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Beware of “Records” That Don't Mean Much

Posted by libhom Monday, October 23, 2006

The corporate media and the GOP are constantly spinning about "records" in economic data. The Bush regime was fond of talking about "record home ownership," though home ownership records should be happening all the time in a country whose population is growing.

They try similar nonsense with "record tax revenues." We would have to be in a depression, not just our current economic stagnation, in order for that not to be the case. As usual, the ordinary is lionized as some sign of spectacular success.

Now, the GOP and the corporate media are doing the same thing with "record Dow numbers." These should be happening fairly often, since stock markets increase in value over time. Yet, late 2006 is the first time it has happened under the Bush regime.

People are more used to hearing "records" discussed in the context of sports, where they are true achievements. In economic data, beware of “records” that are quite ordinary.

2 comments

  1. gordo Says:
  2. Good point. With population growth and inflation, records of this sort should be a common occurance, and they usually are. During the Clinton era, the DOW record was broken with remarkable regularity.

    What's funny is the fact that the wingnut websites castigate the MSM for not making a huge deal out of the record numbers for the DOW. Imagine how they would react if the MSM did some objective reporting on the subject, and informed people that the DOW has still not struggled up to the level it was at when Bush took office, after factoring in the falling dollar.

     
  3. Chris Says:
  4. I don't think the president has any control over how well the market does. I don't think Clinton had control, and I don't think Bush has control. Liberals and Conservatives both point to the President for failures and triumphs.

    Bush deserves neither credit nor blame. It's just how things are.

     

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