I just sat thru a discussion on @CNN where Candy Crowley was talking about the economy and if we had turned a corner to prosperity. She had 3 guests on, an economist from Moody’s, an economic writer for the New York Times and a financial campaign advisor. All the guests agreed that the economy is on the mend, they haven’t felt this strongly about job growth in years and basically think we are getting back on our feet. How can people be so ill informed; especially when they work for the leading companies in the world and are economic analysts? As Michael and Janet said, ‘it makes me wanna Scream!!’
In addition to the uninformed information they were discussing, the economist from Moody’s mentioned how consumer confidence is up (people spend more when confidence is up); not 4 minutes later Candy, not contradicting the economist, brings up a CNN/ORC poll showing if people think the Country is going in the right track or wrong track (similar if not identical to Consumer Confidence); their most recent poll shows in September 50% of the Country thought we were headed in the wrong track. Today? That number has climbed to 59% of the Country thinks the economy is getting worse. This is in line with most current polling and completely contradicts the Moody’s economist.
When they finally get around to talking about longterm unemployment, they say we should do something about it. The jobs reports have shown no decrease in the number of unemployed or longterm unemployed people in 3 years. I am not an economist and I can see why the official unemployment rate keeps dropping. Why can’t real live economists come on and explain this in a way probably better than I can. The unemployment monthly survey only lists unemployed people if they are looking for work. Millions have been so discouraged with their job search that they have stopped looking. When they stop looking they are not considered unemployed; thus the rate drops to 7.0%. If the overall amount of unemployed people is the same as it was 3 years ago when the unemployment rate was 9.5% the only reason for the drop in the rate is people stopping looking for work because there aren’t any jobs out there.
A few other tidbits glossed over or ignored:
- Creating 200,000 jobs per month has never been considered a strong number. It’s always been considered a break even number – the number you need to keep up with population growth. Now they are talking about 200,000 jobs created as a miracle.
- We are still about 2 million jobs short of where we were in 2007.
- The new jobs that are created pay significantly less than the jobs that were lost after 2008. To the tune of families earning 2/3 less than they were earning.
- 23 million people are involuntarily working part time because there aren’t enough full time positions available.
It’s a sad state when you turn on a news program on CNN and hear economic opinions from Moody’s and The New York Times and have it be so half assed and incorrect that you might as well be watching Fox News! There is a reason 59% of the Country is pessimistic about our economic future. It would be nice if they had accurate information.
I think I need my own TV show or station to give people what they need to hear. Not what they want to hear.