If the headline spins decreased consumer spending and negative GDP growth as a positive sign, you can bet there's a Democrat in the White House. Who else could make unemployment fun? The economic report on the second quarter came out earlier this week. Read the following article and see if you can find the good news. I couldn't either, but the Reuters headline says otherwise. Some things are too predictable, as I wrote about this phenomena yesterday.
Shhh! Don't tell any laid off workers or small business owners. They'll find out eventually.
According to the report, consumer spending reversed nearly 2% percent, business investment decreased almost 9%, residential investment fell around 30%, and business inventories declined by $141 billion, worse than the $114 billion drop during the first quarter. For those keeping track, the GDP has fallen for four consecutive quarters, the first time that's occurred since the government started measuring in 1947. Oh, and the length of unemployment for those out of work is the longest in 50 years (Wall Street Journal).
Of course, we all remember this Reuters headline from two years ago when the economy was really bad, unemployment was 4.7% (imagine!), and you-know-who was still president. But the recession is over according to the latest cover of Newsweek.
Frank Strategies does a video comparison of the coverage just for laughs. Funny how anyone can still claim there isn't a left-wing media bias.
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