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That was an overstatement. There was only one unqualifiedly good piece of economic news last week-though, to be sure, it was all important. The Consumer Price Index actually went down in December by .3%, only its second monthly decline in more than 17 years (the other also occurred under Reagan, last March). For all of 1982, prices rose a mere 3.9%, the smallest increase since 1972, when wage and price controls were in effect. Since Reagan took office the rate of inflation has been reduced by more than two-thirds, an achievement the President will crow about, with justification...
...correspondents cannot say, 'I do not know what this development means.' They should learn that they do not have to take the conventional interpretation as fact." A related complaint is that TV reporters tend to overemphasize the significance of a single statistic, like one month's index of leading economic indicators, or an unrepresentative situation, like the unemployment rate in Youngstown, Ohio. Perhaps in part out of professional rivalry, print reporters also claim that their TV colleagues rarely break new ground. Says a Wall Street Journal writer: "I do not feel that watching the nightly news...
...Reagan program consisted of four parts, which newsmen quickly dubbed Reaganomics. These consisted of supply-side tax cuts, reductions in federal spending, moves toward deregulation, and a monetarist tight-money policy to curb inflation. Reaganomics did cut inflation sharply, lowering the annual rate of increase in the Consumer Price Index from 12.4% in 1980 to a current level of less than...
...losers in all three markets were oil-drilling and oil-service stocks. The global glut that drove down crude prices also explains the comparatively meek rise in the Amex index: it is loaded with oil stocks. Its best stock last year, SMD Industries, makes picture frames and stationery. The shares rose by 592%, mostly on the strength of SMD's rights to make school supplies and stationery bearing the likenesses of two of the year's heroes...
Investments in tangible items were far less rewarding than bets in the financial markets. Real estate prices failed to keep pace with the Consumer Price Index, which was only 4.6% higher in November than a year earlier. The median price of a single-family house went up less than 4%, from $65,900 to $68,200. An acre of Iowa farmland, reflecting the slump in agriculture, dropped from $2,147 to $1,801. Explained Robert Jolly, an Iowa State University assistant professor of economics: "The major buyers out there are other farmers." And many of them had trouble holding...