The Rodney Dangerfield Economy

rodney_dangerfield032_sized.jpgMSNBC, Bloomberg & the Wall Street Journal each had articles on the Economy today.

Data add to gloom on US economy  From MSNBC starts off with this

A build-up of bearish data fuelled fears of a US economic slowdown on Tuesday as consumer confidence slumped to a two-year low and house prices in big cities suffered their biggest drop in 16 years.

U.S. Growth Probably Cooled in Third Quarter as Housing Slumped  Is Bloomberg’s headline…

The U.S. economy cooled in the third quarter, restrained by a plunge in housing that threatens to bring the six-year expansion to a halt, economists said before a report today. Gross domestic product rose at an annual rate of 3.1 percent from July through September, according to the median forecast in a Bloomberg survey of 82 economists, compared with a 3.8 percent growth rate the prior quarter.

Each of these articles paint a fairly gloomy picture of the US Economy.. The Wall Street Journal on the other hand had this to say;

GDP Grew 3.9% in Third Quarter On Exports, Consumer Spending

The U.S. economy sped up last summer despite a much heavier drag by the housing sector as surging exports and stronger consumer spending helped turn growth surprisingly faster.

Gross domestic product rose at a seasonally adjusted 3.9% annual rate July through September, the Commerce Department said Wednesday in the first estimate of third-quarter GDP. Second-quarter GDP climbed 3.8% and GDP rose only 0.6% in the first three months of 2007.

Some price inflation gauges in the data grew at a lower pace in the third quarter. But one key gauge, seen as an important indicator of core inflation, accelerated.

Stronger exports helped power the economy through the housing slump and tighter credit conditions. Wall Street expected a solid but smaller GDP growth rate. The median estimate of 24 economists surveyed by Dow Jones Newswires was 3.2% GDP growth during summer.

The 3.9% increase represented the strongest growth in quarterly GDP since a 4.8% increase during the first quarter of 2006.

So how is it that economic analysts can look at the same numbers and come up with completely different conclusion? The answer in my opinion is simple really… MSNBC and the majority of the Liberal Biased Media desire to portray the economy in far worse shape than it really is, just to give Democrats fuel for their talking points. As long as there is a Republican in the White House any positive economic news must first pass through the liberal spin cycle to be portrayed as negatively as possible.  

You would think that an economy that sustains consistant steady growth, below 5% unemployment, and consecutive years of increased tax receipts allowing for the reduction of budget deficits, would get some respect by the mainstream media and the Democrats.. Sadly that is not the case. 

Others Blogging: ConservativeINC


  1. I agree entirely with you, however, there is one thing that should be added. The ridiculously high oil prices, which have nothing to do with the media, have added to the gloomy outlook. I won’t go digging for them but if you look at most polls on the economy, you will find that people are gloomy in general but upbeat about their own personal situation. That is as a result of the phenomenon you describe.

    All I can say is, to quote from Mr. Pink of Reservoir Dogs, “the world’s smallest violin playing just for you”

    Sometimes your opponents will misrepresent the picture on the economy and sometimes the media will do the same, and that is politics. If you want to point that out, that is fine, however I put the blame straight on the admin for not doing a better job of effectively communicating the great move the economy made.

    We all know the media won’t give Bush a fair shake, and so what. He has the bully pulpit of his office and if he can’t use that to effectively show the remarkable turn around of the economy that was spurred on by his tax cuts, then I have no sympathy for him.

    We conservatives be moan the unfair shake the media gives our agenda and I think it is important that we point it out as you just did, however it is even more important to not use that as an excuse because it isn’t.

    I would also like to point out that while the media has tried its darndest to hide the good economic news they have also lionized Greenspan. I think his record should be examined much more closely because I believe he is the catalyst for much of the problems we faced earlier and today. Here is how I saw him…

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    […] Mine rodney_dangerfield032_sized.jpg » This Summary is from an article posted at Morning Coffee on Wednesday, October 31, 2007 The […]

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