Description
This paper examines the discrepancy between economic reality and consumer perception in the United States based on the political party's strength in government, analyzing its impact on public trust in business and government institutions. By combining economic data and consumer surveys from 1980 to 2023, the study identifies critical periods where public perception diverges from actual economic conditions. It explores consumer beliefs and attitudes, considering critical political events, political uniformity by one party, and global events. The findings reveal significant gaps in understanding economic reality, highlighting an inherent distrust in large organizations over the years, with political divides exacerbating distrust. However, due to the limited scope of the analysis and the non-isolation of political events, it is not directly concluded that public trust is eroded solely due to economic conditions. The paper concludes with future research questions aimed at uncovering the deeper reasons behind the public's disillusionment with the economy, with the goal of fostering a more informed and trusting public.
