US Economy Thrives, Public Sentiment Dives. Here's Why.

Why are Americans pessimistic about the economy despite positive data? In this video, we explore the intriguing disconnect between economic fact and public sentiment. Discover the psychological and behavioral economic factors that explain why Americans aren't buying the thriving economy narrative. We'll explore concepts like confirmation bias, media sensationalism, and more, providing a clear and engaging analysis of this complex issue. Most importantly, I'll share my tips on what actions we can take to overcome these biases and see the world how it really is.
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💡 Featured Topics:
▶️Analysis of US economic data: GDP growth, stock market trends, and unemployment rates
▶️The impact of confirmation bias on public perception
▶️The role of media sensationalism in shaping economic sentiment
▶️The Baader-Meinhof phenomenon/Frequency Illusion and how it affects our awareness
▶️Personal experience bias and its influence on economic views
▶️Understanding the fading Affect Bias and nostalgia in economic perception
📈 Why Watch?
▶️Get a clear understanding of the disconnect between economic data and public sentiment
▶️Learn about key psychological and behavioral economics concepts affecting perceptions
▶️Discover how media and personal biases shape our views on the economy
▶️Gain valuable insights to critically evaluate economic news and data
⌚TIME STAMPS
0:00 Introduction
1:45 Facts and Truthiness
3:41 The Data (Lots of Graphs!)
5:42 The World is Improving, Yet We're Pessimistic
7:00 Negativity Bias & The Media
8:17 Confirmation Bias
9:53 Frequency Illusion
10:43 Personal Experience, and Law of Small Numbers
11:48 Strategies to Overcome Our Biases
14:28 Beware of Numbers in Isolation
15:27 Nostalgia & Fading Affect Bias
17:08 Summary & Conclusion
💬 Join the Conversation!
▶️What do you think is the biggest factor influencing public pessimism about the economy?
▶️Have you experienced confirmation bias or the Baader-Meinhof phenomenon in your own life?
▶️How do you stay informed about economic trends without falling into media sensationalism?
Share your thoughts and experiences in the comments below!
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📺What else to watch & read
▶️Hans and Ola Rosling’s TED Talk - • How not to be ignorant...
▶️Read Factfulness by Hans, Ola, and Anna Rosling Ronnlund. 💡📕amzn.to/4by04zu📕💡
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📖References:
NOTE: Since recording, mediabiaschart.com has changed their URL to
adfontesmedia.com/interactive...
▶️Harris Poll: www.theguardian.com/us-news/a...
▶️Bloomberg Poll: www.bloomberg.com/graphics/20...
▶️Brookings Sentiment Analysis: www.brookings.edu/articles/wh...
▶️ Walker, Richard, Skowronski, John. (2009) Fading Affect Bias: But What the Hell Is It Good For? Applied Cognitive Psychology. Vol 23, 2009, pp. 1122-1136. doi.org/10.1002/acp.1614
▶️ Abeyta, A.A., Routledge, C. (2017). Nostalgia as a Psychological Resource for a Meaningful Life. In: Robinson, M., Eid, M. (eds) The Happy Mind: Cognitive Contributions to Well-Being. Springer, Cham. doi.org/10.1007/978-3-319-587...
🧑‍💼 Who am I?
Hi, I’m Jared, a passionate explorer of human behavior and decision-making. I hold a Ph.D. in chemistry and spent over a decade as an R&D manager at a Fortune 500 company, but I consider myself less of a scientist, more of a gameshow host. Recently, I left my successful career, returning to school to pursue my MBA. I’m fascinated with why people-including myself-often make illogical choices. This curiosity sparked the creation of my CZcams channel, where I dive into topics like behavioral economics, productivity, and professional development. Combining my scientific training over four decades of living as a human, interacting with others and doing dumb things myself, I aim to share insights that help you optimize your life.
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Thanks so much for watching! So what do you think the biggest factor why people are more pessimistic about the economy compared to the data? Are there other examples where you see these biases and heuristics showing up in your life? I'd love to hear your thoughts!