ECONOMIC HALF TRUTHS

They are at it again.

The liberal media/press is determined to save the administration of B. H. Obama and therefore slants every item of news that it has in order to prove to the readers how well their White House hero is doing. Here is an example.

The headline stated, "Economy Improves". This is obviously good news for all Americans and serves as a pat-on-the-back for President Obama. Featured in this article were the facts that newly filed unemployment claims fell to a weekly number of 451,000 and that the American trade deficit for July 2010 was down 14% to only $42,800,000,000.00. That is $42.8 billion. The imports from Communist China had also fallen but only by 1%. Additionally there was a quote. A chief financial economist stated, "... things look better than they have in several weeks and there is no danger of a new down turn in activity."

No question that these are better, but far from good, statistics pertaining to the American economy. However, there was more information in the story. This more information better explained that America's economy is still in real trouble.

It was reported that in the second quarter of 2010 the American economy grew only at a 1.6% annual rate. The third quarter is seen by experts to be not much better with a projected annualized growth rate of 1.8%. All experts advise that a minimal acceptable annual growth rate is just over 3%. Buried in this same story was that our imports from Germany and Communist China were at their highest since October of 2008. In the first 7 months of 2010 imports from Communist China alone were up 18% but they did drop in July by 1%.

Finally, the article admitted that the US dollar was at a 15 year low against the value of the Communist Chinese yen.

There are two points that must be pointed out: 1) never believe the article caption and 2) the American economy remains in a terrible condition.

By the way the financial expert who was quoted in the article is an employee of the Bank of Tokyo-Mitsubishi UFL. Kind of makes you wonder if the reporter could find no American banker to have positive comments on the American economy.