August 31, 2008
The Wall Street Journal on the Economy
Barack Obama during his acceptance speech played a riff on Phil Gramm's impolitic remarks about a "mental recession" and a "nation of whiners." Like a succession of Democrats at the podium, he painted the economy in the darkest, most hopeless of colors—never mind that the economy is actually growing and unemployment is still lower than it was during much of the Clinton presidency.
But here's the bad news for the dour Democrats in Denver—most Americans don't share their economic pessimism. That's the finding of public opinion expert Karlyn Bowman of the American Enterprise Institute. "Most Americans are feeling pretty good about their jobs and their personal lives," she says after investigating the fine details of recent polls. Her report goes right to Mr. Gramm's concern about the gap between actual economic performance and the dreary negativity of politicians and the media.
She finds that 76% of Americans say they are actually optimistic about the direction of their own lives and their personal economic situations—even though only 18% are optimistic about the country. That's the big disconnect. "These numbers haven't changed much over time," Ms. Bowman tells me.
Job security and job satisfaction are both high in America too. . . . Only 8% worry about their jobs being outsourced to foreign competition. Scott Hodge of the Tax Foundation tells me this squares with the economic data. "Very few jobs are lost each year to companies moving jobs offshore," he says.
