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Economic Hypochondria

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George Will’s column [2] in yesterday’s Washington Post is especially good.  Here’s my favorite paragraph from that column:

Economic hypochondria, a derangement associated with affluence, is a
byproduct of the welfare state: An entitlement mentality gives
Americans a low pain threshold — witness their recurring hysteria
about nominal rather than real gasoline prices — and a sense of being
entitled to economic dynamism without the frictions and "creative
destruction" that must accompany dynamism. Economic hypochondria is
also bred by news media that consider the phrase "good news" an
oxymoron, even as the U.S. economy, which has performed better than any
other major industrial economy since 2001, drives the Dow to record
highs.

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