By Tom Blumer | August 20, 2015 | 10:26 AM EDT

Imagine if, in 1987, a Federal Reserve official could have pointed to a poorly performing economy and said, "Gee, this supply-side economics hasn't worked out very well." The press would surely have treated the story as a front-page item and ensured that it got air time on the Big Three networks' then-dominant nightly news broadcasts. Of course, there was no such credible report, because the economy under Ronald Reagan was so obviously robust.

Fast-forwarding 28 years, the author of a July Federal Reserve white paper on the Fed's Keynesian-based "quantitative easing" program contends that "There is no work, to my knowledge, that establishes a link from QE to the ultimate goals of the Fed—inflation and real economic activity." In other words, there is no evidence that $4.5 trillion in funny money with which the economy has been saddled has accomplished anything. In the establishment press, only CNBC's Jeff Cox has covered it (bolds are mine):

By Brad Wilmouth | August 18, 2015 | 12:28 PM EDT

As GOP presidential candidate Rick Perry appeared as a guest on Tuesday's New Day, co-anchor Alisyn Camerota challenged the former Texas governor for vetoing a Texas bill on equal pay, as she demanded, "Don't women deserve equal pay?"

By Tom Blumer | August 17, 2015 | 6:32 PM EDT

Several commenters at my econ-related posts during the past several months here at NewsBusters and my home blog have noted how Washington's mix of high deficits, over-regulation, and quantitative easing never seem to get any kind of blame for the economy in establishment press coverage.

One could hardly find a better example of that deliberate avoidance than Josh Boak's writeup today at the Associated Press, aka the Administration's Press, on how "Home ownership ... is increasingly on hold for younger Americans." While he identified several symptoms which could easily be traced to Obama administration and Federal Reserve policies, Boak never tagged anyone who might be responsible, instead acting as if all these adverse conditions just sort of happened and ... oh well, here we are.

By Tom Blumer | August 17, 2015 | 1:20 PM EDT

Japan, once a feared world economic powerhouse already at "two decades of little or no real economic growth," just reported that its economy contracted during the second quarter at an annual rate of 1.6 percent.

The common thread throughout the two-decade slump has been the alleged need for ever-increasing levels of Keynesian "stimulus." Apparently refusing to believe there are any other viable alternatives to what hasn't worked for 20 years, the world's press is expecting — and creating pressure for — even more "stimulus."

By Tom Blumer | August 13, 2015 | 2:32 PM EDT

It "seems" that a bit of doubt seeped into an economy-related Associated Press report today. An hour later, it was gone.

An early report by Josh Boak with a 10:22 a.m. time stamp found at a subscribing outlet's site described job growth in the past 12 months as "seemingly robust." An hour later, in an expansion of that early report primarily covering today's government release on July retail sales, Boak, in collaboration with Anne D'Innocenzio, described it as "solid."

By Mark Finkelstein | August 10, 2015 | 7:48 PM EDT
In the liberal universe, there's no correlation between hard work or ingenuity and financial success.  As President Obama recently put it, the rich are simply "society's lottery winners."  

Sounding a similar theme, Al Sharpton today declared it "astounding" that Rand Paul believes that income inequality is due to "some people working harder."  Astounding, indeed!  What's wrong with Rand?  How could he possibly believe that someone who works, say, 60 hours per week might earn more than someone else who works 20?

By Tom Blumer | July 31, 2015 | 11:22 AM EDT

Christopher Rugaber at the Associated Press and the "expert" he quoted in his writeup on the government's awful Employment Cost Index report seemed to be taking their cues from Steven Wright's deadpan comedy act. The problem, of course, is that they were writing and saying isn't funny at all.

Rugaber, with his "expert" help, assembled an impressive array of understatements and misstatements in the wake of the smallest reported quarterly increase in U.S. worker pay on record. His worst characterization: "[T]he job market is not yet back to full health."

By Tom Blumer | July 29, 2015 | 3:46 PM EDT

Yet another important economic statistic confidently predicted to rise has fallen — hard.

This time it was June's pending sales of existing homes. Just in time for summer, they were predicted to increase by a seasonally adjusted 1.0 percent to 1.5 percent. Instead they fell by 1.8 percent, the steepest drop since December 2013. Additionally, May's original 0.9 percent increase was revised down to 0.6 percent. This brought out yet another appearance of the dreaded "U-Word" ("unexpectedly") — accompanied, as usual, by excuses delivered by Victoria Stilwell at Bloomberg News (bolds are mine):

By Tom Blumer | July 28, 2015 | 6:08 PM EDT

The Conference Board's July Consumer Confidence report released earlier today threw a heavy dose of cold water on the idea that the economy might finally achieve a broad-based, genuine recovery this year.

Despite month after month of "all is well" reporting — and excuse-making when all hasn't been well — from the U.S. business press, the American public has apparently finally figured out that all is far from well. July's overall reading of 90.9 was 8.9 points lower than June's 99.8, the biggest single-month drop in almost four years — something Reuters and Bloomberg News noted, but which, as would be expected, the Associated Press, the nation's de facto news gatekeeper, failed to report.

By Tom Blumer | July 27, 2015 | 11:52 PM EDT

I guess the slogan of labor has changed from "Look for the union label" to "Look for the union waiver."

The Los Angeles Times published a long front-page story early this morning on an issue some people thought disappeared after its initial exposure two months ago. The issue is whether union workers should be exempt from minimum wage laws, especially the sky-high minimums being enacted in some U.S. cities. To those who have been unaware of the issue up until now and are thinking that all of this must be a joke — it's not. It's just that the press, which not coincidentally has a higher percentage of union members than the private sector as a whole, has barely noted it.

By Clay Waters | July 23, 2015 | 11:08 PM EDT

Thursday's lead New York Times story on New York State raising the minimum wage for fast-food workers to a whopping $15 an hour was dominated almost completely by cheerleading for the wage. That's despite the fact that even liberal economists are queasy about such a drastic hike in the minimum wage, and that the hike risks hurting the very low-income workers it supposedly helps, by raising the cost of their labor beyond a business's willingness or ability to pay.

By Tom Blumer | July 8, 2015 | 11:40 PM EDT

As seen in two previous posts at NewsBusters, once the Associated Press's Christopher Rugaber didn't get the job market "nearing full health" he expected and briefly thought he got in Thursday's jobs report, he quickly downgraded it to "painting a mixed picture," and took it further down to "a bleaker picture" about eight hours later.

That still left the problem, six years after the recession's official end, of explaining away yet another disappointing job-market reading in three quite visible areas. How did Rugaber and colleague Josh Boak "fix" the problem? They decided to say that "this may be what a nearly healthy U.S. job market now looks like." In other words, this is merely the end of the sixth year of the "new normal."