Can we get an unbiased media back? I just heard a news report on the radio that President-elect Barack Obama will take over the White House in the midst “the worst financial crisis in 70 years.”
Really? By what measure? We only have to go back to 1994 to find a 6.1% unemployment rate. We only have to go back to 2001 or 1987 to find similar percentage drops in the value of the stock market. We only have to go back a quarter-century to find a higher inflation rate. We only have to go back to LAST WEEK to find higher gas prices.
The economy is not that good, but it’s not horrible either. We’ve lost all sense of perspective if we think that this is as bad as 1982, much less 1932. Hell, it’s probably not even 1992. We had a housing bubble due to irrational growth in prices. It burst. Prices are readjusting to where they more rationally belong. This is at least the third burst bubble that I’ve lived through.
But I will tell you one thing that is much worse–the size of the federal debt. And I’ll bet you money that that’s not getting better over the next two years.
We know that it was important for the media to talk down the economy as being “another great depression,” but the election is over, so lets get back to facts. Oh, one other thing. The radio report was on FOX NEWS! So much for it being a Bush shill.