We might have more thoughtful economic policy if we stopped using misleading clichés. It is false to tout a “strong economy” as meaning that we are wealthier. We have a balance of trade deficit fueled by spending on consumer credit. This means that our “strong economy” – a high pace of transactions – is making us poorer, faster.
“A strong economy” is a misleading cliché’. When policy-makers praise our “strong economy,” we should call them out by asking, “But are we wealthier?” The answer is “No.” We deserve more thoughtful – and less fraudulent – economic policy.