Why Does the Economy Feel So Bad?
A large majority of Americans are convinced that the economy is performing quite poorly. But usually after a recession the economy recovers quite quickly, and the deeper the recession, the stronger the recovery. This time is different, because this time we’re different. Our politics have changed in favor of a more European approach, and therefore the results are more European as well: economic growth is stagnant and unemployment is chronically high.
But why do we keep pursuing the failed Euro-model when the evidence is so against it? What is the appeal of the European-style welfare state to the American elite?