How can the American economy be doing so well while people think it's so horrible? Because journalists for major institutions such as The New York Times and The Washington Post are either economically ignorant or have an agenda that requires them to twist the facts. Take your pick:
The bottom line is that the vast majority of us are doing well by the standard measures. Finally, (like Don Boudreaux) ask yourself this: Would you rather be in the middle 20 percent of the income distribution today or in the top 20 percent 50 years ago? How much do you value cell phones, cars that last 10 years, airline travel to Europe, iPods, and being able to fight cancer and win?
Comments
Much rather be in the top 20% FIFTY years ago.
My car is 23 years "young" and under 60K miles...I DON'T have an iPod or cell phone, LOVE to travel to Europe (some day), and we'll wait and cross the cancer bridge IF and WHEN we ever GET to it.
Fifty years ago...better TV (and not a lot of it)...better neighborhoods, schools, and a LOT more jobs for darn near everyone.
Gas was not a global bargaining chip, terrorism hadn't really reared it's ugly head yet, and the Staten Island Ferry only cost a DIME!
MADE IN JAPAN was a "bad" thing...MADE IN AMERICA was everywhere...and ELVIS was JUST getting started...lol!
;)
B.G.
BG you got it right!