Today, after running errands on the way to see my tax guy, I stopped in a 7-11 to grab a snack and caught sight of the latest cover of Newsweek heralding what anyone who has studied economics knew as soon as the recession begin–that the economy would bounce back. Yet, it seemed that the “news”-magazine wanted to suggest that the current Administration was responsible for the rebound.
The cover story (which I read while my tax guy fills out my Federal Extortion forms tax return) is surprisingly even-handed, including much about America’s resiliency and entrepreneurial spirit and this line: “But the long-term decline of the U.S. economy has been greatly exaggerated.” Of course it had been.
The media seem to specialize in gloom and doom, particularly when a Republican is in the White House. Shortly after reading the Newsweek piece, I caught this on Instapundit: “CATO: Did the IMF Deliberately Exaggerate the 2008 Financial Crisis?”
So, recalling the media’s dour reporting back in ’08 and this report on the IMF, I wondered at the method to all the media, international organization madness. Was it because they wanted to see a larger role for national governments and international institutions?
Or was it just that they wanted to make then-President George W. Bush look bad and increase the likelihood that he would be replaced by a Democrat–and that that Democrat would get credit for any recovery, even a naturally recurring one?