There’s something about employed intellectuals. When they are trashing popular wisdom and the perceptions of regular people, they are truly in their element.

They love nothing better. It’s a way for them to show off their superior understanding, flash their credentials, and dazzle others with the merit of their time and expense in schooling. It justifies their social standing and income. And it assures their jobs.

Where would we be without them? Wallowing in ignorance, no doubt.

The trouble is that very often, the popular wisdom is correct, whereas the intellectuals are wrong.

We’ve seen many examples of this recently with regard to inflation. It seems that most people think it is getting worse and going in the wrong direction. A recent poll of swing-state voters shows that 74 percent of people say exactly this.