Economist Sam Peltzman from the University of Chicago analyzed 50 years of happiness data from the General Social Survey. The happiness index measuring the gap between “very happy” and “not very happy” responses dropped 22.2 percentage points in 2020—the largest single move in the survey’s history. By 2024, it recovered to around +6, compared to a +20 average over the previous five decades. Paradoxically, the most educated and wealthiest Americans experienced the steepest declines, consistent with the “aspiration gap” framework where satisfaction depends on expectations relative to peers rather than absolute income. The economist describes this as a “regime change” and notes that 45% of unmarried American adults now score at -15 on his scale, compared to near break-even before 2020.
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