The Economy is Fine (Really)

As pointed out in this space before, the media has predicted nine of the last five recessions. It appears perhaps that that number should be raised to ten of the last five recessions.

This time the politicians were falling all over themselves to give tax credits to tax payers (and even non-tax payers). Chalk it up to election season. Even the Republicans succumbed to this shameless bit of political theater.

Writing for tomorrow's Wall Street Journal, Brian Wesbury notes that:

"It is hard to imagine any time in history when such rampant pessimism about the economy has existed with so little evidence of serious trouble."

The FDC agrees. Sure, fourth quarter GDP was lower than in some time and unemployment went up to 5% (still astonishingly low), among some other soft numbers, but the CW is that anything but astounding growth means a complete and utter economic apocalypse is on the horizon. Or at least the media would like you to think so.