Give Nancy Cook at NationalJournal.com credit for a generally well-written though somewhat naive report ("Forget the Unemployment Rate: The Alarming Stat Is the Number of 'Missing Workers'") on the unprecedented plight of the millions of adults who have dropped out of the labor force.
But in discussing the "glaring caveat" in Friday's employment report from the government, namely that "the 'labor force participation rate' held steady in April at 63.3 percent—the lowest level since 1979," she missed a major source of the rise in the rate to a record level in the late-1990s. She also left readers otherwise unaware of the actual history with the impression that the rate has been "on a gradual decline" since then, which is simply not the case.
With congressional Democrats divided on how to approach the soon-expiring Bush tax cuts, reliably liberal Newsweek has taken upon itself the task of defending tax hikes, particularly those on the "rich."
In back-to-back posts today, Ben Adler sought to dismiss the stimulative effect of tax cuts while Nancy Cook profiled some rich liberals who are allegedly looking forward to their taxes going up. [click image above for full-size screen cap]
"Republicans, moderate Democrats, and even members of President Obama’s economic advisory board say raising taxes on the rich will slow the economic recovery," Adler noted in the subheadline of his story. "But that’s only if you don’t do something smarter with the money," he added.
The "something smarter"? You guessed it, shovel-ready stimulus jobs!: