March 29, 2007

ONE ECONOMY TO RULE THEM ALL (via Kevin Whited):

Economy Grows at 2.5 Percent Pace in 4Q (Jeannine Aversa, 3/29/07, AP)

The economy grew at a 2.5 percent pace in the final quarter of last year, healthier than previously thought but still largely caught up in a spell of sluggishness.

The new reading on gross domestic product, released by the Commerce Department on Thursday, was an improvement from the prior estimate of a 2.2 percent growth rate for the October-to-December period. However, it marked the third quarter in a row where the economy's growth clocked in at a lethargic 2 percent or better, reflecting the drag of the crumbling housing market on overall business growth.


As if it weren't instructive enough that the main problem facing the American lower class is obesity, how about having an economy that's stuck growing at "2 percent or better"?

Posted by Orrin Judd at March 29, 2007 10:53 AM
Comments

If it is sluggish for a developed economy to grow at 2.5% per quarter, then I guess those on the continent of Europe are so far gone that the wreaths have all wilted.

Posted by: Mikey [TypeKey Profile Page] at March 29, 2007 1:21 PM

If it is sluggish for a developed economy to grow at 2.5% per quarter, then I guess those on the continent of Europe are so far gone that the wreaths have all wilted.

Posted by: Mikey [TypeKey Profile Page] at March 29, 2007 1:43 PM

2.5% annualized, not quarterly. 4th quarter GDP #'s don't tell you much about what's happening now.

Posted by: at March 29, 2007 3:21 PM

An afterword published to Thomas Frank's Kansas book includes the author's sense of dismay at finding that West Virginians who can no longer afford cable television are nonetheless voting for President Bush (he did not seem to consider the possibility that some of those people might prefer to spend their money in other ways). I'm sympathetic to folks who don't receive cable TV, but considering it a sign of "poverty" ought to be loopy to anybody with any historical knowledge at all. Imagine telling someone who grew up in the Depression that you're poor because you can't afford cable.

(A friend of mine who grew up on a farm didn't have cable until his dad suddenly bought a satellite dish, I think around the time we were seniors in high school. I don't remember him thinking of himself as poor prior to that but suddenly comfortably middle class afterwards.)

Posted by: Matt Murphy at March 29, 2007 6:49 PM
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