Was Phil Gramm Right?

Gallup released a poll on August 3, on American's thinking on the economy. 77% of our fellow citizens hold a negative opinion on the economy while only 7% hold a positive view. The constant nattering of the MSM seems to have had a real effect. GDP, last time we checked, was still growing. As noted in an earlier post, consumption, while moderating, is still pretty good. The housing sector is hurting more than it has in recent years but other parts of the economy are strong. In some sectors, besides gas, prices have begun to rise (in part because of a pretty loose fed policy). But the picture is far from bleak.

Compare, if you will, the unemployment, interest rate, and inflation rate of the late 1970s (when Jimmy Carter was president) with now if you want to understand what a negative view of the economy really is.