I can’t remember a time when the media has been in such a frenzy aided and abetted by economists and politicians.
I don’t have much to say about the dire forecasts – I am not an economist – but all this talk about how bad it is right now is way way overblown.
From November to December 2007 (last year) the economy dropped 19,000 jobs but for the year employment was up strongly and the media hardly wimpered. Fast forward to this year, the economy lost 34,000 jobs – only slightly more than last year – this is on an employment base of over 17 million people. For the year the annualized employment figures are up 1.5% or 260,000 more people working in 2008 than were working in 2007.
And the media is using words like carnage, devestation, the worst employment picture in decades, etc.
Why the frenzy? Can someone in the media explain this to me? The reality is that all this sensationalism is likely contributing to the downturn.
The media should save the sensationalism and report facts – and limit the use of such wacky words like carnage. Carnage?
On the CBC news at 6 pm (radio) I swear the announcers voice fluttered when she mentioned the outrageous unemployment rate of 6.6%. Canada’s unemployment rate is lower than the US – for cripes sake – first time I can remember in my lifetime that this was the case and I can’t find it mentioned in the Canadian media anywhere! This is the labour market story of the decade and the media is talking about the carnage of 260,000 more jobs created this year.
And of course it is doubly enervating that Flaherty and Harper have now realized they will get political gains by talking about just how bad it is (that whole steady hand thing). Why? Why exacerbate this stuff?
They will end up getting what they are forecasting.