Press does not know economics

Press: Actually, We Haven't The Slightest Idea What's Up With The Economy

For several months, every time an unemployment report showed unemployment remaining high or going up, the press reported it as happening "unexpectedly." That suggests that the expectation was that unemployment would go down, right? I mean, we spent all this TARP and stimulus money.

Today, good news on unemployment: it seems to have declined slightly. What's the press' reaction? How unexpected!

Come on, guys. Just admit that you have no real expectations, because you haven't any idea at all what's going on. It's OK: we know. Just report the facts, and quit trying to act like you understand the facts. People who were paid millions of dollars a year to predict the course of the economy blew it; there's no reason you should be expected to act as an oracle here either. Just say, "Unemployment is now at X%, up/down Y% from the last report." We'll be OK with that.