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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
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Click to read the article below and then answer the questions:
Should we believe Americans when they say the economy is bad?
Discussion Questions
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How does this article demonstrate that people’s political beliefs can affect the way they see the economy?
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According to the article, why might Americans perceive the economy as worse than it objectively appears, given the positive indicators like GDP growth and employment rates?
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How does the article explain the discrepancy between actual economic data and public sentiment in the US compared to other countries facing similar inflation challenges?
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How does the concept of “expressive responding” mentioned in the article contribute to the disparity between actual economic conditions and public perception?
Economic Research
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Research current economic statistics on unemployment rates, GDP, inflation, and housing affordability, from the links or other reliable sources (government websites, reputable news outlets, economic research institutions)
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Is the US Economy in a recession? Why or why not?
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What economic indicators might lead people to think the economy is strong or weak?
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Write a brief analysis of the economic data from two different political viewpoints (Try to describe how someone with a different political view might interpret the same data.)
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With a partner, one person should argue for a positive/optimistic view, and one person should argue a negative/pessimistic view of the current economic condition. Use data to support your arguments. What are two compelling arguments provided by your partner?
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Optional reflection: Do you think people are rational when it comes to their sentiments about the economy? Why or why not?
Joel Miller and James Redelsheimer, Foundation for Economic Education.
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