Tuesday, May 09, 2006

MSM: What good economy?

From Newsbusters:
On Saturday, The New York Times and the Washington Post had the same idea: line up average Americans to suggest any emerging macroeconomic happy talk is ignoring how "many people" are still feeling an economic pinch.

The Post put theirs on Page One, the Times on A-10. The Post headline was "Rising Expenses Have Consumers Feeling Pinched." The Times headline was "Despite a Sound Economy, Many Feel the Pinch of Daily Costs." (Online, it’s "Statistics Aside, Many Feel the Pinch of Daily Costs.") So the Post wins for pushing the theme harder, but the theme still suggests newspaper editors who are trying to throw mud pies at Pollyanna before anyone gets too thrilled with the macroeconomic picture.

For the Washington Post, repeat after me: it's more proof of how bad news makes A-1, and good news makes D-1.
The New York Times text box moans: "High gasoline prices, mortgage rates and insurance costs are causing increasing anxiety." But reporter Jennifer Steinhauer is reporting from Florida, where people are still struggling to recover from the last hurricane season. Wouldn’t any rational economic actor expect insurance premiums in coastal areas to rise? Steinhauer also notes the people who are struggling with adjustable-rate mortgages. It might be a bit impolite to use a headline like "Many Who Feel the Pinch of Rising Costs Made Bad Economic Decisions."
The Dow is virtually at a record high. Home ownership is at an all-time high, especially among minorities. Millions of jobs have been created over the last few years. Unemployment hovers around 4.6%. Someone correct me if I'm wrong, but didn't the MSM tell us how great the economy was at the height of Clinton's re-election and scandals? "Sure, he lied under oath, but give the guy a break...my 401k has never been better!"

Nope...no liberal media bias!