Â This image of string cheeseÂ from a pressurized can pretty much sums of my view of the U.S. economy in light of the recent USA TodayÂ Â article on media spending. Based on a report by the private equity firm Veronis Suler Stevenson, USA Today media writer David Lieberman writes that onlyÂ agriculture and theÂ federal governmentÂ are growing faster and that media spendingÂ is poisedÂ to pass $1 trillion.
I went to a Commerce Department webÂ page on the Gross Domestic ProductÂ to corroborate some of this and found that:
“Information-communications-technology producing industries comprised 3.9 of the economy and accounted for 14.2 percent of real GDP growth.”
Talk about hot air!
The purpose of the Veronis report was to detail the shifting of dollars amongst the various forms of media, which Lieberman does adroitly (here is article link again). Poynter commentator Alan Abbey offers another analysis here.
But I think those numbers are familiar and IÂ thank LiebermanÂ for pullingÂ out the growth trend. What it suggests isÂ the U.S. economy is running on fumes. Agriculture is a tiny and heavily-subsidized slice of the economy. Where is the joy in a deficit-financed expansion of government? And while media may be our industry its growth means advertising to push goods consumption, much of which will come from abroad, widening our trade deficit. It’s a cheese whiz economy. Tastes light. Not filling. And just wait till the bill comes due.