In Big Fat Liars I discussed the way the news media engage in selective coverage in hope of stirring up the crowd and thereby creating a bigger audience. No better example could be found than the one we're witnessing right now in coverage of the economy.
The fact is, the current unemployment rate, well below 5 percent, is extremely low. Far more people are working than ever before. The nation's productivity is rising. The Gross Domestic Profit is growing at a rate that promises economic health without much threat of inflation, meaning that savings are not likely to be frittered away by a decrease in the value of money. The stock market is near all-time highs, which means that those who have retirement plans can now feel more and more secure in those investments.
Yet consumer confidence in the economy is at a new low.
What's going on here? The economy is better than it has been in years, in some cases better than it has been in decades, yet people are gloomy. The media often say that people "don't feel" that the economy is doing well. This is like the weatherman reporting that people "don't feel" that it's raining -- whether or not it's raining isn't a matter of opinion.
A clue may be found in the "Media Reality Check" published by the Media Research Council. It reports that unless you looked for it, you probably were never told that the economy is growing and that employment is up. While the major networks devoted more than 180 reports in recent days to high gasoline prices, very few reports of good economic news managed to find airtime.
Just another example of why you need to look deeper than the popular media if you want to have facts sufficient to let you make an informed decision on . . . anything.

