If past presidential elections are any guide, by the time this one is over, it will have been said that this economy is the worst economy since the Great Depression. W. Michael Cox and Richard Alm of the Dallas Fed write a fabulous article in the American putting current US economic conditions in historic context:
When a presidential election year collides
with iffy economic times, the public's view of the U.S. economy turns
gloomy. Perspective shrinks in favor of short-term assessments that
focus on such unpleasant realities as falling job counts, sluggish GDP
growth, uncertain incomes, rising oil and food prices, subprime
mortgage woes, and wobbly financial markets.
Taken together, it's enough to shake our
faith in American progress. The best path to reviving that faith lies
in gaining some perspective"” getting out of the short-term rut, casting
off the blinders that focus us on what will turn out to be mere
footnotes in a longer-term march of progress. Once we do that, we see
the U.S. economy, a $14 trillion behemoth, is doing quite well, thank you very much.
I can't really excerpt the article and do it justice, but suffice it to say that you won't see much of this in any Obama speeches this year. Here are two charts from the article I particularly liked:
Of course, the rejoinder will be, but what about the poor? Well...
Go read it all in advance of the campaign season.