The case that things are basically pretty good? Unemployment is 5.5%, low
by historical standards; income is rising slightly ahead of inflation; housing
prices are down, but the typical house is still worth a third more than in 2000;
94% of Americans do not have threatened mortgages, and of those who do, most
will keep their homes.
Inflation was up in 2007, but this stands out because the 16 previous
years were close to inflation-free; living standards are the highest they have
ever been, including living standards for the middle class and for the
poor.
All forms of pollution other than greenhouse gases are in decline;
cancer, heart disease and stroke incidence are declining; crime is in a
long-term cycle of significant decline; education levels are at all-time
highs.
Sure, gas prices are up, the dollar is weak and credit is tight – but
these are complaints at the margin of a mainly healthy society...
Campaigning in Pennsylvania in April, Hillary Clinton said "We need to go
back to the prosperity of the 1990s," a comment that drew loud, enthusiastic
applause. Converted to today's dollars, per-capita income in the Keystone State
is 23% higher than in 1990. People may think Pennsylvania was more prosperous in
the past, but the state is better off today. The same can be said for most
(needless to say, not all) parts of the country and most demographics. Most are,
right now, the best-off they have ever been.
Yet, Easterbrook points out that a shocking 78% of people think that the U.S. is worse off today than five years ago. Erm...why?
Whatever goes wrong in the country or around the world is telecast 24/7,
making us think the world is falling to pieces – even when most things are
getting better for most people, even in developing nations. If a factory closes,
that's news. If a factory opens, that's not a story. You've heard about the
factories Ford and General Motors have closed in this decade. Have you heard
about the factories Toyota, Honda and other automakers opened in the U.S. in the
same period? The jobs there have solid, long-term prospects.
The relentlessly negative impressions of American life presented by the
media, including the entertainment media, explain something otherwise puzzling
that shows up in psychological data. When asked about the country's economy,
schools, health care or community spirit, Americans tell pollsters the situation
is dreadful. But when asked about their own jobs, schools, doctors and
communities, people tell pollsters the situation is good. Our impressions of
ourselves and our neighbors come from personal experience. Our impressions of
the nation as a whole come from the media and from political blather, which both
exaggerate the negative.
So...what you're saying is that the media are around to be sensational rather than present the simple facts? You're saying their narrative is designed to make you feel angry about what's really a pretty good situation? It's sort of like they...shoot first, and ask questions later. Sort of like a...drive-by?
Once again: On the "drive-by media," Rush Limbaugh gets there years ahead of Mr. Easterbrook.
Anyway, the "bad economy" we keep hearing about, the millions of people struggling, do not exist. It is not happening. It is a complete and total myth. The definition of "poor" in this country, literally, still gets you multiple TVs and a garage. Nevertheless, people are being frightened into accepting large-scale and irrational changes to the economic structure of society, in no areas more than in gigantic regulations on carbon--something that effects every area of your life--and health--which not only encompasses every area of your life, but also consists of over 10% of the national economy.
The only thing we have to fear is fearmongers demanding more power over your life.
Posts
