The Media’s Top 10 Economic Myths of 2007

By December 15, 2007Economy, Media Relations

Another well-done year-end review from the good people at the Business and Media Institute, a compilation of the media’s top 10 economic myths. Here’s the list, and for a more complete item-by-item summary, go here.

The Media’s Top 10 Economic Myths of 2007
Compiled by the Business & Media Institute

10. Airlines are solely to blame for the unfriendly skies.
Media myth: Blame the airlines for all those flight delays; never mind the obsolete government-run agency creating the gridlock.

9. Consumer spending is the be-all, end-all of the economy.
Media myth: Without excessive consumer spending – especially at Christmastime – the U.S. economy will collapse.

8. The stock market is trouble, whether it goes up or down.
Media myth: One day the stock market can’t sustain growth; the next, we’re just one drop away from another crash.

7. Anyone who ‘denies’ global warming shouldn’t be taken seriously.
Media myth: Global warming could cause a ‘century of fires,’ just as it has created allergies and ended winter fashion. If we don’t do something now (i.e. spend hundreds of billions of dollars), it’s only going to get worse.

6. You’d better not eat/drink that!
Media myth: Forget the right to eat as you please; the nanny-state knows better.

5. Most Americans are losing their homes.
Media myth: Americans everywhere are losing their homes to foreclosure, and the housing bust is going to ruin the economy.

4. “Going Green” is good for America and business.
Media myth: Businesses are much better off if they go green, and that’s what people really want anyway.

3. Lenders are responsible for everyone’s debts.
Media myth: Drowning in red ink isn’t your fault; blame the guy who loaned you the money.

2. Free health care would be great!
Media myth: To save our children and the 47 million uninsured Americans, and to keep up with the rest of the world, we must have government-run health care.

1. The U.S. Economy is in recession.
Media myth: The U.S. economy is nearly in, or is in, a recession.

Good list, although we might have ranked the global warming auto de fe a little higher. As for No. 1, right on. The commentariat will talk us into recession if they have their way.

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