People are unhappy with President Joe Biden’s economy, and they are getting more unhappy every day. Many commentators believe people should be happy with Bidenomics because inflation is lower now than a year ago.
MSNBC host Chris Hayes has made a more nuanced criticism of the public: It’s OK to be unhappy with three years of extraordinary inflation, but we should all be less unhappy today because inflation is getting closer to normal.Hayes is positing that consumers ought to think like economists, but he is also missing the way we experience inflation and other hardships.
This month’s year-over-year inflation figure, 3.7%, is higher than any month in former President Barack Obama’s second term or Donald Trump’s presidency. Imagine your city typically had one carjacking per week, but something happened in 2020 that drove that number up to 10 carjackings per week. If, after three years of this crime spree, the rate had fallen to five carjackings per week, you might reasonably be growing in your dissatisfaction because you’ve now lived through three years of abnormally high carjackings.
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