'Green Shoots' of Recovery? Don't Fall for the Media's Economic Triumphalism
A narrative is emerging that we're seeing the first signs that a recovery is around the corner, but the reality is less encouraging.
By Joshua Holland, AlterNet
Amid the most painful period of economic turbulence in generations, a narrative has emerged that a handful of less-than-catastrophic economic reports represent the first "green shoots" of a healthy return to growth.
When a slew of absolutely depressing economic data were released in late May, economist Dean Baker, co-director of the Center for Economic and Policy Research, wrote: "These reports might have led to gloomy news stories, but... the media have obviously abandoned economic reporting and instead have adopted the role of cheerleader, touting whatever good news it can find and inventing good news when none can be found."
Related:
Green Shoots, Red Ink, Black Hole, Eliot Spitzer, Slate.com
Instead of focusing on the green shoots--dandelions, really, let's examine the macro data that will determine our national prosperity in the next generation. These data are terrifying.
Stay the Course, Paul Krugman, The New York Times
Time for some reality checks
