Last night just before bed, I caught (via Drudge) an article in the New York Times that while it shows the Old Gray Lady’s bias does show that she still remains a source for news. Peter S. Goodman does his best to paint a rosy picture of a booming economy, roaring back to life under Obama’s policy. Yet, even as he paints this pretty picture, he acknowledges that not all is not as hunky-dory as the title and opening paragraphs suggest.
The recovery is picking up steam as employers boost payrolls, but economists think the government’s stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday.
And this from the Times report:
Still, much of the improvement appears the result of the nearly $800 billion government stimulus program. As that package is largely exhausted late this year, further expansion may hinge on whether consumers keep spending. That probably depends on the job market, which remains weak.
It’s as if Goodman were oblivious to business cycles. Anyone who took Economics 101 knew there’d be a recovery, with questions remaining as to when it would start, how long it would last and how strong it would be. And to his credit, Goodman addresses some of those questions:
While few dispute signs of recovery across much of the economy, significant debate remains on how robust and sustained it will be. The lingering effects of the financial crisis have some economists envisioning a long stretch of sluggish growth. . . .
Since the end of World War II, the first year after a recession tends to feature growth at roughly twice the pace of the decline during the downturn, implying a current pace exceeding 7 percent. Yet even optimistic economists assume the economy is growing at perhaps half that rate.
While Goodman may indeed have found signs of life in Portland, Oregon, if he took a drive around Los Angeles, he wouldn’t see a roaring economy, but a lot of vacant store fronts with “Available” or “For Rent” Signs replacing creative displays of quirky consumer goods.
I’d have a lot more respect for the Old Gray Lady if she just acknowledged her bias.