Tuesday, December 23, 2008

Lowered Expectations

The MainStreamMedia is doing it's best to lower expectations for Barack Obama.  They have been doing this since election day, and the coverage is intensifying.  

Associated Press
12:07 PM PST, December 23, 2008
WASHINGTON -- As the longest recession in a quarter century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.

The Commerce Department said today that the gross domestic product, the broadest measure of economic health, declined at an annual rate of 0.5 percent in the July-September quarter. Corporate profits fell 1.2 percent.

Some economists believe the economy's decline in the October-December period could be as large as 6 percent. If so, that would be the worst quarterly drop since 1982...

The article goes on to say "...worst recession since World War Two....blah blah blah .... home sales...slowest pace in 18 years ... blah blah blah ...more and more downside investment risks ... blah blah blah.... worst it's been in 25 years..."

Is it just me, or is saying this is the worst in 25 years not really saying much.  In the past 25+ years, America has gone through its most prosperous period in its history.  Ever.  This is thanks, mostly, to the policies of Ronald Reagan.  Under Jimmy Carter, we saw double digit unemployment, prime lending rates over 20 percent, and credit card interest rates of 35% and more.   Not all of the economic woes of the late '70s were Carter's fault.  Those problems began following Johnson's "War On American Taxpayers" ....  I mean "War on Poverty" in the '60's, which set up a horrible period of "stagflation". 

Ronald Reagan was vilified by everyone left of Rush Limbaugh and virtually nobody on the left gives him credit for the era of prosperity he created, but anyone who looks objectively at the past  30 to 40 years with a critical eye, has to admit that we've had it pretty good.

Nonetheless, the MSM wants things to look as bad as possible.  They want everyone to think we are on the verge of another Great Depression, so that their Messiah will look all the better when (if) he pulls us out of it.  

I have no doubt things will get better.  In time.  Economics tend to be cyclic and the cyclic nature of the American economy is driven by factors generally not controlled by government (yet).  Presidents and Congress can influence the economy.  No doubt, Reagan influenced the economy of the 80's and 90's more than most Presidents.  But, historically speaking, the man in office gets the credit or gets the blame for many things that are well beyond his control.

The MSM doesn't know how soon or if our economy will recover.  But if it does, they want to make sure Obama gets the credit for it.  And if it doesn't, of if the recovery is slower than expect, they want to make sure Bush gets the blame.


Anonymous,  December 24, 2008 at 2:26 PM  

You are so right.

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