Recession stories have a lot in common with global warming stories - there are a lot of them and you hear only one side. And like global warming, recession is the subject of a Newsweek cover story, appearing on the front of the magazine's February 4 issue. The story, "The U.S. Economy Faces the Guillotine," written by Daniel Gross, takes a one-sided gloomy approach to reporting on the U.S. economy. It worked on the assumption a recession is inevitable and may have even already started.
"The Great Global Market Freak-Out of 2008 has everyone asking whether the United States - already on the road to recession - is entering into a protracted period of economic trouble where jobs will be slashed, prices will continue to rise and the dollar will keep falling; and if so, whether the declining U.S. economy will pull the rest of the world down with it,"What Gross completely ignored it the possibility the economy will be fine and stave off a recession. There are prominent economists* who don't believe that the United States is "on the road to recession," - but good luck reading their opinions in Newsweek.
[*Brian Wesbury, an economist for First Trust Advisors, L.P., in the January 28 Wall Street Journal. , for one]
http://newsbusters.org/blogs/jeff-poor/2008/01/29/recession-skeptics-side-unheard-media
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