America's economy is improving, but the public mood is a lagging indicator. A Pew poll in late August found that Americans recognize that the job market has strengthened. Although 58 percent of respondents said "jobs are difficult to find," that was better than 65 percent in April and a peak of 85 percent in March 2010.
Similarly 33 percent of respondents said there are "plenty of jobs available," up from 27 percent in April. But these positive developments barely dented public pessimism. A hefty 56 percent of respondents said their own incomes were falling behind "the cost of living." Only 5 percent said they were getting ahead. The rest were just "staying even."
We have a peculiar prosperity. The economy is escaping the confines of the Great Recession; auto sales now exceed 16 million annually, the highest since 2006. But people don't feel reassured. They've lost confidence in the future. They feel roughed up by the economy, and their fears aren't fading quickly.