A few years ago, I was doing training for a key client in Paris. During breaks and meals, I would share with those near me that my partner was visiting on the upcoming weekend and ask for suggestions for things to do. When I used the word “partner” I meant my now wife, Rebecca who is petite, blond-haired and blue-eyed. However, when they heard “partner” their image was of my business partner Harry who is six-five with a mustache. Many in the group had worked with Harry previously.

I was reminded of this story recently when I attended Kish Bank’s Economic Outlook for 2025 featuring economist Dr. Edmond Seifried. When Dr. Ed, as he is known, refers to “economy” he means the national economy and key indicators like the unemployment rate (4.1%), consumer price index (2.7%), stock price average up to 44914 from 23327, or 92.5%.
This certainly looks like a robust economy. However, when many voters hear “economy” they think of their personal economies and what they recently paid at the grocery store or gas pump. Here the economic indicators tell a different story with retail and food service up to 718.9 from 492.4 four years ago and the price of oil at 71.59 from 62.16 over the same period. The differences are as stark as the images of Rebecca and Harry.

Way back in 1968, Theodore White authored The Making of the President, the third in a series starting in 1960. His central premise was that most US voters would vote for their self-interests. Fifty-six years later, nothing has changed, with most voters choosing what they perceive best for their personal economies.
In closing, I will note that everyone thinks the story of different perceptions of “partner” as amusing, except Harry. Incidentally, it is not Harry in the photo with Rebecca. It is Fred the owner of a great Italian restaurant in Williamsport, PA: Francos.