I recently had the opportunity to interview Joshua Rhett Miller, Chief Investigative Reporter at Newsweek, about his cover story, “Resilient Economy ‘Feels Very Untrue’ to Many Americans.” While the economic indicators suggest a soft landing for the U.S. economy, many Americans’ lived experiences tell a starkly different tale.
Josh highlighted the widening gap between the optimistic economic narrative pushed by leaders and the day-to-day financial struggles faced by individuals across the country. Despite the positive job reports and the soft landing rhetoric from public figures like President Biden, Josh’s investigation reveals a reality that feels out of sync with these assurances. From Florida to Montana, from Michigan to New Jersey, people of all backgrounds and professions shared a common sentiment: saving money is hard, the cost of living is overwhelming, and debt—especially credit card debt—is a constant burden.
“Even those earning over $100,000 a year are not immune. About 40% of them are worried about their finances over the next six months,” Josh explained. “This isn’t just a middle-class issue; it’s affecting everyone, up and down the financial spectrum.”
A particularly resonant story in Josh’s article involved a mother who used to shop at Target but now frequents dollar stores to buy supplies for her daughter’s birthday party. This change, driven by the high cost of goods, is something many of us can relate to. As a mother myself, I see these pressures firsthand, and they underscore the disconnect between the broader economic narrative and the lived realities of many American families.
Josh noted, “People are changing where they shop and how often they eat out—or even how many meals they have in a day. Some are cutting down to two meals to stretch their budget further. This isn’t just a belt-tightening moment; it’s a sign of deeper economic strain.”
As we discussed the broader implications, it became clear that this isn’t just about financial struggle—it’s about a growing sense of frustration and inequity. The wealth gap is widening, and the contrast between the lifestyles of the ultra-wealthy and the average American is starker than ever. Stories like that of a CEO commuting via private jet while many Americans live paycheck to paycheck highlight the growing divide and the simmering anger that comes with it.
Josh observed, “There’s a significant disconnect between public statements about the economy and what people are actually experiencing. Many are still drowning in debt, getting by on credit, or relying on government assistance. It’s a stark reality that often gets lost amid the headlines of economic resilience.”
Josh’s investigation captures a crucial narrative that resonates deeply: the supposed resilience of the U.S. economy feels disconnected from the experiences of many. The stories he shares in his cover piece are not just isolated instances but reflect a broader, more troubling trend. The frustration is palpable, and it’s not just confined to those at the lower end of the economic spectrum. Even those considered financially stable are feeling the strain.
This disconnect raises important questions about how organizations and leaders can bridge this gap and address the economic concerns of their communities. The challenges highlighted in Josh’s report aren’t going away—and they demand a thoughtful response.
I’m grateful to Josh for his in-depth reporting and for bringing these critical stories to light. I encourage everyone to check out the September 13th issue of Newsweek to read the full cover story. It’s a compelling, unflinching look at what’s happening beneath the surface of an economy that, for many, feels far from resilient.
Thank you, Josh, for your dedication to capturing these voices and stories. Your work serves as a powerful reminder that behind the data and reports, real people are navigating a far more complex and challenging economic landscape.
Elsewhere In Culture
PwC tells employees it will use location data to police ‘back-to-office’ rule
PwC’s decision to track employee location data to enforce a ‘back-to-office’ rule highlights the ongoing tension between flexibility and control in workplace culture. This approach suggests a shift away from trust-based models that empower employees to manage their work environment, toward a more prescriptive model that prioritizes physical presence as a key driver of success. While the company argues that face-to-face interaction fosters better relationships and learning opportunities, the underlying message is clear: adherence to office-based norms is a non-negotiable part of their culture. This kind of policy underscores a belief that in-person work equates to better results, but it also risks alienating employees who have thrived under more flexible arrangements.
The real question for companies like PwC is whether this push for in-person attendance truly aligns with a culture that drives results. Culture means results, and results stem from engaged, empowered employees who feel trusted to perform their best, regardless of location. Policies that monitor and enforce physical presence can create an environment of compliance rather than commitment, where employees show up because they have to, not because they want to. The challenge lies in finding the right balance between in-person collaboration and the autonomy that many have come to value. A workplace culture that genuinely focuses on outcomes, rather than just attendance, is more likely to inspire the kind of commitment and high performance that PwC is aiming for.
The heartbreaking death of Leo Lukenas, a junior banker at Bank of America who worked grueling 100-hour weeks, has forced big names like JPMorgan and Bank of America to take a hard look at their workplace culture. By capping work hours and rolling out new timekeeping tools, these banks are finally acknowledging that the relentless grind they’ve long celebrated can have tragic consequences. But these changes need to go deeper than just policies and tools; they have to be part of a real cultural shift where employees feel supported in setting boundaries and prioritizing their health. A healthy workplace culture isn’t just about meeting quotas or hitting targets—it’s about ensuring that the people driving those results are not burned out or pushed to their limits.
This situation serves as a powerful reminder that when we say “culture means results,” it has to mean creating an environment where employees can thrive without sacrificing their well-being. The pressure cooker mentality of Wall Street has long been a badge of honor, but it’s clear that this approach isn’t sustainable. For companies like JPMorgan and Bank of America, taking steps to limit hours is a start, but the real change happens when leaders truly value their employees’ health as much as their productivity. It’s time for organizations, especially in high-stress industries, to recognize that when you take care of your people, the results will follow.