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The truth about America’s economic recovery

AS WE approach the midterm elections, most political coverage I see frames the contest as a struggle between Republicans taking advantage of a bad economy and Democrats trying to scare voters about the GOP's regressive social agenda. Voters do, indeed, perceive a bad economy. But perceptions don't necessarily match reality.

In particular, although political reporting generally takes it for granted that the economy is in bad shape, the data tells a different story. Yes, we have troublingly high inflation. But other indicators paint a much more favorable picture. If inflation can be brought down without a severe recession - which seems like a real possibility - future historians will consider economic...

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