American Elephants

Now That The Election Is Over, The Economy is No Longer “Recovering.” by The Elephant's Child

It wasn’t even a month ago when the media was telling us that the economy was gathering steam. Things were improving, Obama just needed a little more time.

So Now he wants $1.6 trillion in new taxes on “the rich,”something over $255 billion for another stimulus for next year — including $50 billion for roads, $30 billion in extended unemployment benefits, and some short-term tax breaks.

So now the “recovering economy” is so sluggish that the New York Times says it requires a shot in the arm. We changed our mind?

According to the data, “the recovery once again is sputtering.” The underlying rate of growth is too slow to bring down the unemployment rate by much. Manufacturing and exports are lagging. Consumers and businesses are “holding back” and “wage growth is weak.”The economic data, the Times says have “come in surprisingly weak,”

I think the usual word is “unexpectedly.” Maybe the Times finally noticed because they are laying more of their people off.  Forecasters have “slashed their estimates of growth in the fourth quarter.” Macroeconomic Advisers thinks annualized GDP growth will be just 0.8% this quarter.  0.8%!

How many stimulus do you have to do before the fact that stimulus don’t work penetrates?

Just one month before the election, the Times ran a story extolling all the “signs of growing economic strength” and boasting about how the country was in the midst of a “steadier recovery than previously thought.” AP reported in mid-October that new retail sales figures showed that consumers would help the economy “emerge from the malaise that clouded the spring.” There’s a nice turn of phrase.

The always responsible press agreed that growth would accelerate after the election, regardless of who won.

Now that Obama has won re-election on the claim that the economy is improving, the press feels safe to admit what it should have been reporting all along.

Here’s another little secret. The American people don’t like being lied to. It’s one thing to hold back information that may be sensitive or reveal secrets, but just plain old lies to get elected? That’s a little trickier. What’s the old saying — fool me once…


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