THE WHITE HOUSE regularly bemoans the fact that the economy is humming along impressively but the public doesn’t recognize it. Just last week, President Bush told NBC News anchor Brian Williams that he’s “a little bit” frustrated by the public’s negative attitude. “I also think it’s important to understand why people don’t see or don’t feel the improved economy,” Bush said. But he didn’t offer an explanation.

In truth, there are two explanations. One is the media, which dwells on bad economic news at the expense of good. As gasoline prices soared past $3.00 a gallon, the press couldn’t say enough about this ugly trend. More recently as prices plummeted, the media was far less interested in touting the dramatic reversal.