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| Are Americans brain-challenged when it comes to the economy? Or misinformed by the mainstream media? It's a question that must be asked today, after a CNN-Opinion Research Poll released this morning shows that nearly half-of Americans think we're already in a recession. That, after continued strong economic growth in quarter after quarter of positive gross domestic product (GDP) growth, and after 49 straight months of positive job numbers. The de facto definition of a recession is two straight quarters of negative GDP growth -- a benchmark that hasn't come close to being reached, despite the best efforts of the mainstream media to convince Americans we're in economic peril. The National Bureau of Economic Research defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP (Gross Domestic Product), real income, employment, industrial production and wholesale-retail sales." The GDP measures the economy's output. It represents the total market value of all goods and services produced in the United States during a specified period. The CNN story doesn't mention one word in support of a strong economy, particularly the latest bullish GDP and job creation numbers. It does find time to gloat how the "recession findings" may be having an impact on President Bush's approval rating, which hovers around 36%. Imagine that. Only the lame stream media can tout "recession findings" where no recession exists. In the process, they're leading average Americans off an economic cliff. If people think the economy is in recession, they're more likely to put the brakes on personal spending and hunker down until the economy is vibrant again -- even though, by most measures, the economy is vibrant right now. Thus, the media's clamor for a recession becomes a self-fulfilling prophecy. Wall Street traders call it "talking down" the economy. That's exactly that the media is doing, without any facts to back its doom-and-gloom scenario up. Shame on the media and shame on CNN. It's no wonder people don't trust the media. |