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The Facts Are Not Enough
Despite a parade of surprisingly strong economic data marching in over the last couple weeks (very strong GDP growth, ongoing job creation, surprisingly tame inflation, whopper year-over-year increases in post-Thanksgiving retail sales, all despite the economic shocks resulting from Hurricane Katrina), the American public's view of things (in particular of the President's handling of the economy, which stands at a paltry 37%) is far worse.
Why?
The Drudge Report noted that neither The New York Times nor The Washington Post found room on their front pages for the most recent round of unexpectedly cheery economic data. Indeed, check out most any major non-financial news source and the tenor of the economic discussion has been remarkably sour, notwithstanding the outperformance-by-any-measure the economy has put up since Katrina.
Simply having the facts on your side, it seems, is not always sufficient to get your message across, when a preponderance of media sources are vamping on a conflicting message. Happily, the President is taking matters into his own hands today.
On the heels of last week's unveiling of the National Strategy for Victory in Iraq, Bush will give a speech today at a North Carolina factory to highlight the enduring strength of our economy.
The President enjoyed a 6 point bounce in overall approval ratings following last week's event, so this could be a shrewd opportunity to stoke that momentum.
Handcrafted by Flip on December 5, 2005 |
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Comments
I don't think the media's portrayal has much to do with it. Despite the robust top-line numbers people feel that the foundation isn't solid. They don't need to be told, for example, that most of this growth is financed by debt...it's their own debt so they feel it. Furthermore, if you strip out federal government employment (which has grown like crazy under Bush), and employment in the housing sector (40% of all new jobs in the last 3 years), things don't look quite so rosy. And surprisingly tame inflation? Only if you strip out the prices of things that are going up.Posted by: Joseph Weisenthal | Dec 6, 2005 11:27:15 AM

