How’s the Economy Doing, Really?
More appalling stupidity demonstrated in the news. This post was produced based on a casual observation that it appears coverage on the status of the American economy as well as that of the entire world is flip-flopping like the difference between Obama’s campaign promises and his actions in office for the first five months. On the economy, first it’s going down. Then it’s going up. Then things are bleak. Then things are improving. What the hell’s going on really?
Here’s today’s example of misleading news reports. Nothing personal against Michael Bowman from VOA but this story and the report title stink.
US Economy Declines at Slower Pace
“Even though the economy has come through this very, very weak patch, there is a lot of evidence gathering that the economy is now bottoming and beginning to turn upward,” Wesbury said.
The Commerce Department says the U.S. economy shrank at a 5.5 percent annual rate in the first three months of the year. That was a slightly-improved number from an initial estimate of a 5.7 percent contraction.
Federal Reserve Chairman Ben Bernanke has expressed cautious optimism that the U.S. economy can return to positive growth by the end of the year.
The government estimate was a 5.7% decline. The reported ‘actual’ decline was 5.5%. AND THIS WARRANTS A TITLE CLAIMING ECONOMIC DECLINE IS SLOWER!!! Items above and within the report assume there is evidence things are improving or will by the end of the year? Based on what, the difference between an estimate and the actual outcome?
If this indicates how the gurus are drawing their conclusions it is no wonder how this economy was torpedoed and it would have less to do with greed than simply the appalling stupidity of what passes for standard practice in various disciplines. We’re in for a long painful ride if this is the best we can do addressing things financial.
Stanford Matthews
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