If they keep telling us "it's fine", does that mean that it really is "fine"?

For the last few months there has been a running debate about the US economy, more or less like this:

American families: "We're not doing very well."

Washington officials: "You're wrong - you're doing
great. Here, look at these statistics!"

The administration and some political commentators seem genuinely puzzled by polls showing that Americans are unhappy about the economy. After all, they point out, numbers like the growth rate of GDP look pretty good. So why aren't people cheering? For the rest of the article, see "Summer of Discontent".