April 30, 2008

FUNNY SORT OF GREAT DEPRESSION:

U.S. First-Quarter Growth Stronger Than Forecast (Reuters, 4/30/08)

The U.S. economy grew at a slightly stronger pace than forecast as 2008 began, helped by inventory-building that tempered a steadily deteriorating housing sector and less vigorous consumer spending.

The Commerce Department said on Wednesday that gross domestic product or GDP expanded at a 0.6 percent annual rate in the first quarter, matching the fourth quarter's advance and handily topping a forecast for 0.2 percent growth in an advance poll of economists by Reuters.


In the America that Paul Volcker and Ronald Reagan bequeathed us, slower growth than one would prefer is the new "recession."

Posted by Orrin Judd at April 30, 2008 7:58 AM
Comments

Many people donot comprehend the difference between a slowdown in growth of an economy and an actual reduction in its size as measured yearly or quarterly.

A few pointed questions (and answers) about the relative size of our economy now when compared to the late nineties in the supposed heyday of the Clinton greatness, drives the difference home well.

Posted by: Perry at April 30, 2008 9:15 AM
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