There is an easy story to tell about the Obama Recovery. Devastated by a financial crash, the U.S. launched a historic comeback. The private sector added jobs in 73 consecutive months, the longest stretch ever. Unemployment is lower today than in the month Reagan left office. Real GDP has grown more than 13 percent since its most-recent low in 2009, Obama’s first year in office. That’s more than twice as much growth as in some western European countries, like France. Compared to how countries typically perform after financial crises, the United States has “probably managed this better than any large economy on Earth in modern history,” President Obama told The New York Times Magazine.
But there is an opposite story that is attracting widespread support and millions of votes: The recovery is a failure. Donald Trump is an IMAX projection of white working-class grievances, calling America “a third-world country.” Bernie Sanders’s supporters describe a country where poverty and financial insecurity are not bugs but rather features of a rigged economy. The pessimistic style is not niche: Trump and Sanders have amassed a combined 16 million votes.
Taken together, the two narratives produce a dissonant, but not contradictory, summary of America: On average, everything is getting better, but for many people, nothing is going well.