The New York Times Talks Down the Great Economy

The economy is strong and the Dow just set a new 6 year high but the NYT's is trying to talk the economy down via this story "Statistics Aside, Many Feel Pinch of Daily Costs":

As a rule, when Americans feel financially pinched, the causes are clear: high unemployment, soaring interest rates, depressed home values and a wilting stock market. But many Americans now say they are feeling squeezed in the absence of these factors. Their concerns are instead centered on a combination of high gasoline prices, creeping insurance costs and the pressure of a large number of adjustable-rate mortgages, now jumping to market rates, that helped to fuel one of the largest housing booms in American history.

So things are good and all the bad indicators are not a factor, but hey, its still not a good economy...........................Huh?

Steinhauser goes on to say:

The increase in prices, particularly of gasoline, is taking a political toll on President Bush, even in a Republican area like these suburbs. A recent nationwide CBS News poll found that only 33 percent of those surveyed approved of Mr. Bush's job performance and that 74 percent disapproved of his handling of the gasoline issue. "We went from totally believing in Bush to really having our doubts," said Wayne Toomey, who owns a house with Ms. Tuttle in the nearby suburb of Parrish. "It comes down to his lack of care about gas prices."

Oh I see, even if things are good, they are really bad because gas is more expensive. By the way, I'm not sure CBS is the source to use on the economy hit piece for polling data given their history........................Did you catch the "even Bush voters are abandoning him over gas prices"? Deep stuff no? Jump on the gas and interest rate scare tactic because there is nothing else even remotely in play..............Not that gas or interest rates are either............

How bad does gas prices make things, well per the article:

"I don't even like my job, but I can't face lowering my pay" because of rising gas costs, said Nia Baker, 37, who sells home health products. "I used to fill my car up once a week for $25, and now I fill up twice a week for $40. I feel like the economy is pretty bad, the way these gas prices are going up. "

(Nia use to fill-up her car once a week at $25 but now she has to fill it up twice a week? I have not experienced the same phenomenon of driving the same miles but as the price per gallon rises my miles per gallon drop 100%..............What is that all about????)

So a net increase of $15 per week or $65 per month is the doom and gloom that trumps all major economic indicators that show that the economy is at a 6 year peak..............................................Forget that last summer prices went even higher and the economy continued to grow strong. On the insurance concern pushed by the NYT, do you think that Florida is the right place to get the nations pulse on insurance concerns given the hurricane issues the past couple years? Sounds like a deliberately selected audience to me...............Yes it is agenda based media coverage.................................it would be hysterical if it wasn't so sad..........................