Economic Gloom: Is It Really That Bad?

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Ask most Americans how life is treating them, and they'll say awful. Gas costs a fortune, grocery prices are rising and house values are dropping. But some economists argue that objectively, America today is the best off that we have ever been in our history. When it comes to the economy, how bad is it, really?

Jonathan Leigh Solomon, a retired stand-up comedian who wrote a piece for Politico titled "Is the economy in a recession?" and Michael Feroli, an economist for JPMorgan Chase, discuss the state of the nation.

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