Why Americans Should Feel Happy

Mass gloom opens doors to outside candidates like Perot and Bloomberg. But that pessimism is misplaced

About three-quarters of Americans, according to surveys, think the country is on the wrong track. About two-thirds of the public disapprove of the job performance of President Bush, and an even higher number disdain Congress. The media are excited about the prospect of a wealthy businessman running for President as an independent who could tap into broad public disgruntlement with the partisan politicians in Washington.

2007? Yes. But also 1992. The main difference between the two situations is that Michael Bloomberg is richer--and saner--than Ross Perot. But one similarity might be this: the American people were wrong then and may be...

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