Friday, December 13, 2019
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Trump Approval Ratings Suspect

The story making the rounds today about the recent drop in President Donald Trump's approval ratings means nothing. Doesn't matter whether you hate Trump and...

Trump’s Unemployment and Job Lies

Every four years, we get a presidential challenger who tells us the truth about the faltering American labor market at a time of unprecedented...

Why Hillary lost

Used to be only Republicans used the term “reality-based community” to refer to principled Americans who stubbornly clung to concepts like duty, honor and...

Trump Eco Team Heavy With Wall Street Predators

President Elect Donald Trump's so-called economic team is actually comprised of his fellow Wall Street predators and silver spoons, who have a history of...

Middle Class turning on own in wake of Election 2016

Guess who won the 2016 presidential election:Trump supporters, Clinton supporters, or the Wall Street multinationals employing divide and rule tactics?If you said "Wall Street" you win a...

Bogus Eco News: NYT’s misleading poverty coverage

Sunday's rosy economic story in the The New York Times was the worst kind of poisonous economic propaganda because it was virtually bereft of the historical context readers need to determine...

Media Struggles to Richsplain Trump’s popularity

The recent spate of national news articles puzzling over Donald Trump's rise in the polls is noteworthy only for its complete omission of the class warfare climate...

Don’t believe the hype – the Brexit is great news for...

Britain's vote to exit the European Union on Friday was a tremendous victory for a 99 Percent which is desperately trying to stem the shift toward...

Bullshit News: Black Friday sales

The geeks at TechCrunch may be hell on wheels when it comes to covering new computer software and hardware, but "not so much" when it comes to covering the economy.

Unless your idea of "news you can use" is the kind of shameless stock market cheerleading which is only good for getting on the wrong side of a bad trade, underpinning yet another knowing lie by a political hooker, or making overworked Americans feel like they're coming up short.

The kind of regurgitated economic journalism TechCrunch just vomited into the public forum pisses me off to no end, because I covered economic indicators in Washington, D.C., back in the day. And I know that this type of overly rosy economic story is a plague on Americans of every income and background, because it makes the average person feel like a loser by implying everyone else is doing better than they really are.

It’s not true. The economy sucks for everyone but the top 10 percent and has for about a decade now. The rest of us are all struggling. 

You are not alone.

TechCrunch implied otherwise with this misleading economic headline for the critical Thanksgiving weekend sales period: “Thanksgiving/Black Friday Online Sales Hit $4.5B, 34% Of Purchases Made On Mobile.”

They followed it up in the body of the story published Nov. 28 with a lede built around a sin of omission. By focusing solely on the natural gravitation to online shopping, instead of the decline in holiday spending which actually occurred on Black Friday, they turned the frown that was the biggest shopping day of the year upside down.

The result was a story which falsely implied to many casual readers that Americans spent more this Thanksgiving weekend and our economy has been thriving.

The painful reality is that they didn't and it's not.

Consumers actually spent 6 percent less on Black Friday 2015 than the same day a year ago, by my calculations of the relevant data TechCrunch cited from Shoppertrak and Adobe. Total purchases on Nov. 27, both online and in person, fell to $13.14 billion from $14 billion. 

Bullshit Eco News: Jobless Claims

Today's Reuters story about initial jobless claims is pure bullshit because it concludes that the low level of workplace firings we’re now seeing signals...

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