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The happiness crash of 2020

Author

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  • Peltzman, Sam

Abstract

I document a sudden, sharp and historically unprecedented decline in self-reported happiness in the US population. It occurred during 2020, the year of the Covid pandemic, and mainly persists through 2024. This happiness crash spread across nearly all typical demographics and geographies. The happiest groups pre-Covid (e.g., whites, high income, well-educated and politically/ideologically right-leaning) tend to show the largest happiness reductions. The glaring exception is marital status, which has consistently been an important marker for happiness. The already wide happiness premium for marriage has, if anything, become slightly wider. With both married and unmarried reporting large declines in happiness the country has become segregated: slightly over half - the married adults - remain happy on balance; the unmarried, nearly half, are now distinctly unhappy. I also show that across a number of aspects of personal and social capital post-Covid deterioration is the norm, including a collapse of belief in the fairness of others and of trust in the US Supreme Court.

Suggested Citation

  • Peltzman, Sam, 2026. "The happiness crash of 2020," Working Papers 379, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State.
    • Handle: RePEc:zbw:cbscwp:339592
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    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • H00 - Public Economics - - General - - - General
    • I10 - Health, Education, and Welfare - - Health - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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