Econo-Misery and Three Econo-Myths (MSM's Reprehensible Lies About the Economy In The Age of Zero)

PJ Media ^ | November 15, 2011 | Tom Blumer

[lbryce]

*SNIP*
Private and government forecasters are conceding that the economy is in a funk and won’t improve much next year. The Federal Reserve’s most recent predictions are that economic growth in 2012 will be 2.5% – 2.9%, and that unemployment will still be above 8.5% at year’s end. I would add: “If we’re lucky.

Two observations put all of this into perspective:
*SNIP*
*Until Team Obama occupied the White House, the longest string of months during which the seasonally adjusted unemployment rate was greater than 8.5% was 22, from January 1982 until October 1983. We’re now at 32 months and counting. If the Fed’s prediction above is correct, the streak will be at 44 on Election Day next year, doubling the previous record. Primarily because of misguided Keynesianism on steroids, millions of the long-term unemployed, in many instances despite their best efforts, are seeing their skills diminish. Because the pace of technological change is so much faster now than it was during the 1930s Depression Era, we are arguably witnessing the greatest destruction of human capital in U.S. history.
*SNIP*

Sadly, none of this matters to President Obama, his apparatchiks, or his establishment press propagandists nearly as much as their virtually all-consuming goal of achieving his reelection. That is why you can expect any number of expectations-diminishing characterizations of the economy — de facto ditch painting and ditch decorating — to emanate from the White House and to be dutifully repeated in the media between now and November 6, 2012. What follows are just three of them.

[lbryce]

At least we can all revel, rejoice in the reality that the MSM is dying an ugly, horrible death, none too soon.