Well, the answer to this question very much depends on your perspective of course. And if you are dreaming of the good ol’ days right now, you should take a look at the big picture.

W. Michael Cox, senior vice president and chief economist at the Federal Reserve Bank of Dallas, and Richard Alm, the bank’s senior economics writer, have gathered the facts and figures which will help you feel better:

How Are We Doing?The American economy is in a rough patch. But the long-term trends are good – and there is a price to economic pessimism.

“So many data points add up to steady, continuing progress for average Americans—and there’s no reason not to expect the future will bring further progress. Bad news will pop up from time to time, just as it has in every decade of American history. Some people will take the negatives—the hiccups on the long road to progress—for harbingers of worse times to come.”