Topic: Media Research Center
Remember when the Media Research Center folks were obsessed with the idea that the record-high oil prices of earlier this year weren't actually records when adjusted for inflation? That obsession is overlooked when the "record" numbers make the Bush administration look good.
NewsBusters posts by Ken Shepherd on Oct. 4 and Oct. 5 touted the "record high" for the Dow Jones Industrial Average; on Oct. 5, Shepherd pointed out the Dow's "third straight record high." An Oct. 6 article by Shepherd at the MRC's Business & Media Institute states, "The Dow Jones average closed at a record high for the third consecutive trading day."
But that's not quite true. According to the Center on Budget and Policy Priorities:
The Dow Jones Industrial Average, adjusted for inflation, is down 17 percent from its all-time high on January 14, 2000. It would need to rise another 2,378 points to set a new record, adjusted for inflation. It is only when no adjustment is made for inflation that the Dow can be said to have closed at a record high on October 3, 2006, as has been widely reported in the media.
If the MRC is going to demand that oil prices be compared with adjusted-for-inflation figures -- indeed, an April 22 NewsBusters post by Brent Baker called it "the only competent way to measure any price over time" -- shouldn't it do the same for all economic indicators?