Open Thread | Main | Shinseki: All Right, Now I'll Start Actually Doing My Job
May 29, 2014

First Quarter GDP Adjusted All the Way Down from +0.1% to -1.0%
Real CNN Headline: U.S. economy shrinks, but it's not a big deal

Obama told the media to portray this as a minor speedbump, and lo and behold the media are treating it as a minor speedbump.

This is a major contraction in the economy. This is a sign of a new recession. Were there to be two running quarters of negative growth, we'd officially be in a recession.

So it's deliriously spinny for CNN to Voxsplain it thus:

U.S. economy shrinks, but it's not a big deal

Brace yourself. The U.S. economy looks like it went on a roller-coaster ride at the start of the year.

Revised numbers released Thursday show the economy shrank in the first quarter, marking the first downturn since early 2011. Gross domestic product, the broadest measure of economic growth, fell at a 1% annual pace, according to the Bureau of Economic Analysis.

A slump was entirely expected, and economists aren't too worried. They forecast a bounce back in the spring.

Take for example Joseph Lavorgna, chief U.S. economist at Deutsche Bank. He predicts the economy will rev up, growing at more than a 4% pace in April through June. In a note to clients this week, he cautioned investors not to worry if the first quarter numbers were lousy.

CNN goes on to chipperly burble that this is all expected Because Snow.

...

"The first quarter was disappointing, but rather than view that as an omen of a recession or the first of a down leg in the economy, I see the seeds of a big bounce back in spring," Hoffman said.

Green Shoots, baby.

Now CNN spins that this number isn't final. Yes, the first number (released weeks ago) wasn't final, and neither is this one.

I didn't see this kind of Don't Trust the Numbers disclaimer when the GDP numbers came in over 4%:

It's important to remember that the first quarter GDP numbers aren't final. They will be revised by the government at least two more times over the next couple of months. The government initially said first quarter GDP grew at a 0.1% annual rate. Today's figure is a revision.

Incredible.

Political operatives with bylines, as Instapundit says.

Part of this, I think, is that reporters just aren't that smart, and don't know anything about anything. Therefore, all of their reportage relies entirely upon the alleged experts they talk to.

And if Obama-supporting experts are who they have on speed dial (or even -- who the Obama Administration has suggested they talk to), this is what you get.

Coming Soon from CNN:

Good news! Your chocolate ration has been increased from 20 grams per month to 15 grams per month.

From Alberta Oil Peon.

CNN

Something unexpectedly happened in Your Mouth, but Obama-partisan economists say it's no big deal.

It was Because Snow.


digg this
posted by Ace at 01:30 PM

| Access Comments




Recent Comments
zeera BMGG - Books Make Great Gifts!: "Some honest reporting. Bout time. ..."

eleven: "Whoopsie daisies. ..."

andycanuck: "Moslems try to disrupt Austrian St Nicholas parade ..."

Grump928(C): "Blind hogs? ..."

Mark1971: "Krystal Ball is awesome at Christmas parties. ..."

Murrican Ninja War Eeyore: "Until further evidence, I still call all of 'em Fa ..."

JAS: "They committed the greatest sin. They got caught. ..."

RedMindBlueState[/i][/b][/s][/u]: "Well, isn't that ironic. Posted by: Jewells45 at ..."

boulder t'hobo: "Taibbi wasn't ever a Barky worshipper but I think ..."

Jewells45: "Well, isn't that ironic. ..."

Adriane the Best Policy Critic ...: "Honesty is good ... ..."

RedMindBlueState[/i][/b][/s][/u]: "There are 2 journalists who have a conscious? Pos ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64