It has been obvious for a while that views of the economy have become increasingly partisan. It’s also clear that this partisanship is asymmetric: Republicans are much more likely than Democrats to say that the economy is good when their party holds the White House and bad when it doesn’t. Civiqs charts show this asymmetric partisanship especially clearly. Republican assessments of the economy soared when Donald Trump took office. Even during the pandemic recession, when unemployment rose to almost 15%, Republicans had a more favorable view of the economy than they did in the Obama years. And when Joe Biden came in, almost all Republicans declared that the economy was bad — a view that has barely budged in the face of good macroeconomic news. I’m not prepared to completely dismiss the issue of the overall price level, which is backed by academic research as well as anecdotes. But as I said, it’s not obvious in the survey data.
- Date Posted:
- January 9, 2024
Global private capital AUM: $13trn. Global fixed income outstanding: $103T. Global equity market cap: $101T. Global size of banking sector balance sheets: $98T. Private capital makes up less than 5% of global financing markets. Increase in the size of global private markets AUM over the past decade: $8T. Increase in the size of global fixed income markets over the past decade: $42T. Increase in the size of global equity market cap over the past decade: $35T. Increase in the size of global banking sector balance sheets over the past decade: $34T. Private capital has over the past decade grown much slower than global financing markets.