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September 4, 2012 / needhamgrassroots

Missing from the “Are you better off?” coverage: CONTEXT

from Media Matters:

What Cable News Isn’t Telling You: The 2008 Economy Was In Freefall

Economy Contracted By Nearly 9 Percent, Worst Economic Quarter In Decades. The Bureau of Economic Analysis estimated that gross domestic product declined by an annualized rate of 8.9 percent during the fourth quarter of 2008 — the final quarter before President Obama took office. According to IHS Global Insight, GDP decline at the end of 2008 “represents the worst single-quarter decline in GDP since the 10.4 percent drop in the first quarter of 1958.” [“Latest GDP Report Shows U.S. Recession Was Deeper and Recovery More Anemic Than Previously Thought,” IHS Global Insight, 7/29/11]

CBPP GDP

[Center on Budget and Policy Priorities, 8/30/12]

Millions Of Jobs Were Lost In Only A Few Months. According to the Bureau of Labor Statistics, employment decreased by 432,000 jobs in September 2008, 489,000 jobs in October 2008, 803,000 jobs in November 2008, 661,000 jobs in December 2008, and 818,000 jobs in January 2009 — a total of 3.2 million jobs in five months. [Bureau of Labor Statistics, accessed 9/3/12]

CBPP Employment

[Center on Budget and Policy Priorities, 8/30/12]

For more on where the economy was in late 2008 and how it has improved since, click here.

more at: Cable News’ One-Sided Attempt To Answer The Question “Are You Better Off Than You Were?” | Research | Media Matters for America – (9/2012) http://bit.ly/RgFnrc

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