Of COURSE the narrative matters

Paul Krugman with the quote of the day:

There's an almost pathological resistance among some in the media (and some economists) to any notion that public pessimism about the economy in part reflects narrative overpowering lived experience. But come on, people. https://t.co/qzAuMcvTtc

— Paul Krugman (@paulkrugman) March 1, 2022

The new Suffolk University poll: 34% of Democrats, 65% of Republicans think we’re in a recession or depression. 34% of Democrats! Those are people who have no reason to want the economy to be terrible. It’s what they’re hearing.

The job growth is phenomenal. Massive numbers of people are quitting their jobs for better ones. But the endless hand-wringing in the media (particularly the right wing media, but all the others as well) is telling people that the entire economy is in shambles.

Krugman is right.