The U.S. economy continues to post numbers that signal strength, yet public confidence remains stubbornly low. This contradiction is increasingly described as the “boomcession,” a term that blends economic expansion with recession-like anxiety. On paper, indicators such as GDP growth show momentum, consumer spending has remained resilient, and markets continue to reward investors. Still, many households report feeling financially worse off than they did years ago, burdened by debt, rising prices, and insecurity about their future.
The idea behind the boomcession is not that the data are wrong, but that they are incomplete when viewed through the lens of everyday experience. Traditional economic performance assumes benefits are broadly shared, yet millions of Americans feel excluded from that prosperity. This disconnect explains why strong growth no longer translates into optimism and why economic confidence has failed to rebound alongside headline statistics.
Inflation and the Unequal Cost of Living
A key driver of the boomcession is the uneven impact of inflation. Price increases do not hit all households equally, and essential expenses weigh far more heavily on lower- and middle-income families. Housing, food, and transportation have absorbed a growing share of monthly budgets, even as inflation rates cool at an aggregate level.
Monetary policy decisions by the Federal Reserve aim to stabilize prices across the economy, but the lived reality can feel very different depending on geography and income. Families in lower-cost brackets tend to experience higher effective inflation because necessities consume more of their spending. When prices rise faster than wages, even modest increases can erode financial stability.
This imbalance feeds the sense that economic growth is benefiting a narrow segment of society. While asset owners gain from rising equity values, renters and consumers facing higher grocery and utility bills feel little relief. As a result, inflation becomes less a single national number and more a collection of personal realities that shape how Americans judge the economy.
A Job Market That Feels Less Secure
Employment data continues to show job creation, but beneath the surface the labor market feels fragile. Hiring has slowed, job openings have declined, and many workers sense fewer opportunities to advance or switch roles. Official figures from the Bureau of Labor Statistics confirm that while layoffs remain limited overall, hiring rates have cooled significantly compared with earlier years.
At the same time, productivity gains and the rapid adoption of automation and artificial intelligence have raised concerns about long-term job security. Higher productivity can boost output without increasing headcount, reinforcing fears that companies may rely more on technology than labor. For workers without strong financial buffers, this environment feels less like a boom and more like a prolonged period of caution.
Financial pressure compounds these worries. Household debt has climbed to record levels, with credit card balances rising sharply. Data tracked by the New York Fed show that borrowing has become a lifeline for many families trying to maintain living standards amid high prices. This reliance on debt deepens anxiety and reinforces the perception that economic growth is not translating into security.
Confidence Gaps and Competing Realities
Public opinion surveys consistently show that a majority of Americans believe the economy is either stagnating or in decline, despite positive growth figures. This skepticism reflects a broader trust gap between official data and personal experience. When national reports emphasize expansion, but households struggle with affordability and job uncertainty, confidence erodes.
The boomcession framework helps explain how multiple economic truths can coexist. Aggregate growth can remain strong while millions feel financially squeezed. Economic indicators measure totals and averages, but individual well-being depends on income stability, cost of living, and access to opportunity. Until growth is felt more evenly, the perception gap is likely to persist, shaping how Americans talk about — and vote on — economic issues.
