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Everyone has their own idea about the economy right now.
To some, Tuesday’s inflation report showing prices 6.4 percent higher than a year earlier was fantastic news. The slowest pace of inflation in more than a year! Used-car prices are falling! No sign of recession! Take that, all ye doubters.
According to others, the numbers were terrible. Inflation was higher than expected. People are working longer hours, but making less in inflation-adjusted terms than they were a year ago.
It’s the best of times, the worst of times, the spring of hope, the winter of despair. Everyone is looking at the same set of numbers and somehow coming to opposite conclusions.
Of course, politicians and their allies always cast new developments in whatever light is most favorable. That’s how politics works, and economic numbers lend themselves especially well to this kind of spin. Anyone can squint at four data points and…
