The press, even in the wake of yesterday's awful reported 2.9 percent annualized first-quarter contraction, continues to regale us with noise about the economy's "recovery" during the past five years.
As P.J. Gladnick at NewsBusters noted yesterday, CNNMoney.com's Annalyn Kurtz, in giving readers "3 reasons not to freak out about -2.9% GDP," concluded her report by telling readers that "This recovery is underway, but it's choppy and still very slow." Actually, it may have resumed this quarter. At the Associated Press yesterday, Martin Crutsinger all too predictably wrote that "the setback is widely thought to be temporary, with growth rebounding solidly since spring." After almost five years of this nonsense, it's long past time that they start telling readers, listeners, and viewers that this economy bears more resemblance to the 1930s economy under Franklin Delano Roosevelt than it does any post-downturn economy we've seen since the end of World War II. Hard proof follows the jump.
Last month, CNN reported that the U.S. Bureau of Economic Analysis measured a decrease in the rate of growth of U.S. gross domestic product (GDP) to the tune of 0.1 percent. But relax, they insisted, it was merely due to the “winter weather effect.”
Fast forward to today and the Bureau’s downward revision of GDP growth. The feds now tell us the economy contracted one percent in the first quarter. Yes, this is “the first downturn since 2011," CNNMoney noted but, hey, “it’s not a big deal,” according to the network’s dismissive headline.
This afternoon, in an unbylined item headlined "US BUSINESS HIRING FINALLY TOPS RECESSION LOSSES," the Associated Press showed that it deserves the nickname "Administration's Press." The story embarrassingly described the job market's return to its previous January 2008 employment peak as a "pivotal moment." Get real. Given over six additional years of growth in the adult population, that's hardly the case.
To his credit, the AP's Christopher Rugaber, in a separate later submission, tamped down the enthusiasm, noting that "the economy is still millions of jobs short of where it should be by now." That's for sure. But whoever wrote the headline to Rugaber's story told an obvious untruth: