US economy between euphoria and many doubts

There is something deeply out of tune in the triumphalistic narrative of the American. Meanwhile, economy that we have read in some hasty report.

Of course. Moreover, the latest data on the labor market surprised positively, consumer confidence is more resilient than you would expect, while the apparent solidity of the fundamentals erases the fears of a recession that a couple of months ago seemed imminent. Meanwhile, But how do you reconcile this trend with political choices that, rigorously, should have curbed the expansive cycle? We are probably faced with a misleading reading of the phenomenon. therefore it deserves

investigate under the surface of the summary data provided by the official sources.

Starting by clarifying that the economic policy pursued by the Trump Administration. between star duties, aggressive public expenditure and tax cuts not incurred by an adequate structural reform, has fueled a galloping public us economy between euphoria many debt and helped to overheat a economy that, post-plays, would have needed to rebalance, not new forcing. For example, the apparent employment miracle hides a more cyclical than structural phenomenon. In fact. it should be noted that of the 147 thousand new jobs created in June, which made the “glorious mystery” shout, according to the

Bureau of Labor Statistics of Washington as many as 73 thousand concern the public sector (school, health, local authorities), while the private sector has grown only by 74 thousand units, the lowest value for eight months. In addition, participation in the workforce, for demographic dynamics and new migratory policies, is indicated by 62%, lower level since 2022. So. so, the post-covid rebound, combined with the extraordinary ability of American companies to adapt quickly, has generated new occupation, but not necessarily widespread well-being, given that the manufacture continues to be suffering and therefore are accentuated and are us economy between euphoria many accentuated

Salary inequalities. In short, we are faced with quantitative growth, more than qualitative.

In the meantime. the Federal Reserve is forced to maintain high rates, precisely to contain an inflation that proves more persistent than expected (in May consumers reported expectations of a 3.3% increase within the year): a signal that the fundamentals of the real economy are not so solid. Therefore the risk is to feed an optimistic narrative that rests on fragile bases: the economy grows. it is true, but at the cost of an inflation that erodes real income and threatens long -term sustainability.

Just think of the dollar. whose accelerated fall could seem like a victory of Trump: weakening the green ticket was its strategic goal, to facilitate the export of American companies. But his intention was to get there through

An agreement with various countries. on the other hand, the current weakness has a different reason: the objective us economy between euphoria many loss of credibility of the United States and the drop in global trust. And this has consequences.

Of course. if the observation point is the euphoric trend of technological titles in Wall Street, the image is of an American economy that travels at swollen sails. However, it is badly reconciled in the condition of millions of income only, whose fragility below is visible in transparency. Moreover. the public debt, increased by tax deficits without structural reforms, supported by protectionist policies that compress investments and trust of companies, risks eroding the edges of that illusory wellness.

In this apparent schizophrenia between positive indicators. latent risks, the impression is that you want to see the glass at all costs

half full. But the task of an honest analysis is not to seek confirmation of one’s hopes. but to question the weak signals, the structural imbalances, the sustainability of political and tax choices. The American economy us economy between euphoria many has undoubted strengths – from technological leadership to flexibility of the labor market – but moves today on a slippery ridge. where euphoria can quickly leave room for instability.

The America company remains an important engine of the economy

Global, but even the most powerful engines need maintenance. You cannot live on an income indefinitely. And ignore the cracks only because the facade appears solid is a luxury that today you can no longer afford.