Get PJ Media on your Apple

AP Reporter: Get Used to the ‘New Normal’

"Newfound strengths"? Hardly.

by
Tom Blumer

Bio

July 27, 2014 - 8:50 am
Page 1 of 2  Next ->   View as Single Page

One of the luckiest people on earth last week was the person at the Associated Press who began a Thursday report by telling readers: “Out of a seemingly hollow recovery from the Great Recession, a more durable if still slow-growing U.S. economy has emerged.”

Translation: “This ‘new normal’ economy President Barack Obama and the left have created is as good as it’s going to get. So learn to like it.”

Ordinarily, the perpetrator of such nonsense would have been known and subjected to the relentless personal ridicule he or she deserves. But this is the week the AP’s union, the News Media Guild, upset that its members have been working without a contract for almost eight months after a year of negotiating, began a series of childish “multiple protests” they think will cause the news co-op “to start bargaining in good faith.” (The News Media Guild’s militance largely explains why the AP’s coverage of labor-related matters is so routinely biased.)

One of those “protests” was “a four-day byline and credit boycott” by reporters and photographers who refused to put their names on dispatches and photos submitted from Tuesday through Friday. The tortured statement which opened this column came out smack dab in the middle of that boycott, which the union hilariously described as “a sacrifice.”

Even the AP reporter’s admissions concerning how weak the economy’s performance has been under President Barack Obama were watered down.

The article’s assertion that “in the five years since the recession officially ended, Americans’ pay has basically stagnated” is rubbish. The Census Bureau alumni who run Sentier Research tell us that inflation-adjusted median household income, a far more comprehensive indicator of financial well-being, is still about 3 percent below where it was in June 2009 when the recession officially ended, and has basically gone nowhere since late 2011.

The reporter further claimed that “economic growth is merely plodding along.” Wrong. To be “plodding along,” you have to be moving forward. The government’s last official reading on economic growth told us that it contracted by an annualized 2.9 percent in the first quarter. The economy’s growth performance has been barely better than that seen during the awful post-Depression 1930s. Very few economists believe that any second-quarter growth will offset the first quarter’s dive, meaning that we’ve gone nowhere so far this year.

The incredibly lucky anonymous AP reporter cited five “newfound strengths” the economy has developed. I will show that each either is a weakness, or masks one.

“Fewer people are piling up credit card debt or taking on risky mortgages.”

The reporter cited a $1,618 reduction in “typical household” credit card debt. Unfortunately, that decline has been far more than offset by an average increase in per-household student loan debt of roughly $3,000. Meanwhile, student-loan delinquencies are going through the roof.

Thursday’s awful new-home sales report and a level of existing-home sales which is still far from where it should be show that fewer people are taking on any kind of mortgage, “risky” or not.

“Banks are more profitable and holding additional cash …”

Banks are holding that cash because they can’t find borrowers. Despite low interest rates, demand for loans, especially to businesses, is lagging. That’s because the opportunity-constraining, growth-choking POR (Pelosi-Obama-Reid) economy of the past six years has led to fewer new business startups, fewer employed by those startups in comparison to previous periods, and an intimidating Dodd Frank-driven regulatory environment.

Top Rated Comments   
I've got news for some of you here on this forum. The reporter who made these ridiculous statements is not using our knowledge to lie and blow smoke, he actually believes this crap. These are the people who voted for obama and would again if could run. They are also the same ones who would vote for bill clinton if he could run again. We have to realize that these people do not see life the way we do. They are the ones who would take a bath in the desert when water is in short supply and not understand what all of the fuss is about. They just don't get it! BTW, I use caps when I feel like they deserve to be used. FU grammar NAZIs.
7 weeks ago
7 weeks ago Link To Comment
Contrast these 'optimistic' reports to what we were blasted with by the MSM when Bush was in office. Remember those 'reports'? I listen to talk radio as a background noise - and have for years. During the 2004 campaign for POTUS we were given all manner of erroneous 'reports' on the economy. Like "yeah the official unemployment rate is 5.4% but many of those jobs are part-time" yada yada yada. On and on they yammered at the top of each hour about how bad thing 'really are' despite a decent stock market - like in 2004 that wasn't really an indicator according to the MSM - but its all they can do to quell their enthusiasm for how the stock market is 'performing' - despite the very real fact that its the free-falling dollar that makes the stock market appear to be doing so well. Anyone notice how much the stock market has risen since Jug-Ears took office? Its the inverse of my disposable income if my math is correct.

For the most part I lump in Fox News with the MSM these days. With a co-owner of roughly 5% of FNC being a prominent muslim (Saudi) can we be sure he isn't sitting there watching with a hand hovering over the 'kill the story' button?

Get you're news where you think you can trust them - but be sure that no matter where you read/watch it there is a slant. Learn to read between the lines and look for the omissions/lies/distortion of the facts. No matter where you get the news its being managed and massaged by vested interests and dumb useful idiots.


7 weeks ago
7 weeks ago Link To Comment
Only a liberal could possibly believe:
That retirees staying in the job market long after retirement age is good for overall economic conditions
7 weeks ago
7 weeks ago Link To Comment
All Comments   (17)
All Comments   (17)
Sort: Newest Oldest Top Rated
Inflation is *not* under control. The definition of inflation has been modified so that the actual inflation is not recorded. Go to a supermarket or a gas station and tell me that inflation is under control.

In 2001 a whole prime rib was $4.99/lb it is now $9.99/lb or higher. So in 13 years the price has risen by approximately 5% per year, if the increase was linear.

Also in 2001, gasoline was around $.85/gallon it is now about $3.50/gallon, which is what, about 11%/year on a linear increase.

This inflation under control lie is driving me crazy.
6 weeks ago
6 weeks ago Link To Comment
Oh, please. This article could be a pure reprint of what Democrats were saying when Jimmy Carter was President. There will be no more economic growth. We have to get used to austerity. The good old days are dead and gone.

It's because they have no idea how wealth is produced, so assume this is it.

As I recall, all it took was a Republican landslide to change things from the "new normal" to "standing tall." This is a great country, when people let it.
7 weeks ago
7 weeks ago Link To Comment
I've got news for some of you here on this forum. The reporter who made these ridiculous statements is not using our knowledge to lie and blow smoke, he actually believes this crap. These are the people who voted for obama and would again if could run. They are also the same ones who would vote for bill clinton if he could run again. We have to realize that these people do not see life the way we do. They are the ones who would take a bath in the desert when water is in short supply and not understand what all of the fuss is about. They just don't get it! BTW, I use caps when I feel like they deserve to be used. FU grammar NAZIs.
7 weeks ago
7 weeks ago Link To Comment
Welcome to the United States of South America courtesy of the Nobel Peace Prize.
7 weeks ago
7 weeks ago Link To Comment
Is it possible to find out who this author-tool is? I'd like to contact him/her directly. This is a great example of poor journalism and a great example of propaganda.
7 weeks ago
7 weeks ago Link To Comment
You can ask them. The formula for an AP email addy is first initial last name @ap.org with the only period being before .org.

I'd rather not try to guess, although I think it's one of perhaps 3-4 people.

I don't think you'll get an admission from anyone, because I think they would see it as a violation of their union's solidarity.
7 weeks ago
7 weeks ago Link To Comment
That is the rough equivalent of getting used to being born with eyes that don't see, being born with teeth that fall apart on the first bite, being born without the ability to smell that favorite food cooking in the kitchen and being born with hands that cannot grip the glass that contains your favorite beverage.
7 weeks ago
7 weeks ago Link To Comment
Some of this is simply laying the groundwork to say, when the coming republican administration has an economic explosion due to increased energy production lowered taxes and a reversal of Obama Policies, that it was Actually Obama's Achievement.
7 weeks ago
7 weeks ago Link To Comment
Hope and Change....they are so over that.
7 weeks ago
7 weeks ago Link To Comment
Contrast these 'optimistic' reports to what we were blasted with by the MSM when Bush was in office. Remember those 'reports'? I listen to talk radio as a background noise - and have for years. During the 2004 campaign for POTUS we were given all manner of erroneous 'reports' on the economy. Like "yeah the official unemployment rate is 5.4% but many of those jobs are part-time" yada yada yada. On and on they yammered at the top of each hour about how bad thing 'really are' despite a decent stock market - like in 2004 that wasn't really an indicator according to the MSM - but its all they can do to quell their enthusiasm for how the stock market is 'performing' - despite the very real fact that its the free-falling dollar that makes the stock market appear to be doing so well. Anyone notice how much the stock market has risen since Jug-Ears took office? Its the inverse of my disposable income if my math is correct.

For the most part I lump in Fox News with the MSM these days. With a co-owner of roughly 5% of FNC being a prominent muslim (Saudi) can we be sure he isn't sitting there watching with a hand hovering over the 'kill the story' button?

Get you're news where you think you can trust them - but be sure that no matter where you read/watch it there is a slant. Learn to read between the lines and look for the omissions/lies/distortion of the facts. No matter where you get the news its being managed and massaged by vested interests and dumb useful idiots.


7 weeks ago
7 weeks ago Link To Comment
You're --> your.
7 weeks ago
7 weeks ago Link To Comment
If you can't fix the problem, change the parameters measuring the problem - straight out of Leftist doctrine.

That way you can never be defined as failure.
7 weeks ago
7 weeks ago Link To Comment
I'm gonna go full Godwin* and say Hitler probably said similar things to the Jews.

*http://en.wikipedia.org/wiki/Godwin%27s_law
7 weeks ago
7 weeks ago Link To Comment
I contemplated for a few seconds how this is relevant to my statement. Is it the generality you don't like? Is it that I'm supposed to ignore the long history of doing as much?

As Daniel Patrick Moynihan once defined it - defining deviancy down. It's the standard M.O. for the Left.
7 weeks ago
7 weeks ago Link To Comment
1 2 Next View All

3 Trackbacks to “AP Reporter: Get Used to the ‘New Normal’”