The Oh, Hello and welcome to Behind the News. My name is Doug Henwood. Back to the

Deviley ordained two guests today. A.J. Singh Chaudhary will talk about

climate change and social exhaustion and the economist

Matthew Noto a Digdo will explain how and why recessions are actually good

for public health. Before that a quick word in the economic situation. There's a

longer version of this on my blog

LBO hyphen news.com. It looks like the vibe session is over. The term was

coined in June 2022 by multimedia economic analyst Kyla Scanlon, drawing on Keynes but also the poetry of Charles

Bukowski, who defined it as a disconnect between consumer sentiment and economic data.

So basically the economy is doing fine, but people are absolutely not

feeling fine. That's the end of her definition. By recent measures people are

starting to feel somewhat finer if not bounce off the walls fine. The improvement in collective economic mood is visible in three major attitude surveys

from the conference board, the University of Michigan, and Gallup.

All were showing deep recession-like levels of economic gloom, despite excellent-looking

conventional economic indicators, most notably an unemployment rate that's been under 4% for

24 consecutive months.

In June 2022, the month scandal announced the term by obsession, the Michigan measure

was over 20 points below where it was at the depths of the Great Recession, October 2009,

when the unemployment rate was 10%. The reason is almost certainly

inflation, which also peaked in June 2022 at almost 9%. In October 2009 there was

literally no inflation, prices are actually down slightly from a year earlier.

The lesson here is that people really hate inflation. According to a morning consult poll,

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