Friday, June 02, 2006

MSM Bias

The economy is booming along today, but you wouldn't know it by reading the mainstream media. Today the government announced that unemployment dropped to 4.6%. Here is how CBS News reported it. Take note at a few passages:

Job growth faltered in May, with employers boosting payrolls by just 75,000.

I thought any job growth would be a good thing. It's better than losing 75,000 jobs isn't it?

The report comes as President Bush is coping with low job-approval ratings.

Nice. Way to work that in there. Tie the President to this supposed "bad news."

Workers' average hourly earnings stood at $16.62 in May, a small 0.1 percent increase from April. That was smaller than the 0.3 percent rise economists were expecting and marked a moderation from a sharp pickup in earnings registered in April.

Last month they were worried about inflation getting out of control. Now they're complaining about wages not going up. You can't have it both ways.

Economic growth in the April-to-June quarter is expected to moderate as rising borrowing costs, lofty energy prices and a slowdown in the housing market take their toll on consumers and, to a lesser extent, businesses.

Oh my. More gloom and doom. We won't be able to afford to live. How are we going to pay our bills?

Oil prices, which hit a record high of more than $75 a barrel in late April, are now hovering above $71 a barrel. Gasoline prices have topped $3 a gallon in some areas.

I thought this was a story about job growth? Or should I say lack thereof.

The report also showed the average time that the 7 million unemployed spent searching for work in May was 17.1 weeks. That was up from 16.8 weeks in April and was the highest since February.

I always get ticked off when I hear this statistic. It implies that people are having a tough time finding work. In truth, not everyone that is unemployed is looking for work. For many people, the unemployment benefits are so good they wait until the unemployment runs out before they start looking. When my company was bought a few years ago and many of my co-workers were laid off, many of them did this. How long do unemployment benifts last? 14 weeks? And how long is it taking people to find work? 17 weeks? Hmmmmm

It's stories like this why I don't read and certainly don't trust the mainstream media for my news.