The Britney Effect: Oops, The Media Did It Again -- GDP Up 1.9%
Keeping with the tone of the political campaign, the media are in full Britney Spears mode. To quote the pop tart, "Oops, they did it again." It, this time, is the economy. The mainstream media continue to be wrong about the U.S. economy.
The 2nd Quarter Gross Domestic Product numbers came out Thursday morning and the economy continued to grow, this time at a stronger pace than last quarter - 1.9 percent.
As many pundits point out, the economy has to actually recess for there to be a recession. That hasn't stopped the media, who have in many ways never stopped talking recession since we escaped the last one.
This year it has been worse, with regular references to "recession" or even "depression." These days, "depression" may be how journalists feel about their own industry. But they continue to be wrong about the economy.
Let's see how Marketwatch.com described things this morning:
"Boosted by stimulus checks from Uncle Sam and a big drop in imports, real growth in the U.S. economy accelerated in the second quarter to a 1.9% annual rate, the Commerce Department reported Thursday."
Note the word "accelerated." Now try finding that attitude in the network broadcasts.
The broadcast networks reported that America's finances were "like a house of cards" earlier this year. ABC, CBS and NBC even hyped similarities to the Great Depression more than 70 times in the first six months of 2008.