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A Good Reason for American Pessimism

Harvard Professor Economics Greg Mankiw calls attention to the University of Michigan’s Survey of Consumers, which asks households about their future income prospects. They are asked: “By about what percent do you expect your (family) income to increase during the next 12 months?”  Take a look at the results:

The American people are quite pessimistic; the protracted weakness of the American economy is a good reason why.