Learning economics from the press?

Yes, that's a question --and the broad answer is, don't try to do it. These guys are getting it wrong. Not just on the big picture, that could more effectively be called betting on a run on a ponzi scam than a 'liquidity crisis', but they even fudged (apparently earnestly) small details that even I--almost utter economic neophyte--understand are wrong. Here's Brad Delong (a real life authentic economist) to take them to task:

You remember Paul Krugman's joke--that if Bush said the world was flat, reporters would write "opinions on shape of earth differ"?

Now we have Mike Allen and Jonathan Martin of the Politico encountering McCain saying "the earth is flat." And what do they do? They agree:

Exclusive: McCain to unveil more economic policies - Mike Allen and Jonathan Martin: As part of a plan to reinvigorate his flagging campaign, Sen. John McCain (R-Ariz.) is considering additional economic measures aimed directly at the middle class that are likely to be rolled out this week, campaign officials said. Among the measures being considered are tax cuts – perhaps temporary – for capital gains and dividends, the officials said...

Capital gains and dividend tax cuts are simply not "economic measures aimed directly at the middle class": the middle class doesn't collect capital gains, or dividends, in any material amount. Indeed, that's what makes you middle class--that even though you have a fair or a good income you work for it.

This might somehow fall in line with McCain's delusion that being 'rich' only begins when you have 5 million socked away, and thus with only 4.25 million in capital, you might well enjoy a Captial Gains tax cut, but the vast majority of us 'working' Middle Class could give a rip.

Now I'm not paid to know this stuff. I take a vague interest in it because right around the time Reagan was elected I began to understand that most pundits (like George Will, for example, or Charles Krauthammer) were distorting what little reality I could glean from the press. But if straight up reporters seem unable to get simple definitional statements right, what's a guy to do?

So, gents, how about doing your jobs? This is what you get paid for, not repeating some insipid Republican talking point that bears no resemblance to reality at all.

Back to Delong ...

... there is not even a token "some Democrats say that dividend and capital gains tax cuts have no direct effect on the middle class" in ths story. McCain says the earth is flat--and the reporters swallow it whole.

Why oh why can't we have a better press corps?