Comments on: Bizzy’s AM Coffee Biz-Econ Links of the Day (120205): 43% of the Country Believes We’re in a Recession! http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/ The Business End of the Blogosphere Wed, 03 Dec 2008 00:14:34 +0000 http://wordpress.org/?v=2.5 By: Ryan Waldron http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2820 Ryan Waldron Tue, 06 Dec 2005 14:56:47 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2820 Rich Karlgaard noted this discrepancy between personal financial situation and views on the economy as a whole back in his 9/19/05 "Digital Rules" column. He cites a July poll by ABCNews/WaPo that claimed that 59% of Americans weren't happy with the economy, but at the same time 59% liked their own financial condition. As he said, "Go figure! These conflicting sentiments make no sense." I think they do make sense, and TB and Wesbury and others (including <a HREF="http://www.erebor.com/wp/?p=99" rel="nofollow">me</a> lay the blame on a completely agenda-warped media sphere. Rich Karlgaard noted this discrepancy between personal financial situation and views on the economy as a whole back in his 9/19/05 “Digital Rules” column. He cites a July poll by ABCNews/WaPo that claimed that 59% of Americans weren’t happy with the economy, but at the same time 59% liked their own financial condition. As he said, “Go figure! These conflicting sentiments make no sense.”

I think they do make sense, and TB and Wesbury and others (including me lay the blame on a completely agenda-warped media sphere.

]]> By: Ereblog http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2819 Ereblog Tue, 06 Dec 2005 14:51:01 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2819 <strong>It’s the economy, stupid - or is it?</strong> Bizzy Blog has a great post about the bizarrely negative polling numbers on the economy. Quoting this column by Brian Wesbury (who is a great writer as well as an extremely perceptive economics guy), he also adds some great source information. Go a... It’s the economy, stupid - or is it?

Bizzy Blog has a great post about the bizarrely negative polling numbers on the economy. Quoting this column by Brian Wesbury (who is a great writer as well as an extremely perceptive economics guy), he also adds some great source information. Go a…

]]> By: Pat'sRick© http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2784 Pat'sRick© Mon, 05 Dec 2005 13:33:30 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2784 The fascinating thing is that the media completely ignores comparative figures, as do a lot of the so-called intelligentsia (see post #3). When The top 5% of American incomes account for 55% of the taxes and the top 10% account for 66% of the taxes, they still complain that the "little guy" is getting soaked. In fact, the top 50% of wage earners paid 96.6% of the taxes. So if they are "rich", then it does stand to reason that the tax cuts do favor the rich. (See detailed numbers at my blog http://patsrick.blogspot.com/2005/10/taxes-for-2003.html) Remember Dan Blather commenting on why people would volunteer for the military? "Perhaps in this economy, it is the only job they can find." And that was when unemployment was 5.5%, compared to double-digit unemployment in Europe. The fascinating thing is that the media completely ignores comparative figures, as do a lot of the so-called intelligentsia (see post #3). When The top 5% of American incomes account for 55% of the taxes and the top 10% account for 66% of the taxes, they still complain that the “little guy” is getting soaked. In fact, the top 50% of wage earners paid 96.6% of the taxes. So if they are “rich”, then it does stand to reason that the tax cuts do favor the rich. (See detailed numbers at my blog http://patsrick.blogspot.com/2005/10/taxes-for-2003.html)
Remember Dan Blather commenting on why people would volunteer for the military? “Perhaps in this economy, it is the only job they can find.”
And that was when unemployment was 5.5%, compared to double-digit unemployment in Europe.

]]> By: NixGuy.com http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2731 NixGuy.com Sat, 03 Dec 2005 04:12:34 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2731 <strong>We want a Boom, not a Bubble.</strong> And the media is helping. Unwittingly. Good numbers on the economy recently has gotten everyone talking about it and more importantly, talking about the media’s coverage of the economy (we have to get that extra layer of abstraction in there,.... We want a Boom, not a Bubble.

And the media is helping. Unwittingly.
Good numbers on the economy recently has gotten everyone talking about it and more importantly, talking about the media’s coverage of the economy (we have to get that extra layer of abstraction in there,….

]]> By: WILLisms.com http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2727 WILLisms.com Sat, 03 Dec 2005 01:22:19 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2727 <strong>Trivia Tidbit Of The Day: Part 233 -- America's Booming Economy.</strong> The United States Economy Is Thriving- Today's November jobs report is out, and the news is very encouraging: 215 thousand new jobs created in November. And remember, that's a net figure, so it means that 215,000 more jobs were created... Trivia Tidbit Of The Day: Part 233 — America’s Booming Economy.

The United States Economy Is Thriving- Today’s November jobs report is out, and the news is very encouraging: 215 thousand new jobs created in November. And remember, that’s a net figure, so it means that 215,000 more jobs were created…

]]> By: TBlumer http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2726 TBlumer Sat, 03 Dec 2005 00:15:49 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2726 <p align="left">#6, it's even worse than what you humorously alluded to--43% think the economy is going to hell even though their own personal and household situation is relatively OK (see comment 5).</p> #6, it’s even worse than what you humorously alluded to–43% think the economy is going to hell even though their own personal and household situation is relatively OK (see comment 5).

]]> By: digitalbrownshirt http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2725 digitalbrownshirt Sat, 03 Dec 2005 00:06:01 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2725 <p align="left">So 43% think the economy is going to hell because of their personal situation and 5% of the workforce is unemployed. I don't understand how you can cram the experience of 43% of the folks into 5% of the folks. I'd better just stick to namecalling.</p> So 43% think the economy is going to hell because of their personal situation and 5% of the workforce is unemployed. I don’t understand how you can cram the experience of 43% of the folks into 5% of the folks. I’d better just stick to namecalling.

]]> By: TBlumer http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2724 TBlumer Fri, 02 Dec 2005 22:27:56 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2724 <p align="left">#3, Two points: </p><p align="left">A - I didn't call anybody stupid. They're busy. In another post today, I alluded to the <a href="http://gregransom.com/prestopundit/?p=148">86% of the population that isn't engaged</a>. Not being engaged doesn't mean you're stupid, it means you're not engaged (busy with job, kids, etc.). The result if you are not engaged is that just about all you will hear will be in hurry-up soundbite/superficial mode, and will be the crap the WORMs feed us at the top-of-hour radio news, the evening network and local broadcasts, and the Katie-Matt-Diane-Charles nonsense. You're not going to hear the other side from New Media. THAT'S why 43% think we're in a recesssion. </p><p align="left">B - Survey respondents are most decidedly NOT projecting their own situation onto the national economy, I didn't post the portions of poll that asked about people's own situations in the interest of space. </p><p align="left">So here they are <a href="http://americanresearchgroup.com/economy/">from the link</a>: </p><p align="left">- <em>When it comes to rating their (current) household financial situations, 54% of Americans give an excellent, very good, or good rating and 44% give a bad (21), very bad (16), or terrible (7) rating.</em> Comparable negatives for the economy are bad (31), very bad (13), and terrible (19), for a total 63%, <b>a 19% swing to the negative (most of it to terrible).</b> </p><p align="left">- <em>A total of 24% of Americans say they think the financial situations in their households are getting better, 40% say staying the same, and 33% say getting worse.</em> Comparable numbers for the economy are better (13), same (36), and worse (50), <b>a 17% swing to worse.</b> </p><p align="left">- <em>Looking to a year from now, 31% of Americans say that they think their household financial situations will be better than today, 46% say the same as today, and 20% say worse than today.</em> Comparable numbers for the economy are better (17), same (20), and worse (61), <b>a <u>41%</u> swing to worse!</b> </p><p align="left">There's a vast difference between how people see their own situations and that of the economy. Part of it may be anecdotal (knowing neighbors, friends, or relatives who are struggling), but I doubt that it's much of a factor, because if it was, it would rub off into worrying about their own situation a lot more.</p> <p align="left">SO the vast majority of the explanation for the difference between how they feel about their own situation and prospects and how they see things for the economy as a whole is that they're hearing a constant drumbeat of pessimism about the economy from the WORMs, to the point where 43% actually believe the economy is in a recession after TEN STRAIGHT QUARTERS 3%-plus GDP growth (second longest consecutive string since quarterly statistics began being kept 58 years ago). </p><p align="left"><b>That's "the obvious reality" that YOU are missing.</b></p> #3, Two points:

A - I didn’t call anybody stupid. They’re busy. In another post today, I alluded to the 86% of the population that isn’t engaged. Not being engaged doesn’t mean you’re stupid, it means you’re not engaged (busy with job, kids, etc.). The result if you are not engaged is that just about all you will hear will be in hurry-up soundbite/superficial mode, and will be the crap the WORMs feed us at the top-of-hour radio news, the evening network and local broadcasts, and the Katie-Matt-Diane-Charles nonsense. You’re not going to hear the other side from New Media. THAT’S why 43% think we’re in a recesssion.

B - Survey respondents are most decidedly NOT projecting their own situation onto the national economy, I didn’t post the portions of poll that asked about people’s own situations in the interest of space.

So here they are from the link:

- When it comes to rating their (current) household financial situations, 54% of Americans give an excellent, very good, or good rating and 44% give a bad (21), very bad (16), or terrible (7) rating. Comparable negatives for the economy are bad (31), very bad (13), and terrible (19), for a total 63%, a 19% swing to the negative (most of it to terrible).

- A total of 24% of Americans say they think the financial situations in their households are getting better, 40% say staying the same, and 33% say getting worse. Comparable numbers for the economy are better (13), same (36), and worse (50), a 17% swing to worse.

- Looking to a year from now, 31% of Americans say that they think their household financial situations will be better than today, 46% say the same as today, and 20% say worse than today. Comparable numbers for the economy are better (17), same (20), and worse (61), a 41% swing to worse!

There’s a vast difference between how people see their own situations and that of the economy. Part of it may be anecdotal (knowing neighbors, friends, or relatives who are struggling), but I doubt that it’s much of a factor, because if it was, it would rub off into worrying about their own situation a lot more.

SO the vast majority of the explanation for the difference between how they feel about their own situation and prospects and how they see things for the economy as a whole is that they’re hearing a constant drumbeat of pessimism about the economy from the WORMs, to the point where 43% actually believe the economy is in a recession after TEN STRAIGHT QUARTERS 3%-plus GDP growth (second longest consecutive string since quarterly statistics began being kept 58 years ago).

That’s “the obvious reality” that YOU are missing.

]]> By: Pundit Review » Blog Archive » 43% of public thinks we are in a recession http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2722 Pundit Review » Blog Archive » 43% of public thinks we are in a recession Fri, 02 Dec 2005 21:37:35 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2722 [...] is such a startling number, considering the facts. 5% unemployment 4.3% GDP growth rate BizzyBlog has more. Much more. Filed in: Media Bias | No Comments » No comments yet. RS [...] […] is such a startling number, considering the facts. 5% unemployment 4.3% GDP growth rate BizzyBlog has more. Much more. Filed in: Media Bias | No Comments » No comments yet. RS […]

]]> By: Tano http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2721 Tano Fri, 02 Dec 2005 21:34:49 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2721 <p align="left">You seem to miss the obvious reality here. </p><p align="left">Instead of blaming the public for being so stupid as to be manipulated by the evil MSM, you should recognize that when people are asked for their opinion of the economy, they answer from their own perspective, according to their own sphere of expertise. The general public are not trained economists, able to plumb reams of economic statistics in order to make meta-level judgements about the state of the economy as a whole. They answer on the basis of their own economc situation, and the situation of their family, friends, and (very) local communities. </p><p align="left">That the economy as a whole is healthy, but that over 40% of the people feel that THEY are in a recessionary situation, should illuminate the problem that republican economic policy tends to bring about. The persistent lack of effective trickle-down from policies that explicitly favor those at the top. </p><p align="left">The fact that y'all think this is madness, given that you and yours are doing well, and the overall numbers are healthy, simply illustrates how out of touch you are with the concerns and realities of average Americans. </p><p align="left">Focus your minds on the statistics that actually mean something to the average citizen. What is the inflation-adjusted income for the avearge family today, relative to the past? How does it compare to such numbers for the wealthy, or for the economy as a whole? </p><p align="left">Stop looking for excuses, or reasons to play your name-calling games, and get serious about your subject.</p> You seem to miss the obvious reality here.

Instead of blaming the public for being so stupid as to be manipulated by the evil MSM, you should recognize that when people are asked for their opinion of the economy, they answer from their own perspective, according to their own sphere of expertise. The general public are not trained economists, able to plumb reams of economic statistics in order to make meta-level judgements about the state of the economy as a whole.
They answer on the basis of their own economc situation, and the situation of their family, friends, and (very) local communities.

That the economy as a whole is healthy, but that over 40% of the people feel that THEY are in a recessionary situation, should illuminate the problem that republican economic policy tends to bring about. The persistent lack of effective trickle-down from policies that explicitly favor those at the top.

The fact that y’all think this is madness, given that you and yours are doing well, and the overall numbers are healthy, simply illustrates how out of touch you are with the concerns and realities of average Americans.

Focus your minds on the statistics that actually mean something to the average citizen. What is the inflation-adjusted income for the avearge family today, relative to the past? How does it compare to such numbers for the wealthy, or for the economy as a whole?

Stop looking for excuses, or reasons to play your name-calling games, and get serious about your subject.

]]> By: Ed Driscoll.com http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2720 Ed Driscoll.com Fri, 02 Dec 2005 19:33:50 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2720 <strong>This Probably Isn't A Bad Thing</strong> In spite of California's deep, structural problems, America's economy as a whole is chugging along nicely, though you probably wouldn't know it from the mainstream media. Which is why business-oriented Bizzy Blog has a post headlined, "43% of the C... This Probably Isn’t A Bad Thing

In spite of California’s deep, structural problems, America’s economy as a whole is chugging along nicely, though you probably wouldn’t know it from the mainstream media. Which is why business-oriented Bizzy Blog has a post headlined, “43% of the C…

]]> By: Atlas Shrugs http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2718 Atlas Shrugs Fri, 02 Dec 2005 18:38:31 +0000 http://www.bizzyblog.com/2005/12/02/column-of-the-day-opinionjournalcom-43-of-the-country-believes-were-in-a-recession/#comment-2718 <strong>Run Hillary Run.......Everyone else Run For your Very Lives</strong> This is the game plan........Run Bill, get Hill elected.........he won't have a word to say when the evil deed is done mind you, it will be Hillary's sandbox all the way. Don't for one second underestimate Billary.Why America would even Run Hillary Run…….Everyone else Run For your Very Lives

This is the game plan……..Run Bill, get Hill elected………he won’t have a word to say when the evil deed is done mind you, it will be Hillary’s sandbox all the way. Don’t for one second underestimate Billary.Why America would even

]]>