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Notice Anything Missing?

I'm going to do something we don't usually do at Wizbang and quote a story in its entirety.

Economy Grows at Fastest Pace in 1 1/2 Years

WASHINGTON - The U.S. economy turned in a remarkably strong performance in the summer despite surging energy prices and the battering the Gulf Coast states took from hurricanes, although business growth was slightly lower than the government previously estimated. The Commerce Department reported Wednesday that the gross domestic product, the nation's total output of goods and services, rose at an annual rate of 4.1 percent in the July-September quarter. It was the fastest pace of growth in 1 1/2 years.

While down slightly from the 4.3 percent GDP estimate made a month ago, the new figure demonstrated that the economy kept expanding at a strong pace during the summer, led by solid increases in consumer demand, especially for autos, and business investment.

The third quarter performance was up substantially from a 3.3 percent GDP growth rate in the April-June quarter and was the best showing since the economy expanded at a 4.3 percent rate in the first three months of 2004.

Analysts believe growth has slowed substantially in the current quarter to around 3 percent, reflecting slower increases in consumer spending now that attractive auto incentives have been removed.

The increase in third quarter growth came despite the fact that the country was hit by Katrina, the most expensive natural disaster in U.S. history, and by Rita.

There is something obviously missing from this story. First one to find it gets -ummmm- nothing.


Update: That didn't take long. What is obviously missing, is crediting the Bush administration for their economic policies. For 8 years of Clinton every good bit of economic news was credited to him personally. "In another sign the Clinton economic plan is working blah blah blah..."

If this had happened during the Clinton administration, the story would have been written to make it look like not even mother nature herself could stop the Clinton economy. All thru the Clinton years, reporters never considered that the economic good times might (just maybe) have had something to do with the internet bubble.

I even remember one insane reporter making the case that the internet boom was slowing the "Clinton Economy" and it would be even more robust without the distraction. We were told back then that the Commander in Chief could commit perjury and obstruction of justice if the economy was good.

It was, as the saying goes, all about the economy. Fast forward to the Bush administration and if there is bad news about the economy, Bush's name is plastered all over it. Good news happens in a vacuum.

In reality, Presidents have much less influence over the economy than the media gives them credit for... But the power of the spin of the media should never be underestimated.


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Comments (30)

Mentioning the current admi... (Below threshold)
joe:

Mentioning the current administration?

Jobs figures.... (Below threshold)
diane:

Jobs figures.

No mention of boobs?<... (Below threshold)
Dwight P:

No mention of boobs?

No credit for President Bush?


They didn't claim that it w... (Below threshold)
Steve L.:

They didn't claim that it was all because of an increase in gas prices?

They didn't mention that Cindy Sheehan's son was killed in Iraq?

They didn't blame it on Halliburton?

No mention of tax cuts.... (Below threshold)
Hoggy:

No mention of tax cuts.

And, it really does need a reference to boobs.

Agree with everyone so far ... (Below threshold)
Old Coot:

Agree with everyone so far and want to add the following:
1) No mention that Tom DeLay is a crook and,
2) No mention of credit to John McCain for whatever good flows from the numbers.

Gay marriage and bareback m... (Below threshold)
dodgeman:

Gay marriage and bareback mountain?

No "but". They didn't throw... (Below threshold)

No "but". They didn't throw in the "however, economists warned that that yada yada yada due to Bush's policies are going to wreck this no time at all".

The fact that John Kerry se... (Below threshold)

The fact that John Kerry served in Vietnam?
Cindy Sheehan posing for the media?
The results of the Weekend Caption Contest?

bullwinkle you get an honor... (Below threshold)
Paul:

bullwinkle you get an honorable mention that was too be expected too.

All of the previous comment... (Below threshold)
K:

All of the previous comments were close. However the missing part was exactly as bullwinkle said.

" yada, yada, yada.... "

It would also have included the universal caveat "seemingly" as in "this seemingly good economic news".
"apparently" or "possibly" also find steady work at MSM.

I only had to read the ques... (Below threshold)

I only had to read the question to know the answer...

That real wages are actuall... (Below threshold)
jp2:

That real wages are actually down?

Maybe real wages are down f... (Below threshold)

Maybe real wages are down for slackers, mine increased greatly last year. That's one of the many differences between parsitic liberals and those who work for a living. It's called ambition.

Yeah, who needs statistics ... (Below threshold)
jp2:

Yeah, who needs statistics and facts as long as you get yours. Technically, it's the slowest wage increase in history and some of the largest job loss rates as well.

I guess Clinton received credit because he balanced the budget and did some different things, not just giving tax cuts to the rich. I mean, we'll all have to pay more later with this deficit right? Something like 300K?

Butttwinkle: "Maybe real wa... (Below threshold)

Butttwinkle: "Maybe real wages are down for slackers, mine increased greatly last year. That's one of the many differences between parsitic liberals and those who work for a living. It's called ambition."

You sound very ambitious and non-parasitic. You and
the American economy have no problems!

[email protected]

jp2..The Bush tax cu... (Below threshold)
tyree:

jp2..
The Bush tax cut was not just for the rich. That is a fact, look it up. I got $800 back from the US government that I used to put new brakes on my car at a muffler shop. No kidding. The tax breaks give the most relief to the people who pay the most taxes. There is nothing wrong with that. Lifes lottery has little to do with the income you get in America. Under President Bush very few people in the lower 50% of income pay any Federal income tax. Believe it or not, the income tax is suposed to provide revenue to the government, not for wealth redistribution. Wealth redistribution is a socialist plan. Please pardon Bush for being a capitalist. Clinton balanced the budget primarily by slashing military spending. He could do that because Reagan and Bush helped take down the Soviet Union. The Clinton prosperity was because of victory in the Cold War. Capitalism works, socialism doesn't. We won't get a better country by listening to Lennin and Uncle Joe.

Minor correction, Clinton "... (Below threshold)
Faith+1:

Minor correction, Clinton "balanced" the budget by spreading the debt over 10 years and assumming unrealistic growth and tax raises. There was no way it would ever work, but he knew that and would b out of office before the bill came due.

No mention of the massive d... (Below threshold)

No mention of the massive deficit spending that is pumping 7 times the amount of money into the economy then the tax cuts?

I didn't see anything missi... (Below threshold)
JAT0:

I didn't see anything missing - I've come expect that Bush will be bashed on everything except good news. This article is a prime example.

Dingle, there are two kinds... (Below threshold)

Dingle, there are two kinds of people, those who watch others prosper to see what it takes to get ahead and do their best to immitate it, and those who watch others prosper, realize it takes work and sacrifice, then resent them for it and think they are owed something because of it. It's pretty clear which group you and jp2 fall into. If you want an increase in wages work harder, don't expect those willing to work harder subsidize your laziness.

But the power of the spi... (Below threshold)
Steve Crickmore:

But the power of the spin of the media should never be underestimated."
Nor should the spin of the current Treasury Secretary,Snow who said yesterday that " the president's legacy will be one of having significantly reduced the deficit in his time," Clinton's budget was a "mirage'' and "wasn't a real surplus.'' I would have thought that when Bush promsed to "paydown an unprecedented amount of our national debt" in his speech to Congress in Febuary 2001 he did not mean to increase it to unprecedented levels.

I even remember on... (Below threshold)
capitano:
I even remember one insane reporter making the case that the internet boom was slowing the "Clinton Economy" and it would be even more robust without the distraction.

Bashful Bill didn't wait on the pundits to sing his praises -- he actually claimed that between the "peace dividend" and his brilliant economic policies he had repealed the laws governing business cycles.

The press will be crediting... (Below threshold)
John S:

The press will be crediting Bush soon enough: While the so-called Clinton "prosperity" was caused mostly by a manic stock bubble, the Bush prosperity is largely due to manic home equity spending made possible by a real estate bubble far, far larger than the dot-bomb. Consider consumer spending is again more than 70% of GDP, and the savings rate is a negative 1.5%. (The first time since 1934.) Incoming Fed chairman Ben "Printing Press" Bernanke probably will keep the lid on until the mid-term elections, but the dot-condo bust of 2007 is coming. As real estate equity goes under water, consumer spending will drop to zero. Throw in $3 or $4 gasoline and you might want to contemplate the ramifications of a President Hillary.

Fact: The GDP is the highes... (Below threshold)
KobeClan:

Fact: The GDP is the highest in history.
Fact: The # of people employed is the highest in history.
Fact: Real wages are the highest in history.
Fact: The housing market is the largest in history.
Fact: The mean family income is the highest in history.
Fact: The net worth of the average American is the highest in history.
Fact: Liberals say this is the worst economy in our lifetime.
Fact: Liberals are *@##S %&*&^S.
Any dissenting opinions???

Dear John S,"consume... (Below threshold)
KobeClan:

Dear John S,
"consumer spending will drop to zero"???
Cash in your 401K so you can buy a clue.
Save the hyperbole for some other website.

KobeClan: Should read "dis... (Below threshold)
John S:

KobeClan: Should read "discretionary" spending will drop to zero. But you're right, it's hyberbole.

Here's some facts: $1.7 trillion in adjustable rate mortgages and interest-only loans will adjust in 2007. Some of these mortgage payments will double, none will go down. All credit card minimum payments double next week. Credit card debt carried by the average American: $8,562, not including Christmas spending. $75 barrel oil is 90 days away. It won't take too much belt tightening by consumers to flatline GDP growth. I'd say 20% should do it.

> $75 barrel oil is 90 days... (Below threshold)
Paul:

> $75 barrel oil is 90 days away.

John, I tell ya what... Mortgage your house and buy oil futures.

You should be able to make a cool million in 90 days.

OH? You mean you're full of shit?

Thought so.

Yep Clinton balanced the bu... (Below threshold)
cubanbob:

Yep Clinton balanced the budget alright. he raised my taxes and slashed the defense budget. wow a real genius that Clinton. of course if Hilary Care had passed in 94 there never would have been a budget surplus either. The stock market bubble didn't hurt him either, all that extra cap gain taxes. Winning a lottery just means your lucky, not a financial genius.
Real estate isn't exactly like the stock or bond markets. it's a lot harder and more expensive to unload a home than a bond or stock. unlike a stock you just can't click on an icon and sell a position in the same day. keep in mind that for most of the 90's mortgages were in the eight per cent range and real estate was doing quite fine.
Absent a depression, real estate corrections are local affairs reflecting local conditions unlike the financial markets. there will be local corrections from the top of the bubble and a slow down in growth in others but that hardly constitutes a melt down. The time to worry is when China and Europe stop buying US mortgage backed securities and start investing in their own counties.
As for tax cuts for the rich that is the usual socialist tripe. when it comes to taxes there are only two positions a person can be in: net taxpayer or net tax consumer. eighty percent of all taxes are paid by twenty per cent of the population. in other words eighty per cent of the population are free riders. to get a tax cut, you first need to pay taxes.
The deficits as a future tax matter are irrelevant for the tax free riders as long as the present tax structure scheme remains. the real gripe the socialist have with the deficits is that they limit the government's ability redistribute even more income. for those who are truly concerned about the deficits, spending can always be cut and the tax base can be broadened. the free riders can elect to pay something that approaches the level of services they are perceiving or consume less services that they aren't paying for. I'm not holding my breath.
Funny thing that unemployment levels are the same now on average as during the Clinton administration yet what was hailed by the media then as boom times is now portrayed in less flattering terms.

"Real estate isn't exactly ... (Below threshold)
John S:

"Real estate isn't exactly like the stock or bond markets. it's a lot harder and more expensive to unload a home than a bond or stock."

And that’s the problem. A declining real estate market is a multi-year drip, drip, drip that makes lots of voters feel suddenly very poor. The press will gladly put Bush’s name back into their economic reports when things go sour. The Republican’s cling to the White House is at best precarious: Bush, who should have been a strong incumbent, came within 160,000 votes of blowing the last election in Ohio, despite his solid popular vote lead. And Florida with its critical electoral votes will the site of the worst real estate carnage (except for California, but they vote Democrat anyway). A million baby boomers, who have managed to squander their retirement savings twice in the same decade, could swing the 2008 election. Especially if politicians get the bright idea of bailing out their upside down condo mortgages with taxpayer dollars. The “Mortgage Crisis of 2007," I can hear it now.




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