Seven things about the economy that everyone should be more worried about than they are

COMMENTARY | January 22, 2010

Dan Froomkin explores the likelihood of an anemic recovery, a double dip recession, another stock market crash, more financial-sector follies, deficit hawks stifling growth, the death of the middle class as we know it, and/or other dire possibilities reporters should be writing about furiously.

(Part of our series on "Reporting the Economic Collapse")

By Dan Froomkin
froomkin@niemanwatchdog.org

An extraordinary series of articles recently appeared on the Nieman Watchdog Web site, anchored by John Hanrahan and mostly based on interviews with some of the nation's most perceptive, prescient and prophetic economists. The series laid out a broad landscape of economic issues that have been largely overlooked during the reporting of the nation’s economic collapse -- to our great peril.

Hanrahan’s articles explore key elements of the story that reporters should have been -- and should still be -- writing about. Among them: The endemic fraud at the heart of the collapse, the resultant need for a comprehensive dissection of some key financial institutions, how the wars in Iraq and Afghanistan have weakened the economy, the dramatic effects of the crash on domestic poverty and world poverty, and underlying it all, the critically important role of government spending in a recovery, be it through a second stimulus or expanded entitlements or jobs programs, all of which requires that deficits be seen, for the short run at least, as the solution, not the problem.