On paper, these are good times for the U.S. economy. The latest GDP numbers show growth was at 3.3% in the second quarter. Business investment is up. The unemployment rate remains low, and the inflation rate is reasonable.

Still, underneath it all lies a nagging question: If the economy is so good, why does it feel so bad?

First, the numbers. Nominal GDP has grown more than 50% since the bottom of the last recession in 2020 — an annualized quarterly growth rate that’s more than 7%. Real median wages are up 5% since 2022, after failing to keep up with inflation in previous years. Unemployment has remained at about 4.5% since 2021 — and for much of that time, there was a worker shortage and a labor market that was very dynamic. Oh yeah, and there’s the stock market: The S&P is up more than

See Full Page