It’s still January but what a year it’s been already. Deadly and costly fires have been raging across Los Angeles. A new Congress has taken to Capitol Hill. Oh, and then there was, of course, the pomp and circumstance of Monday, when President Donald Trump was sworn in for the second time.

When it comes to what to expect economically from another Trump term, tariffs, tax cuts and an immigration crackdown are all anticipated. But the start of the year has been marked by important economic news, too — a lot of it pretty darn good.

Job creation has been going gangbusters, unemployment is down, and wages have been rising faster than inflation. As for consumers? That’s a bit of a conundrum.

Those consumers have been spending a lot, but they still feel pretty mediocre. As political power has shifted, consumer sentiment has too, according to Joanne Hsu at the University of Michigan Surveys.

“Republicans believe Trump’s policies are going to usher in growth, lower inflation in the future, whereas Democrats are quite worried that inflation’s going to come surging back,” she said.

All that drives consumers to spend more. “Republicans are spending out of confidence, Democrats out of fears that things are going to get worse. If you think prices are going to go up in the future, then now is the time to buy,” Hsu said.

Meanwhile, LendingTree reports that Americans’ monthly debt payments keep rising — on credit cards, car and home loans. But most borrowers aren’t getting in financial trouble, per analyst Matt Schulz.

“If you’re feeling good about your job and your overall situation, you’re not necessarily scared of taking on debt,” he said.

That’s because if you’re taking out money to invest in education, a home or small business, that could build future wealth.