All of these underlying ideas can be thought of as a kind of folk sociology or political science. They are everyday explanations of how the world works that sit alongside the folk economics that makes people think, for example, that there is a fixed stock of jobs at any one point or that a nation’s finances should be run in the same way as those of

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But people don’t vote for statistics, as the Democrats discovered, to their detriment, in the U.S. elections. The economics that matter most are those of daily life, and knowing that the country is doing well can make voters even more annoyed if they feel that they are missing out

JPM: The historical relationship between economic data and consumer surveys is broken Misery Index: With low unemployment and falling inflation, consumers doing better than 83% of months since 1970s Michigan survey: Consumers are gloomier now than 92% of all months since 1970s https://t.co/BPBRy8CHUV