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April 13, 2006

MSM Loves Moderate Growth Under Democrats, Despises It Under Republicans

Meg Kreikemeier noted this back in February on TCS. I think I linked it then, but she brings her article to my attention again. It was true in February, and it's just as true now.

She writes (quoting her own piece):

At a time when unemployment was at 6.5 percent, and GDP was forecasted to be 3 percent in 1994, Time Magazine wrote, "which would be no boom, but maybe something much better: a pace that could be sustained for a long time, keeping income and employment growing without igniting a new surge in inflation.... The circle (of spending, production and hiring) may not spin fast enough to produce a boom -- but who wants one anyway? Moderate, steady growth is better."" Now compare it to the one Time Magazine article ("How Real is the Squeeze?") written about economic recovery under President Bush. Keep in mind that at the time the article was written GDP grew 3.9 percent in the first quarter of 2004 (which was subsequently revised upward to 4.3 percent) and unemployment was at 5.6 percent.

"Jonathan Thornton finally found a job this spring after six months of unemployment. "My wife and I almost parted ways after 13 years because of the financial strain," he says. When he started work in April as a crane operator at a screw manufacturer in the Cleveland, Ohio, area, Thornton treated his wife Rita to a few little luxuries -- a day at the salon, an evening out with the girls. "My outlook has definitely brightened," he says. But Thornton's optimism goes only so far. His paycheck has grown, but the family is still just getting by.... There's supposed to be an economic recovery under way. But the numbers paint a confusing picture."

So where's the comment that "moderate, steady growth is better," particularly when the GDP growth and unemployment rate were better in 2004 than in 1993?

Well, obviously, just as the MSM is quick to forget about the legions of homeless people during a Democratic Administration, they're equally forgetful about the great benefits of "moderate, steady growth" and subpar job creation they once lauded as the Goldilocks Economy.


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posted by Ace at 02:31 PM

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