Newsbusters posted a story today on how unemployment numbers have been reported in recent years. The Associated Press, in writing its story about the June unemployment figures stated:
"...Unemployment is expected to stary above 9 percent through the midterm elections in November. And the Fed predicts joblessness could still be as high as 7.5 percent two years from now. Normal is considered closer to 6 percent, and economists say it will probably take until the middle of this decade to achieve that."
Let's go back and see how unemployment numbers were handled during the Bush Administration. According to the article at Newsbusters:
"On October 7, 2003, USA Today told readers that "Californians face an $8 billion state budget deficit, persistent unemployment and struggling schools." The Golden State's unemployment rate in September 2003 was 6.4%."
"On June 2003, Reuters reported on consumer sentiment relayed that "Consumer sentiment deteriorated sharply in early June, suggesting persistent unemployment is taking its toll on American's expectations for the economy's future." The national unemployment rate in May 2003 was 6.1%.
The article also cites a March 29, 1987 book review at the New York Times, again declaring persistent unemployment under the Reagan Administration--the unemployment at the time was 6.5%.
If you are in the habit of getting your news from mainstream news sources, watch the wording--you can be led down the garden path before you even have a clue you are being taken for a ride. I expect we will see many economic indicators be redefined between now and November!
Leave a comment