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Journalism and other myths.

Revisions

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This was supposed to be the year that the economy turned the corner, building on the foundation laid in 2013. It isn’t happening. The final revision to first quarter Gross Domestic Product (GDP) growth came in at a stunning -2.9%. Is it time to panic?

Nearly everyone agrees that it’s a statistical aberration, so the answer appears to be no. But we’re certainly not enjoying the economic growth that was expected this year. The economy is giving mixed signals at best, leading everyone to wonder if maybe we’re really just treading water after all.

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Stability

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As the crisis in Iraq worsens nearly daily, a quiet calm seems to have come over US politics. Republicans want to blame Obama for this, but know that they can’t. More to the point, there doesn’t seem to be anything proactive we can do, at least not anything different from what we tried twice before. There is simply far too much blame to go around for it to land squarely on anyone here in the US.

What is different this time? Apart from the horrible loss of life a decade ago, apparently for little gain, there is a big change in the US. Our energy independence makes any arguments based on “strategic resources” much thinner than the blood of American soldiers. Between this crisis and Ukraine it has become clear that we have limits and have to learn to be OK with that.

But there is more to it. It should be obvious by now that US foreign policy can no longer be about control but stability. And that, by itself, should be a pivotal change.

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Nationhood, the Hard Way

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The latest crisis in Iraq has become a grave situation. This spillover from Syria, in the form of the Islamic State of Iraq and Syria (ISIS) has already become a regional conflict even bigger than the refugee crisis that has spilled over into all of the neighbors of Syria.

What’s less obvious is that ultimately this could become something much more profound if everyone involved manages to do the right thing for once. The odds of that happening are slim, but important steps forward have been taken by the largest group of stateless people in the world, the Kurds. How they play their hand could determine how many wrongs dating back to the fall of the Ottoman Empire nearly a century ago are finally righted.

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Lines and Language

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Eric Cantor’s primary loss may have been the shock that finally changes everything. That’s an awful lot to ask, but the early signs are that the various forms of establishment in politics and media were caught completely off guard. The response so far has been careful and even intelligent as the constantly wagging tongues have stopped long enough to give more thoughtful voices an opening.

Whether or not there is a permanent change remains to be seen. But the easy explanations quickly sank from their own weight while something that usually lurks much deeper is floating to the surface. If we can change the conversation, we can change the politics.  Crossies?

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Greed Beats Fear – For Now

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The the sun beats out beads of sweat and the kids laze at home without school to worry about. It’s summer, the season of loafing. Typically this is the time of year when there’s work to be done and jobs are plentiful but the stock market takes a gentle pause.

Not last year, and not this year. The stock market is hitting new highs as investors find US securities the safest and most promising investment on the planet. But just like last year, the pace of job growth is still not accelerating beyond the roughly 190k jobs created every month. It’s a decent pace, but not what we need to claw out way out of the six year hole and bring back the boom. Barataria called that one completely wrong.

It’s past time to get serious about income inequality – or really the lack of opportunity for those who don’t have money to invest.

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