Americans' unhappiness is usually blamed on the economy. Yet researchers find that Americans are actually doing fine financially, and what really troubles them may be things money cannot buy.

The author notes that Millennials earn more than the previous generation, yet their anger has not subsided. Trump's trade wars and immigration policies also failed to bring back manufacturing jobs or raise native employment.

1. The economic anxiety story falls short

Data show Millennials out-earn their parents, but their discontent stems more from a craving for status and respect. Political scientists also find that economic insecurity explains only a modest share of populist support.

2. Elites don't care about bread-and-butter issues

Democratic activists and staffers focus on inequality and climate change, while ordinary voters care more about war and inflation. Young voters even care more about Palestine than their own economic situation.

3. Money can't buy happiness

Once basic material needs are met, people seek belonging and respect, which are 'positional goods' – one person's gain is another's loss. Economic policy may no longer address Americans' core anxieties.

The author argues that the great challenge of the 21st century is no longer material abundance but making everyone feel high-status at the same time, or at least preventing status differences from breeding mass resentment.