History puts data in context
The media reported 2.6 million jobs lost in 2008 and stated that it was the worst number since the end of World War II. Do they not know the population of the U.S. at the end of WWII was about 40 percent of that of today, and that for there to be a meaningful comparison, job losses for 2008 would have had to total 7 million?
They report the unemployment rate at 7.2 percent as if it is some apocalyptic number. To be sure 7.2 percent is a hardship for many and appears likely to rise before the economy turns, but we have been here many times before. The average unemployment rate in Clinton’s first year in office was 7.5 percent. Did people even blink at that figure? The misery index (the sum of the unemployment and inflation rates) under Jimmy Carter hit 20.7 with unemployment at 7.1 percent. Today the misery index is a bit over eight.
Things may indeed get worse before they get better, but to overstate or outright mislead with statistics only talks the economy down and creates a self-fulfilling prophecy. Let’s don’t get ahead of ourselves and talk the economy further into the ditch.
David Barnes
Spokane