Monday, June 12, 2006

Optimism Lag

James Glassman looks at the booming economic numbers and wonders why Americans aren't more optimistic.

An excerpt:

What is mind-boggling is that more respondents fall into the negative camp now than during the 2001 recession. Today, respondents who are negative on the economy outweigh those who are positive by more than two-to-one. Gallup concludes that "Americans' views of economic conditions in this country have essentially never recovered from the precipitous drop they took in 2001 after the dot-com boom ended."

Pollsters and politicians have noticed that there are lags in the public's perception of how the economy is doing, but the length of the delay this time is a little ridiculous. The recession ended four and a half years ago; unemployment peaked in mid-2003.

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