Economic truths

Count on the national media to shun their homework (and the facts) and only report what fits their own agenda. The present state of America's economy is the latest example. The national "talking heads" uniformly trumpet comparisons to the Great Depression of the 1930's, and the unmistakable inference that only political "change" can avoid a repeat of history. Conveniently, actual facts are ignored because they do not fit the game plan of the national press. Firstly, America is not in recession. A recession is defined as two quarters of negative economic growth. WE HAVEN'T EVEN HAD ONE QUARTER OF NEGATIVE GROWTH. Secondly, America's steady unemployment rate of 5% (a good historical figure) hardly compares to the 25% rate of the Great Depression. Thirdly, today's stock market value losses of approximately 10% pale compared to the 75% losses of the 1930's. Over 9,000 banks failed in the G.D. and depositors lost over $140 billion. Nothing remotely like that is happening now. Today's economics more closely mirror the 1970's with its inflation problems than the deflation woes of the 1930's. By recklessly using phrases like "the great depression" each evening, the national press can influence the confidence and behavior of people that might aggravate our economic conditions. People might be more inclined to "change" if they think doom is on the horizon. Yes, America is in the midst of a slowing down of its growth; we're continuing to grow albeit at a slower rate. For the national press to glibly fear-monger the public with exaggerated comparisons each evening reflects the disregard of truth and responsibility that it once had, and how it is now powered by its own agenda.