How Economic News is Spun (Worst-Economy-Since-Great-Depression Alert)

NewsMax.Com ^ | 03/03/2006 | Paul Craig Roberts

[Blue_Ridge_Mtn_Geek]

For more details on this and other analysis of the increasingly hollowed-out and debt-encumbered domestic economy, see:

http://www.gillespieresearch.com/cgi-bin/bgn/
John Williams'
Shadow Government Statistics
Analysis Behind and Beyond Government Economic Reporting

No, it's certainly NOT "all Bush's fault"... its been going on for many decades. It's just the incumbent's unfortunate fate to be in place as the cumulative effects become increasingly difficult to hide.

[annelizly]

I totally believe this.

I work at a gas station part time(wouldn't have had to do this a couple of years ago) and I see people "charging" their gas all day long. Its scary!

My husband is blue collar but has a trade. This "should" have provided a steady increase in income as we grew older but alas..its gone down because of the economy. Because of higher gas prices though his bids have to go up. This doesn't work well.

With three kids and a house and cars etc...just to pay taxes, insurance, utilities and food bills its all we can do. There is no extra for saving.

And what? are we supposed to tell our kids, "sorry, sucks to be you, if you were only born a few years earlier you could have experienced family vacations, game boy's and extra curricular activities."

Are we really expected to forgo family fun of any sort because the government can't get their shit together? This is where it hurts a middle income family and this is why I resent it.

Of course the economy will pick up again...in a few years at aleast...just in time for my kids to be all grown up and moved out. Lovely.

[Toddsterpatriot]

just as criticism of Israel is muted for fear of being labeled "anti-Semitic."

Why criticize Israel if you can criticize those Neocons instead?

[Blue_Ridge_Mtn_Geek]

A few more items along similar lines.

http://www.us-banker.com/article.html?id=20060201D6D22GZO
February 2006
Changing Attitudes on Debt Makes Planning a Must

Financial literacy skills are more important than ever these days, as Americans negotiate debt at every turn. Consumers may be more comfortable with debt, says a new study, but can that be healthy?

Those who believe that the only certainties in life are death and taxes can now add a third to the list: personal debt.

http://capuchinomics.com/news/index.php?option=content&task=view&id=225&Itemid=
Big Bang Theory: Housing Bubble meets pin

Saturday, 11 February 2006
You didn't hear it? You weren't the only one. Wall Street missed it too. And who can blame them. After all, they are engrossed in important issues like if they should be buying Google shares after its recent decline or perhaps adding to their gold collection. After two years of being on bubble watch, the media save for the Wall Street Journal has lost interest in the housing bubble. They too are distracted with Iran, Iraq and Washington shenanigans occupying their thoughts.


http://investorsinsight.com/otb_va.aspx?EditionID=276

Yield Curve Conundrum

By Chris P. Dialynas
PIMCO Spotlight, February 2006

[Toddsterpatriot]

So CPI is really 7%? I guess that's why the 10 year bond is yielding 4.682%. Because this guy is smarter than the entire market. LOL!

[Hendrix]

Even assuming the whole article is true, what do you or anyone else have as a solution? Do you side with the Democrats who claim that Clinton's tax hikes led to the economic growth and fantastic jobs of the 90's? Do you think our government should spend more to stimulate the economy? Should the government put up trade restrictions or restricitons on moving jobs offshore? All of these government solutions are proven to be wrongheaded, but Democrats still cling to them in their quest for a big government welfare state with Marxist redistribution.

I see a lot of bitching but no solutions. I personally think we are on the right economic track, but I think we need more tax cuts, less government spending, and a more efficient tax code.

I also don't think the economy is in bad shape or that most people are making less money.

[Rodney King]

I work at a gas station part time(wouldn't have had to do this a couple of years ago) and I see people "charging" their gas all day long. Its scary!

I have zero rolling credit card debt, and I charge my gas all day long. Why do into the store when I can stick my card into the gas pump? In fact, I charge everything. I haven't had cash in my wallet at all in the last few weeks. I have simply gone mostly cashless. Not only do I not have to worry about how much cash I have, by simply going on line I can easily see what all my expenditures are. It makes budgeting a lot easier.

[Hendrix]

"I work at a gas station part time(wouldn't have had to do this a couple of years ago) and I see people "charging" their gas all day long. Its scary!"

I know people who charge everything and pay their credit card off each month to get free air miles. Just because people are charging things does not mean they are going in debt.

[MNJohnnie]

I just give up. You give them the facts, show them the graphs, post the articles and they just say "oh that is not real, that is just spin". How can you teach anyone when they simply refuse to listen to anything that does NOT conform to their own emotional whimsy and political bigotry?. The facts do NOT change just because the Perpetually Pissed Caucus wished the reality was different then it is. Employment at FULL Employment rate. Average Hourly Wages UP. Home Ownership at HISTORIC levels. Family Income UP. Inflation low level. Interest Rates WAY down. What MORE do these idiots want?????

[MNJohnnie]

My husband is blue collar but has a trade. This "should" have provided a steady increase in income as we grew older but alas..its gone down because of the economy. Because of higher gas prices though his bids have to go up. This doesn't work wel

Change jobs. Sorry but your "anecdotal evidence" means YOU are on the low end, NOT that the whole economy sucks. The facts are vastly different then the supposed "Facts" people tell you. The DATA tells a vastly different story then this "owe poor me" mythology.

[dakine]

You're funny...

[Mase]

John Williams'
Shadow Government Statistics
Analysis Behind and Beyond Government Economic Reporting

This is the same idiot who believes that there are more than 5 million discouraged workers out there....somewhere, even though the BLS and conservative research organizations can't manage to find them. John Williams does manage to sell a lot of books though.

[Toddsterpatriot]

Those who believe that the only certainties in life are death and taxes can now add a third to the list: personal debt.

Sounds scary!! From your source:
Indeed, at the end of 2005, U.S. consumers had $2.2 trillion in debt, including revolving credit-card accounts and student loans, up 22 percent from 2004, when it hit $1.8 trillion.

Wow!! Debt went up $400 billion? While interest rates were at record low levels? Why would people borrow more while rates are low?

Maybe to increase their net worth? Assets only rose $3.7 trillion over the same period.

[Hendrix]

"What MORE do these idiots want?????"

These idiots want us to believe that we are in a bad economy and that everyone is making a lot less money than they used to make. They want us to believe that Democrat ideas of tax and spend will help us all out and make our economy better. They want us to believe that certain jobs that are being phased out is something new and that is not normal for a healthy economy. If they knew anything about economics, they would know it is very healthy and normal for our economy to continue to phase out some jobs (like low-skilled jobs) and utilize that capital (including workers) in new products and services that have a better return and that will raiser our GNP and our standard of living. I don't believe that there are a lot of engineers who lost their jobs and that are now working at the local gas station as this article implies.

[MNJohnnie]

Funny how all these Tin Foil Hat Conspiracy theorists always have the Debt Armageddon coming tomorrow. Funny thing, they keep moving tomorrow to the day after tomorrow, then it is the day after the day after. Funny thing, it never gets here. Could it be they really DO NOT know what they are talking about.

[Toddsterpatriot]

I don't believe that there are a lot of engineers who lost their jobs and that are now working at the local gas station as this article implies.

But...but....Paul Craig Roberts gets emails all the time from engineers who can't find work. He wouldn't be lying, now would he? Of course they could be imaginary emails. He has gone off the deep end since Bush got elected.

[Mase]

I work at a gas station part time(wouldn't have had to do this a couple of years ago) and I see people "charging" their gas all day long. Its scary!

Some people might just find it more convenient to charge it than having to carry cash. Many of these same people will pay off their cards every month and use the loyalty program points to fund their next vacation. Not scary, just smart.

And what? are we supposed to tell our kids, "sorry, sucks to be you.

I'd tell them to take their education seriously, finish college and work hard to always improve themselves. I'd also tell them they live in a country offering more opportunity than any other place in the history of the world. You could instill in them a positive attitude about their future, an understanding of personal accountability, the importance of persistence and, especially, not to blame others if they should fail at something.

[1rudeboy]

I work at a gas station part time(wouldn't have had to do this a couple of years ago) and I see people "charging" their gas all day long. Its scary!

[spews beer over monitor]

Think that it might have to do with the fact that most folks don't want to come inside and pay you with cash, and opt for the convenience of swiping a card at the pump? And how do you know if they're swiping credit or debit cards? LOL

[Toddsterpatriot]

And how do you know if they're swiping credit or debit cards? LOL

Paul Craig Roberts said he gets emails from gas buyers. He says they're all credit cards. (little early for beer, isn't it?)