy. The overall index fell to 99 (a “negative outlook”) this spring from 103 (a “positive outlook”) a year ago.