Americans Won’t Be Easily Reassured About the Economy

… Conventional wisdom holds that if people see the economy improving, they will be less likely to “throw the bums out” in the next year’s elections. But the key is public perception of the economy, not month-to-month shifts in numbers. Although the National Bureau of Economic Research dates the last recession as beginning in December 2007 and ending in June 2009, according to polls taken as recently as this summer, a majority of Americans believe we are still in a recession. My hunch is that those analysts predicting that the new economic numbers will prompt a change in the political dynamics of 2014 are getting a bit ahead of their skis. CONT.

Charlie Cook