business-graphic-up.gifThe American economy appears to be in a cyclical recovery that is gaining strength. Firms have begun to hire and consumer spending seems to be accelerating, so it is surprising that many commentators, whether economists or politicians, seem to doubt that such a thing could possibly be happening.

Why is good news being received with such doubt? There are, I think, a number of reasons for the glum outlook that are unrelated to the actual economic data.

(READ the column by Floyd Norris in New York Times)

Thanks to David G. for submitting the story!

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