June 23, 2011

AP Coverage of Bernanke’s ‘I Have No Idea’ Speech Similarly Clueless

clueless-202x300(Graphic found at Libertarian Christians)

When the Associated Press’s Paul Wiseman and Martin Crutsinger team up for a report on the economy, there’s no limit to the comic potential.

Today, in covering what the folks at Zero Hedge described as “Ben Bernanke’s ‘I Have No Idea Why The Economy Will Get Better But It Will’ Speech” (transcript is at link), the AP pair may have set a new world record for most unused words one would expect to be employed in a report on the condition of the economy.

Readers will not find the following words, all of which bear at least somewhat on why the economy currently is failing to live up to expectations and to meaningfully rebound nearly two years after the official end of the recession, in the wire service’s report:

  • “government spending”
  • “regulation”
  • “deficit”
  • “tax”
  • “budget”
  • “uncertainty”
  • “business”
  • “fiscal”
  • “ceiling”
  • “treasury”
  • “collections”
  • “receipts”
  • “recession”
  • “manufacturing”

It’s no small accomplishment to avoid each and every one of the words and terms noted, but the AP pair pulled it off.

Gosh, the economy is so bad (how bad is it?) that even words ordinarily used to describe it are unemployed.

Wiseman and Crutsinger also “somehow” omitted the specifics about the Fed’s unemployment expectations in the following paragraph:

The Fed cut its forecast for economic growth this year to a range of 2.7 percent to 2.9 percent from an April forecast of 3.1 percent to 3.3 percent. It also cut its forecast for next year to a range of 3.3 percent to 3.7 percent from an earlier 3.5 percent to 4.2 percent. The Fed also said unemployment would stay higher than it had expected earlier.

Geez guys, how much higher?

The answer (full details at Calculated Risk): 8.6% – 8.9% in the fourth quarter, up from April’s forecast of 8.4% – 8.7%. In other words, the Fed thinks the rate won’t drop by more than a half-point by the end of the year. The Fed also predicts that fourth quarter 2012 unemployment will be 7.8% – 8.2%.

Maybe the AP pair thinks if they don’t tell us, no one will remember that no incumbent president since FDR has been reelected with unemployment rates that high.

Oh, and Barack Obama’s name was mentioned three times, but not in connection with the impact his administration’s policies might having on the anemic economy. No-no-no. All three uses of his name had to do with how the pathetic economic performance which the smartest people ever to walk the earth somehow can’t explain might end up hurting Dear Leader’s reelection prospects.

Cross-posted at NewsBusters.org.

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3 Comments

  1. It is truly amazing that these policy elites just can’t seem to grasp the idea of capital investment and cash flow. Compounding Bernanke’s loss of ability to influence the economy to increase GDP is the liberals refusal to face their own policy failures in redistribution of wealth and their green agendas.

    It doesn’t take a genius to realize that when $500 billion a year is sucked out of the economy via outsourcing of oil production that millions of jobs are exported as well from the loss of that domestic production. I was listening to a Glenn Beck snipet on the Administrations war on Coal, the one coal operator asserted that the 3,100 jobs he has created mining coal spins off an additional 30,000 jobs in the region. What ails the country is the lack of jobs, not the banks, not the housing market, not the other things which are all symptoms of employers not hiring due to all the uncertainty and villification by the government. You can’t pay a mortgage or buy a house if you don’t have a job. Between the EPA run amuck, NLRB telling businesses where they can’t operate a factory and ObamaCare imposing costs no employer is going to risk their capital when the government is swaggering so arrogantly. It’s time to cut the government down in size by slashing their budgets, as the old saying goes, the devil has work for idle hands. The bureaucrats clearly have way too much time on their hands to think up more crap to burden the country.

    Comment by dscott — June 23, 2011 @ 1:43 am

  2. Here’s the Clinton approach to creating jobs: 14 WAYS TO PUT AMERICA BACK TO WORK

    http://www.newsweek.com/2011/06/19/it-s-still-the-economy-stupid.html

    Bill is still talking out of both sides of his mouth.

    Comment by dscott — June 23, 2011 @ 5:08 am

  3. [...] isn’t one of those Ben Bernanke “I have no idea” situations. Democratic-driven home lending policies created this mess, and the Obama [...]

    Pingback by BizzyBlog — June 23, 2011 @ 11:09 am

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