A professor explains. Unsurprisingly it’s (you guessed it!) biased and lousy reporting.

Inflation during the Bush administration has been much like it was during the Clinton administration. Even so, back then, we liked the economy. Now we hate it. So, what exactly is the problem? The “record setting” budget deficits, perhaps? Not really. Stagnant wages? Maybe, but I doubt it. I’ll take a look at these a bit later, but for now, my point is that any story you read about some aspect of the economy ought to include simple charts like these. Those two stories about budget deficits and stagnant wages — like almost all stories about the state of economy — don’t do that. You can learn more from a few informative charts than you can from reading the words of a reporter who has an agenda that is advanced, not by showing you the actual numbers, but by using bumper-sticker slogans to create the impression that things are “spiraling out of control.” Oh wait, that’s the phrase reporters use to characterize Iraq. Well, they don’t use charts for that purpose, either (and for the same reason).