Commentary News reports carry what seems to be a contradiction. Data show a good economic recovery from the lingering effects of pandemic-induced lockdowns and quarantines. Yet, all the polls announce that people worry about economic prospects. The mainstream media, not surprisingly, explains this difference in terms of public ignorance. Such condescension may make reporters and commentators feel superior, but the public is not so blind as claimed. The difference might better be explained this way: the data looks at the present and the past, while the public is looking forward. To be sure, the economic data does look good. Despite much referenced supply chain problems, the economy created almost 6 million jobs between last January and November, some 700,000 in just the last two months. Unemployment, as a percent of the workforce, has dropped from 6.7 percent a year ago to 4.2 percent in November. Hourly earnings have risen at …
RSS Feed | The Epoch Times