$.$Discuss how the distinction between short$-$run and long$-$run often results in unresolved controversies in macroeconomic policy $($Hint: and in politics too$).$ Differentiate between the traditional view and Ricardian view of government debt. Finally, integrate all insights to discuss real$-$world implications. In addition, relate your insights with the following blog article by Greg Mankiw:Why do people feel bad about the economy?

Article:

A question that many pundits have been asking is: Why does the general public seem to feel bad about the current economy, when many traditional indictors suggest it is doing okay? Here is a hypothesis: People are comparing things to $2021,$ the first year of

the Biden administration, when things looked much better for them.

Consider real disposable income per capita. In the latest reading, for May $2024,$ it was $$50,491.$ For the year $2021,$ the figure was $$51,567.$ That is$,$ average income is down about $2$ percent over this period. By contrast, average income grew by more than $3$ percent per year from $2017$ to $2021.$

Similarly, consider credit card debt. From $2017$ to $2021,$ it was up a mere $4$ percent $($in nominal terms$).$ From its trough in April $2021$ until now, it is up $44$ percent.

To be sure, one might say that $2021$ was an unusual year. Disposable income was goosed by numerous, temporary fiscal policies aimed to ease the pain of the pandemic. Covid also reduced consumers' ability to spend, so they used more of their incomes to pay off their debts. No economist expected these unusual conditions to persist.

That is all true. But do most people take this fact into account? Maybe they think, "A few years ago, my income was higher, and my debts were lower. So$,$ yes, I am glad the pandemic is over, but my finances are worse."