...Economic Woes Take the Media by Surprise
For the last five years a lot of extremely smart economists have written about the timebomb economics of the Bush administration. Yet the media consistently bought into the Bush administration's strenuous selling of a sunny view of the economy simplistically reinforced by pointing to growth and the stock market while the dollar radically devalued, national debt and the deficit skyrocketed, and salaries froze in place. Plenty of analysis showed that the growth we were experiencing only went to the richest Americans while the rest of the country lived a recessionary existence.
Now that the stock market is catching cold and the subprime crisis and the debt crunch have emerged as high profile news stories, the narrative of the impending collapse of the American economy is so plain to see that even the lamestream media can no longer ignore it.
Watch this clip from CNN. They're covering the economy like it's a natural disaster that just struck out of nowhere. Fear Factor~!
The economy is even sneaking up on the President, who was shocked, shocked, to hear that gas prices are projected to go above $4/gallon.
Crossposted at Ice Station Tango.
TAGS: Economy, Media, CNN, Bush Administration