On any given week, the U.S. economy will generate numbers that look good in some ways (unemployment low by historical standards, inflation low by the standards of Biden's presidency) and not so good in other ways (a tumultuous stock market, a recent spike in gas prices, widespread frustration with the cost of living, growing economic pessimism, gargantuan public debt, etc.). I'm on the more pessimistic side; I think a lot of generally smart economists have focused on the cheerier data and shrugged off the fact that, as the Wall Street Journal put it late last year, Americans have faced almost ...

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