May 29, 2008
AND WHAT DO YOU CALL A 25 YEAR EXPANSION?
The Strangest Recession in Economic History (James Pethokoukis, May 29, 2008, US News)
What do you call a recession where the economy keeps going up and up, even if a bit sluggishly? Well, my friends, you call that an expansion. And that is what we seem to have right now, despite all the economic doomsaying about a recession or even a Great Depression 2.0. Today, the Commerce Department revised its first-quarter estimate of gross domestic product upward to 0.9 percent from 0.6 percent. That follows 0.6 percent GDP growth in the final quarter of 2007. The revision also makes it more likely that the second quarter will be positive, maybe 1.5 percent, maybe even higher.
America's gift from Paul Volcker and Ronald Reagan. Posted by Orrin Judd at May 29, 2008 4:41 PM
Ummmm... One more time, OJ. Bush has been the worst president EVER EVER EVER IMPERIAL PRESIDENCY IRAQ PLAME!!!!!!
Posted by: Benny at May 29, 2008 6:02 PMWe ARE in the worst economy since the Depression!
The war IS catastrophically lost, and Al Queda and the Baathists are in triumph!
The earth IS getting hotter and hotter and hotter!
And if I am wrong about, say, all THREE of these things..... well... mere trifles, no? That's why pencils got erasers!
Posted by: Andrew X at May 29, 2008 6:41 PMIt's like Congressional budgeting: slowing the rate of increase is a "cut". Slowing the rate of economic growth is a "recession". (On that has a good chance of magically disappearing with no change in numbers on 21 January 2009.) It's the same math in which it's possible for everyone to be above average.