Bidenomics And Its Discontents
Unemployment is low. Inflation has fallen. Real earnings are rising. GDP growth has held up—so far. The economists are happy, but for some reason the voters are not! It must be their own ignorance and obtuseness—so says Paul Krugman, house economist of The New York Times.
The other possibility—however horrible to contemplate—is that perhaps the voters are sensible and the economists are obtuse. And perhaps the indicators on which economists rely no longer mean what economists suppose them to mean.
Take the unemployment rate. It is a ratio of those seeking work to the whole active labor force.