Parade on the March
Again, Downbeat on Economy
Magazine leaves out strong economy,
Bernankes forecast of soft landing in housing.
By Ken Shepherd
Business & Media Institute
May 22, 2006
Nationally syndicated
Parade magazine once again marched to Sunday newspaper readers doorsteps sounding
sour notes on the American economy.
Weeks after envisioning the
American Dream slipping out of reach for most Americans, the magazine ran a
pessimistic report on housing values warning that nearly 80% of
Americans think the economy will continue as is or worsen in the
coming year. But Parade writer Earl Swift didnt tell readers how
well the economy has been performing, or that Fed chairman Ben
Bernanke forecasts a cooling housing market without severe economic
impact.
Swift began his May 21 article with the story of Jim
and Shelby Griffin of Virginia Beach, Va., who are finding out that
the wild housing boom of the past few years is over. Swift
transitioned from the Griffins trouble in selling their condo to a
Parade survey of 1,000 home owners who are pessimistic about the
countrys economic health.
Despite those homeowners opinions, the economy is in
fact doing pretty well. The economy grew at an annual pace of 4.8
percent in the first quarter of 2006, with a low 4.7 percent
unemployment rate in April. While the May 2006 jobs report was
weaker than many economists expected, economists didnt believe
that Aprils slower job growth was a sign that the economy is
heading for a serious setback, the Associated Press reported on May
5. http://www.msnbc.msn.com/id/12643243/
Amidst that growth, it seems pretty clear now that the
U.S. housing market is cooling, the
Associated Press quoted Federal Reserve Chairman Ben Bernanke on May 18. Bernanke
described the slowdown as a very orderly and moderate kind of
cooling in the housing market. AP writer Jeannine Aversa added that
Many economists predict growth will moderate to around 3% in the
April-to-June quarter, which is still a good pace.
The Business & Media Institute recently documented how
the
April 23 Parade
rained on the strong economy with a cover story by a liberal blogger
who blamed military contractor Halliburton for the war in Iraq.
