Conrad Black writes in the National Review online edition April 28, 2011

The Media Don’t Get Economics
And this illiteracy has a high price.


In the 27 months of the Obama administration, there have been spectacular rises in the prices of gasoline ($1.83 per gallon to almost $4), oil ($41 per barrel to over $90), gold ($853 per ounce to $1,500), corn ($3.56 per bushel to $6.33), and sugar ($13.37 per pound to $35.39). The real median household income has declined by $300, to under $50,000; the number of food-stamp recipients has increased from 32 million to 43 million; the number of people officially in poverty has increased by 10 percent, to 44 million (more people than the whole populations of Poland or Spain); the ranks of the long-term unemployed have increased from 2.6 million to 6.4 million; and the U.S.’s position in the rankings of economic freedom of the world’s countries has declined from fifth to ninth. I have admitted that my canvass of television news and comment is sketchy, but I have seen almost no reference to any of these problems except the prices of oil, gold, and gas.

HKO comments:

we are allowing the irrelevant and the noise to distract us from the important.