USA Today’s headline Monday in the “Money” section of the newspaper read “Will fragile U.S. economy shatter?” This story should have come with an apology to readers for reporting a so-called “recovery” for a couple of years now that was, in reality, nothing more than bottom bouncing. And even though the story talked about “worrying signs” and people taking jobs“for half the pay,” the writers still would not let go of the “recovery” theme. Monday’s story said, “When the job market began to crack in April, most economists said they weren’t worried about the recovery. They’re worried now. As the recovery slows, optimism is giving way to caution, with undercurrents of something darker.” (Click here for the complete USA Today story reprinted from The Tennessean.) Really, it all turned to crap in just three months?
In April, USA Today reported, “As the recovery finally puts down what appear to be stronger roots, it faces one big force (pent up demand) that could strengthen and reinforce it — and an even bigger one (spending cuts and tax increases at the beginning of next year) that threatens to derail it.” (Click here for the complete USA Today story.) What kind of whack-a-doodle reporting is this? The recovery was finally putting down “stronger roots,” and three months later, the economy is “fragile” and might “shatter”? How about it’s been bad all along, and the reporting is mostly a cheerleading job that gives people a false picture of what is really happening.