Axios has a story about how the 2024 economy "is on track to be described with a word that hasn't been applicable yet this decade: normal … The extraordinary stresses of a pandemic, inflation, war and the onset of tight money over the last four years have created a collective sense of an economy unmoored. But there's good reason to think 2024 will give way to something less chaotic."
The story notes that "Pandemic-disrupted supply chains are pretty much righted. Inflation is back near normal levels. Labor shortages have eased. The Federal Reserve is poised to cut interest rates next year.
"This forecast of a normal economy — simultaneously dodging the pain of high inflation, high interest rates, and high unemployment — isn't some remote pipe dream. It's the answer you get when you ask all kinds of decision-makers what they think is most likely."
Axios concludes: "A boring, solid economy could be just what Americans need to feel better about the world. The stars may be lining up to provide exactly that."
- KC's View:
Isn't it pretty to think so.
There are a lot of wild cards that can get in the way of a normal economy. Two wars. A presidential election. A polarized citizenry. And probably a number of things that we're not even thinking about.
Still, we can dream.