Texas Economy Would Be Booming If It Weren't For the Damn Journalists

Categories: Biz, Media

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First, the good news. The Dallas Fed's most recent economic numbers show that Texas' economy is growing. That growth is moderate, 2.4 percent for the year, but it's better than in the country as a whole. Energy is booming; so is construction. Even the government sector is expanding slightly, in a state whose governor wants to eliminate so many departments he can't even remember them all.

There is, however, one black spot marring the otherwise encouraging economic picture, as the Fed pointed out via Twitter:

That's right. Texas would be booming if it weren't for the information sector. According to the Bureau of Labor Statistics, this includes the publishing industry, telecom, data processing, web search portals, and information services. But, for shorthand, we'll call it journalists.

"Employment in this sector is in structural decline due to technological change," said Pia Orrenius, senior vice president and senior economist at the Dallas Fed. "Output is rising but employment is falling, which means the productivity gains are large."

In other words, all of our friends are getting laid off and we're all going to lose our jobs eventually, but in the meantime we're producing like crazy, making that hamster wheel smoke. We would dig deeper into these numbers, but a new press release just came in, and we have a few more posts to knock out before the weekend comes.

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17 comments
holmantx
holmantx topcommenter

Blackie Sherrod said journalism went down hill the day newspapers began requiring college degrees.

holmantx
holmantx topcommenter

Illegitimum non carborundum

 

Richard Fisher is currently the President and CEO of the Federal Reserve Bank of Dallas.  He gave a speech to the Harvard Club of New York City last Wednesday night and boy! I wish I had been there to here it.  He is not a fan of QE3.

 

He is truly an officer of the line.

 

"We Are Sailing Deeper Into Uncharted Waters"

 

here's the link: http://tinyurl.com/cc6ckv8

 

"When I raised this point inside the Fed and in public speeches, some suggested that perhaps my corporate contacts were “not sophisticated” in the workings of monetary policy and could not see the whole picture from their vantage point. True. But final demand does not spring from thin air. “Sophisticated” or not, these business operators are the target of our policy initiatives: You cannot have consumption and growth in final demand without income growth; you cannot grow income without job creation; you cannot create jobs unless those who have the capacity to hire people—private sector employers—go out and hire."

 

"I do not necessarily agree with all of either Woodford’s or White’s arguments, but in light of my soundings of unsophisticates and sophisticates alike, I felt an urge at the meeting last week to tie the chairman to the mast, Odyssean-style, and to stuff wax in the ears of my fellow committee members, in order to resist the Siren call of further large-scale asset purchases."

 

Illegitimi non carborundum is a mock-Latin aphorism meaning "Don't let the bastards grind you down"

Double-O-Joe
Double-O-Joe

Ummm...  yeah.

 

Eric, I work in the actual information sector, for a big (and I mean BIG) telecom.  Texas, and especially DFW, has long been a bastion of telecom employment.  We're going through one of the periodic times when the companies realize that the work can be done by fresh graduates in out-of-the-way locations rather than the entrenched senior techs.  Once the old guard is gone (again), growth will resume.

 

Since when is journalism part of IT?  I've never seen it classified that way before, by any agency. 

RTGolden1
RTGolden1 topcommenter

Production quantity is increasing, quality is sorely lacking.  

 

I don't think you can call regurgitating wire stories from Politico and HuffPo journalism.  You're a journalist the way Army maintenance techs are mechanics.  They're not, they're parts changers; you're not, you're a speed bump on the information highway.

MikeWestEast
MikeWestEast

Only journalists would think a story about an industry segment that includes AT&T, Verizon, services areas of IBM, HP, and Texas Instruments, Google data farms, the numerous radio and TV stations distributing entertainment, is really about them. Get a grip. Fundamental Rule: Just because the story is about you does not make it interesting. In this case the story is neither about you or interesting.

Scruffygeist
Scruffygeist

Be sure those posts have plenty of arrogant snark, Eric.

 

Silly me, you don't need to be reminded!

roo_ster
roo_ster

 @RTGolden1 Beats being the squawshed 'dilla smeared over 100' of the information highway.

Anna_Merlan
Anna_Merlan

 @ObserverHatesFacts Not even remotely wrong, actually. You're posting a link to national -- not Texas -- Bureau of Labor statistics, which predict a "moderate" decline of  -6% in overall journalism jobs between 2011 and 2020. The data Eric linked to shows a decline of - 2.4% between December 2011 and July 2012 in the "information" sector, apparently the only sector to decline. One doesn't disprove the other. They're both part of the same depressing trend. 

 

Good god, who else needs a drink? 

mavdog
mavdog topcommenter

interesting to see the decline in trust of the media parallels the increased viewership level of Fox News.

 

it isn't hard to see a direct correlation. their blatant disregard for the honesty/facts leads to this lack of trust.

albert.finney000
albert.finney000

@mavdog - Yeah, gotta be FOX. Thanks for playing, Professor Unpredictable.

albert.finney000
albert.finney000

@mavdog - Engaging a snarling lefty over the boogey-fox is like kicking a dead cat.

mavdog
mavdog topcommenter

I'm sure they appreciate apologists like you....

albert.finney000
albert.finney000

@mavdog -- Obama tweets a photo on Pirate day without revealing the date of the photo, and somedone mistakes it for a current photo. Wow, this is news. In related news, there was no tweet marking Constitution Day.

mavdog
mavdog topcommenter

I see that you have no defense for Fox. understandable...

 

here's the latest incompetence from Fox News:

 

Fox ran the picture Thursday morning with host Brian Kilmeade saying, "The White House doesn't have the time to meet with the prime minister of Israel, but this pirate got a sit-down in the Oval Office yesterday."

Later, with "yo-ho-ho" music in the background, Fox showed the picture as its "Shot of the Morning," with host Steve Doocy saying, "Here's a quick look at what President Obama is up to, making sure he didn't forget to mark International Talk Like a Pirate Day."

"Fox & Friends" also showed the picture, along with others of the president meeting with Jay-Z and Beyonce and appearing on David Letterman's "Late Show" on Tuesday. The headline was "Too busy for Israel" and Fox also showed twin pictures of Israeli Prime Minister Benjamin Netanyahu and an empty chair.

"He's getting the Clint Eastwood treatment — the empty chair," Doocy said.

Analyst Peter Johnson Jr., calling the president "Broadway Barack Obama," said that "it seems like foreign policy is taking a back seat."

After the show ended, the "Fox & Friends" Twitter feed noted that the pirate picture was from 2009.

 

http://news.yahoo.com/joke-photo-fox-suggests-obama-met-pirate-194154000.html

 

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