(the National Weather Service reports...

THIS COOL SPRING

April 29, 1992

THIS COOL SPRING (the National Weather Service reports that temperatures at Baltimore-Washington International Airport have averaged 2 degrees below normal this March and April) has brought at least two benefits: It's easier on our eyes -- the grass seems greener -- and our ears. Haven't heard shrieks about "global warming" lately, have you?

* * * Several things might explain why we feel so bad when things are really not so bad:

"1. Although this recession is shallower than most, it is longer than many. . . .

"The cumulative effect on confidence of seeing stories about the unemployed in the daily press and pictures of unemployed people on TV for 500 nights may be much greater than when they are seen for only 300 nights, even if the total number of unemployed was greater in the shorter period. . . .

"2. People may have had less net wealth at the beginning of this recession, coming after a decade of rather low saving. . . .

"3. This recession may have come as a great shock and disappointment after an unusually long period of expansion. . . .

"4. Ronald Reagan clearly had the ability to make the American people feel good, an ability that George Bush lacks."-- Herbert Stein in the March/April issue of The American Enterprise.

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