Economic Hypochondria

George Will had a great column yesterday on how perception differs from reality. Read it all, but the highlight is definitely this:

Economic hypochondria, a derangement associated with affluence, is a byproduct of the welfare state: An entitlement mentality gives Americans a low pain threshold — witness their recurring hysterias about nominal rather than real gasoline prices — and a sense of being entitled to economic dynamism without the frictions and “creative destruction” that must accompany dynamism. Economic hypochondria is also bred by news media that consider the phrase “good news” an oxymoron, even as the U.S. economy, which has performed better than any other major industrial economy since 2001, drives the Dow to record highs.

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