Media at it Again with Economic Spin

A month ago I had an article here at American Thinker, outlining how the media was hyping economic reports. The sample back then was new home sales which CNN Money said is "another sign of the Housing Recovery" when sales "hit a 2½ year high." As I pointed out, the "two year high" was worse than the same month in 2008 when Media/Dems told us how bad the economy was.

But it gets better: the September number which was first reported as rising 5.7% over August has now been revised to show a gain of only 0.8%. Worse, sales in October fell from September's revised number. In fact, new home sales in recent months is worse than any time from December 1995 through and including December 2008, during the hype and height of the crisis.

But how does CNN Money start their report? "New home sales declined 0.3% in October, according to a government report released Wednesday. Despite the monthly drop, sales were still up 17% from a year earlier."

A 17% rise sounds very good, right? Indeed, but not when you consider that 2011 was the worst year on record for new home sales, a fact that didn't make it to the report. In addition, the report didn't mention that despite the 17% hike, 2012 is still on pace to be the third worst year on record; which is worse than 2009 which in turn was worse than 2008.

Bottom Line: new home sales are well below Bush's worst year in office; they are at negative levels (as is with many economic data), yet you would never know it from daily reading of the liberal press.