To The Press and Federal Reserve -You Lie

It was difficult to initially believe that a news story headline and a quote from a Washington economic "big wig" were not perverted attempts at humor. Unfortunately, both the AP headline and the quote from Federal Reserve President Jeffery Lacher were correctly printed and each lied on the subject of the American economy.


The business news story from the AP was headlined by "US Economy Shows Signs Of Rebound". The leading point of the article was that consumer spending had "surged" in August and since consumer spending accounts for 70% of our economy's vitality this was a good sign. The article continued with the comment that this customer spending reflected "the success of the Cash-for-Clunkers Program". This whole reporting approach reflects nothing more than unity with the Obama Administration. The C-for-C Program did little more than reward 700,000 or so Americans along with the auto industry with several billion dollars of tax payers' money. No "surge" in consumer spending was realized in any other facet of the retail market and the C-for-C money will have to be repaid with interest to Communist China or some other creditor of America.



The President of the Federal Reserve is Jeffrey Lacker and as the AP published its above cited story, Mr. Lacker announced that the "economic rebound was robust". The real facts are that there were 551,000 new claims for unemployment benefits, a number which is up from the last reporting period. Remember, this half a million number reflects only newly laid-off workers. Additionally, American confidence in the economy diminished from 54.5 in August to 53.1 in September. The Federal government's own Commerce Department today reported that in America "personal income growth lags".



The bottom line is that the spending "surge" was a misnomer; over half a million more Americans have lost their jobs; the American public showed renewed lack of confidence in the economy; and personal income is not keeping pace. There is no evidence of an "economic rebound".



Every piece of data that is published to Americans by any member of the Obama Administration, and that includes all elements of the news media, has to be considered propaganda and examined closely. In today's AP and Lacker examples, Congressman Joe Wilson must be quoted, "You lie!"