I was channel surfing this morning when I came upon MSNBC. They were asking whether the US economy was collapsing. Intrigued, I continued watching, wondering what it was that might be bringing down the strongest economy the world has ever known. And the apocalyptic news was the loss of 4,000 jobs.
Now that is not good news, of course, but it follows four consecutive years of job growth. The US economy has added millions of jobs in recent years. Furthermore, unemployment is at 4.6%, very near historical lows. So the answer is no, the US economy is not collapsing.
Now this is not intended as an econ thread but instead a media bias thread. So I wonder, if the loss of 4,000 jobs prompts MSNBC to ask whether the economy is collapsing, what did they ask when the US economy was generating millions of jobs? Or when tax revenue skyrocketed after the Bush tax cuts? Or when poverty decreases last year?