The economy is thriving, gas prices are falling ($1.99 here in the burbs), but worry not, pessimists of the world. The New York Times is here to ensure we feel as lousy as possible about all things in perpetuity . . . or at least until a Democrat is in the White House. Howard Kurtz lays it out:
Gregg Easterbrook's rule that All Economic News is Bad was effectively illustrated by yesterday's NYT front-pager, "Upbeat Signs Hold Cautions for the Future." The article notes several positive economic trends, including lower gas prices, but then warns darkly that
... as always with the United States economy, it is not quite that simple.
For every encouraging sign, there is an explanation. ...[snip] Gasoline prices - the national average is now $2.15, according to the Energy Information Administration - have fallen because higher prices held down demand and Gulf Coast supplies have been slowly restored. [Emph. added.]
It's indeed deeply disturbing to learn that higher gas prices have held down demand, causing those prices to fall back to a level at which demand begins to rise again! It's almost as if some insidious law was at work--as prices rise, demand declines! As supply increases, prices fall! You can't win! ... P.S.: The price drop might be alarming if the decline in demand for gas reflected a general economic downturn. But that doesn't seem to be the case. What the NYT's Vikak Bajaj ominously describes is the market working exactly as it's supposed to, coupled with successful rebuilding efforts on the Gulf Coast. It appears to be "quite that simple." ... P.P.S.: Nor can I spot any "cautions for the future."
A New York Times reporter finds capitalism disturbing.