Economy

On the day the government reported a tenth of a point drop in the unemployment rate and two days after news of a second straight quarter of 0.6 percent GDP growth proved the nation is not in a recession, Friday's NBC Nightly News delivered a ridiculously shallow story, based on two anecdotes and a couple of advocates, to prove rising prices are forcing the elderly out of their homes and into vans…

Although the economy is showing only a slow rate of growth, consumer spending actually showed an increase for the month of March. But, don't be fooled - that's a bad sign, according to "CBS Evening News" anchor Katie Couric. "[T]he government reported today that consumer spending in March shot up twice as much as economists were expecting, and it's not because we're buying more - it's because…

On the April 30 edition of "BBC World," Justin Webb reported on rising fuel costs and how the increase in prices affect the American public. According to Mr. Webb, many Americans drive cars nearly the size of big rigs, and will need to spend their tax rebate on fuel, thereby doing little for the economy at large. After all, if a big rig tank takes over a thousand dollars to fill, many American…

Despite all the gloom and doom, the employment picture in April was much better than economists had expected, and, maybe more important, quite different than the Hooveresque, Depression Era picture media members have been painting for months.Makes you wonder if in press rooms all around America, as well as in Democrat campaign headquarters across the fruited plain, there was a huge sigh of…

This updates the "Supply-Side Stunner" post (at NewsBusters; at BizzyBlog) from Tuesday. The business press has not yet noticed this news. The last Daily Treasury Statement for April published yesterday shows just how impressive what is probably the supply-side tax cuts' last hurrah really was:

As noted earlier today on Newsbusters by Matthew Balan, Michael Moore appeared on CNN's "Larry King Live" last evening. I caught a good portion of the "interview" (if King's constant agreement and sucking up qualify as an interview) and one little segment in particular got my attention. The subject was taxes:MOORE: You were asking me a serious question. I'm sorry. Actually, you know what I would…

Perception is everything, facts are trivial to April Ryan, judging from two recent comments from American Urban Radio Network's White House correspondent. [audio available here]At the April 29 Rose Garden press conference, Ryan asked President Bush the following question about the economy:I talked to [Rep.] James Clyburn [D-S.C.] before this press conference. He said, "As a man thinketh, so are…

Once again, the New York Times is expecting American taxpayers to care not only about the plight of illegal immigrants, but on the hardship imposed on their families back in Latin America because of the fitful U.S. crackdown on illegal immigration. A front-page story on Thursday by Julia Preston blared "Fewer Latino Immigrants Send Money Home." How did the paper find out? From a poll -- a poll…

Old Media business reporters have a definitionally-incorrect habit of labeling single industries or economic sectors as being "in recession," when the term, as defined here, can only describe national economies or the world economy. Two examples of this are New York Times reporter David Leonhardt's description of manufacturing as being in recession in February 2007 (laughably incorrect, in any…

An April 7 CBS Evening News report on the health care monetary burden of illegal aliens on American taxpayers has just now drawn the ire and the fire of the two largest Hispanic grievance groups -- the National Council of La Raza (translation: "The Race") and the Mexican American Legal and Educational Fund (MAL (not Mos) DEF).Byron Pitts' piece is fairly mild and pretty much down the middle of…

You have to wonder if the Associated Press felt the need to find an exceptionally gloomy story to write when it learned that the economy would probably show positive growth in the government's first-quarter GDP report. That report was released earlier today -- and came in at +0.6%. If so, this article by the AP's Anne D'Innocenzio (HT to a NewsBusters e-mailer) does the job: The for-sale…

The Associated Press's Jeannine Aversa really should change her writing focus, because economics is clearly not her specialty.After telling readers in March that "Dangerous cracks in the nation's job market" are "ominous signs that the country is falling toward a recession or has already toppled into one," Aversa had the gall to report Wednesday, "The bruised economy limped through the first…

Those of us, including myself, who thought that the supply-side boom in federal receipts had totally played out, as well as those who are concerned about the condition of the economy, have received a surprising bit of good news this month. Old Media, which doesn't seem interested in looking for, let alone finding, good news, is not reporting a very interesting development. With two business days…