The Masses Miss the Mark

It is reported that 31% of Americans see the economic situation as good, meaning 69% see it as bad or at least uncertain. My first thought was that 69% must be watching "Family Guy," and they probably think it is a documentary; thus, they are to be excused for being unaware of reality. Then I realized that it is hard to blame the 69% because of the constant bombardment of bad news in the media (both conservative and liberal). Not everyone has access to the positive information we at ITR Economics™ have been sharing in our blogs and in a more detailed nature in our ITR Trends Report™ and ITR Advisor™.

The article referenced above highlights the fact that the masses can be wrong and that just because "everyone knows" does not make it truth or even useful. The masses used to believe in a flat earth, the earth as the center of the universe, and in global warming. (If global warming models were true, we would have seen the dramatic changes by now. They have not happened.)

The situation is less direct in Europe where 16% saw their economy performing well. It is somewhat more understandable why 84% feel uncertain or negative, but even then, it should be noted that most nations that make up the EU-27 are in either a recovery or they are growing. The 2% of Greeks who feel their economy is doing well are delusional. The Greeks have it right in being pessimistic about the future. There the masses are correct -- the economy is a basket case, and it cannot be easily fixed.

The bottom line here is that the majority of Greeks are right, and the majority of Europeans and Americans are wrong. The only sure guide to knowing what is the current and future condition of any economy if found in solid, time-tested economic leading indicators and dispassionate experience and analysis. Our mission is to supply business leaders with the tools they need to see into the future and put tactics and strategies into effect that will maximize the company's value.