Down for the Count
In recent years, the CNN/Money Website has been just as politicized as the rest of CNN (or indeed, the entire Time-Warner-CNN-HBO conglomerate). In 2011, they really let it all hang out, with headlines such as “Wingnut Debt Ceiling Demands” and “Florida and Texas in Jobs Pissing Match.” Earlier this month, the Website was busy yet again pleading for higher gasoline taxes.
At Newsbusters, frequent PJM contributor Tom Blumer spots the enormous disparity between a recent CNN/Money headline, and the graph below it:
The latest estimate of economic growth for the final quarter of 2012 published by Uncle Sam's Bureau of Economic Analysis on Thursday told us that the economy grew at an annualized rate of 0.4%. Not annualized, that means it actually grew by 0.1%. A $100,000-a-year business doing that "well" during a quarter would have seen its sales increase by $25 (.001 times $100,000 divided by 4).
CNNMoney.com was so happy with that revised result that it presented the following headline and graphic to its readers:
Read the whole thing, for Tom's deconstruction of the CNN/Money article; as he writes, "The better description of the economy is that it's on its elbows and knees, trying to figure out if it has enough strength and willpower to get up."
Besides, how can the economy be off the mat, when Newsweek assured us all in 2010 that...
....Say, you remember Newsweek, don't you?