Economic Perception Versus Reality

Perception:

Percentage of Americans, according to Gallup, who believe we’re in a recession: 38 percent.

Percentage of Americans, according to Gallup, who believe we’re in an economic depression: 23 percent.

Reality:

“The second-quarter growth rate for the U.S. economy was revised upward, to 3.3 percent.”

Were the preceding two quarters pretty lousy? Yeah, .9 percent in 2008’s first quarter and -.2 percent in the fourth quarter of 2007. But the preceding two quarters, the economy grew 4.8 percent each.

Of course, in politics, as with the legacy media (but I repeat myself), perception invariably trumps reality.

Meanwhile, James Pethokoukis lists four ways to make bad news worse. So invariably, watch for these to begin to be implemented. Obama/Smoot ’08!