The Joyless Economy
By PAUL KRUGMAN
Americans don’t feel good about the economy because it hasn’t been good for them. Never mind the G.D.P. numbers: most people are falling behind.
What’s clear, however, is that advisers who believe that Mr. Bush can repair his political standing by making speeches telling the public how well the economy is doing have misunderstood the situation. The problem isn’t that people don’t understand how good things are. It’s that they know, from personal experience, that things really aren’t that good.
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