Monday, July 22, 2013

Same Ole; Same Ole

So what is the New York Times offering up this morning.

First, European sovereign debt continues to skyrocket to new levels -- both in absolute terms and as a percentage of GDP.  Guess the bailout is working, if more debt is the goal.  Meanwhile the long running recession in the Eurozone continues unabated with no end in sight.

What about the US?  Economists are now busily reloading their economic forecasts, according to the NY Times this morning, to accommodate much slower economic growth in the US than they anticipated previously.  The latest consensus forecast -- 1.5 percent.  That's barely a pulse.

Meanwhile the same article puzzles over why this is such a jobless recovery.  They should be reading my blog.

Here's what they are missing:  employers do the hiring.  The Times (and the Obama Administration) don't seem to get that.  Along with their main cheerleader, Paul Krugman, the Times believes that government borrowing and spending is all it takes to convince someone to hire employees.  After five years of this, you would think they would see the folly of their ways.

The coup de grace this morning is, of course, the NY Times' coverage of Detroit.  Think of Detroit as a snapshot of the American future -- promises abandoned, hopes crushed, politicians running for cover, unions screaming for justice, and no money left in the till.  NY Times can't seem to figure out how Detroit came about (especially while the auto industry's profits are soaring).

Same ole NY Times.

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