The media keeps browbeating voters for not appreciating how good they have it.

This CNN lead on their economy story last week is all-too typical of the media arrogance:

“The job market is booming. Inflation has come back down to Earth. Americans are spending like crazy.  Whatever. Voters don’t care. They still think the economy is trash.”

But maybe the voters are glum about the Biden economy because they remember what they could afford a few years ago and can’t afford today.

This chart from University of Chicago economics professor and UP senior fellow Casey Mulligan, shows the inflation-adjusted ratio of total employee compensation to the population aged 16+. So the failure to keep up with trend reflects the higher cost of living and a failure of employment to keep up with adult population.

The gap – a.k.a., Biden’s underperformance – at the end is almost 5% and exceeds 5% during several quarters.