In the world's strongest economic superpower, the U.S., why is public happiness declining to record lows?

Self-reported happiness in the U.S. fell sharply in 2020 and had not recovered by 2024, according to economist Sam Peltzman’s analysis.

The decline cut across age, gender, education, income, and political views, suggesting a broad-based shift rather than a narrow demographic effect.

Derek Thompson points to persistent inflation, rising distrust and loneliness, and a gloomy mood fed by overlapping crises such as the pandemic and the Ukraine war.

The findings help explain why strong economic indicators do not always translate into higher life satisfaction, and how prices, social fragmentation, and news cycles shape well-being.