Reply #4: People are stupid but that Bloomberg poll was somewhat bogus [View All]

[Kurt_and_Hunter]

People thinking their federal taxes have gone up is ignorant.

People thinking the economy has contracted is, however, not stupid.

The counter is that the economy has grown in nominal terms. Yes it has. Whoop-de-do.

And the recession ended a year ago. It did, in technical terms... but do we brand people ignoramuses for saying we are still in a recession?

Below-trend job creation and below trend GDP growth do represent the economy shrinking in effective terms even as there are nominal gains.

So the people are not Morans for thinking the economy has shrunk or is shrinking, any more than they are fools for thinking we are not creating jobs.