People feeling tough times

(WWLP) - Ben Bernanke wants to know if you're happy.  The Federal Reserve Chairman says gauging happiness is an important economic indicator; as important as the unemployment and inflation numbers.

Bernanke has acknowledged that many people aren't too happy right now, even though measures of consumer spending, income, and wealth point to improvement.  Unemployment rose in July to 8.3%, and economic growth has slowed sharply from the start of the year.   He called the recovery "frustratingly slow" when he testified to Congress last month, and that frustration can be heard here in Western Mass.

"If you look around here, I don't think things are better.  There's still a lot of people out of work. The cost of everything has gone up and nobody is making any more money" says Beth Quirk of Springfield. 

Tony Bishop of Agawam says: "I think the middle class is still getting the heavy burden and money doesn't seem to go as far these days."

Andy Dahlberg of Northampton adds: "The economy can't keep on going the way it is right now.  The government has been borrowing huge amounts of money.  We're running trillion dollar deficits every year."  

Ronald Reagan famously asked "Are you better off than you were four years ago?" in 1980 and it's been asked in just about every presidential election since.   But if you ask that question today...Quirk says "No way, no way. When they say they didn't need to make an increase in Social Security a couple of years ago because things haven't gone up that wasn't true. Obviously those people hadn't been in a grocery store."  

With President Obama seeking re-election with a stagnant economy, high unemployment and accelerating deficits, Republican challenger Mitt Romney will be checking the groceries and asking that same question right through election day in November.