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More Which Way Is Up Problems

Sunday, 11 August 2013 19:23

An Associated Press article in the NYT told readers about Japan's "sluggish" growth in the second quarter. The article told readers that Japan's economy grew at a 2.6 percent annual rate in the quarter.

The problem is that the media generally touted the 1.7 percent annual growth in the U.S. in the second quarter as a being positive news. It's difficult to see how a 2.6 percent growth rate in Japan can be seen as sluggish while a 1.7 percent growth rate in the United States is healthy, especially since Japan has a declining population and labor force, while ours is growing at roughly a 0.7 percent annual rate.

Comments (2)Add Comment
The media
written by Grouch O., August 12, 2013 8:36
" Gentlemen...Chicolini [the media] here may talk like an idiot, and look like an idiot, but don't let that fool you...He really is an idiot. "
Same Nonsense as the Reaction to China's Growth
written by Paul Mathis, August 12, 2013 9:32
Last week, China's 2nd quarter growth came in at 9.7% which was reported as mediocre. Of course China uses Keynesian stimulus on its economy while we are restricted to monetarism by the GOPers, so maybe by Keynesian standards nearly 10% is mediocre.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.