America¡¯s economy is improving, but the public mood is a lagging indicator. A Pew poll in late August found that Americans recognize that the job market has strengthened. Although 58 percent of respondents said ¡°jobs are difficult to find,¡± that was better than 65 percent in April and a peak of 85 percent in March 2010.
Similarly 33 percent of respondents said there are ¡°plenty of jobs available,¡± up from 27 percent in April. But these positive developments barely dented public pessimism. A hefty 56 percent of respondents said their own incomes were falling behind ¡°the cost of living.¡± Only 5 percent said they were getting ahead. The rest were just ¡°staying even.¡±
We have a peculiar prosperity. The economy is escaping the confines of the Great Recession; auto sales now exceed 16 million annually, the highest since 2006. But people don¡¯t feel reassured. They¡¯ve lost confidence in the future. They feel roughed up by the economy, and their fears aren¡¯t fading quickly.
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