In a story headlined, “Wall Street: Recession is over,” Axios reported that U.S. economic activity is “going to grow more sharply in the third quarter of this year than during any other quarter in history.” Here’s the kicker: “The recession is over, according to Wall Street, with current forecasts showing sustained economic growth through 2021 and beyond.” More importantly, according to Axios, “the continued prevalence of the pandemic doesn't seem to have crimped economic growth.” [Emphasis added.]
But the good news didn’t stop there. Axios noted that the Federal Reserve (Fed) is now much more positive than it was a couple of months ago:
In June, when coronavirus cases were declining quite quickly, the Fed expected that we would end the year with unemployment at 9.3%, and saw the economy shrinking by 6.5%. Today, with coronavirus deaths still at their June levels, the Fed is much more optimistic. It sees 2020 ending with unemployment at 7.6% and an economy that has shrunk by just 3.7%, [emphasis added.]
But even Axios couldn’t let the news be too positive, though the economy is beating a pandemic-induced coma it was forced into for a number of months. “That's still terrible, of course, for workers who are out of a job and businesses that are fighting for survival,” Axios said. Typical.
But apparently, the news itself was still too good to play down without coming across as dubious. Axios stated that “[t]he difference is huge — almost 3 million extra jobs, and more than $600 billion in economic activity, over and above what the Fed expected just three months ago.” [Emphasis added.]
On Wall Street, economic forecasters expected third quarter, annualized quarterly GDP growth to see a “bounceback on the order of 13%” in April. In June, the forecast increased to 18 percent. Now, “they expect third-quarter GDP to grow at an astonishing 25.2% rate,” according to Axios. [Emphasis added.]
The bottom line is that the “past couple of months of economic growth have proved that the economy can grow much faster than expected even while the virus still rages,” according to Axios. [Emphasis added.]
Perhaps this is why ABC World News Tonight, CBS Evening News and NBC Nightly News have repeatedly ignored reporting good economic and market news that reinforced Trump’s optimism on a rapid economic recovery.
ABC’s Good Morning America, CBS This Morning and NBC’s Today all ignored reporting the unemployment rate dropping nearly two percentage points to 8.4 percent in August from 10.2 percent in June.
Also, since the media’s doom-and-gloom narratives about the economy have been consistently undercut, outlets like MSNBC have recently resorted to blaming racism for why voters would prefer Trump on the economy.
On September 9, MSNBC guest Princeton Professor Eddie Glaude Jr. accused voters who preferred Trump on the economy as displaying “selfishness.”
Axios concluded that the rise in growth forecasts “shows just how difficult it is to make economic projections when there is no real precedent to look to.” This is why the media constantly inundating viewers and readers with fatalistic projections that made the economic recovery look hopeless is a testament to their reputation as liberal, anti-Trump propaganda mills. [Emphasis added.]