Gone are the days when political leaders saw credibility as their most precious asset.
From presidents and prime ministers on down, economic policymakers have crossed into territory beyond the familiar terrain of political hyperbole, becoming increasingly disconnected from voters’ own understanding of reality.
There are multiple explanations for this. First, today’s communication environment favors extreme statements over cold, dispassionate, fact-based analysis. In a polarized society, politicians have grown more interested in feeding their extremist base than in offering moderation or compromise.