Thursday, May 1, 2008
Not for nothing, but . . .
Yesterday it was widely reported that the Bush administration had declared the economy grew .06% last quarter, so "technically," the country was still not in a recession. Now I'm not an economist, but I am able to balance my checkbook (most of the time). And it seems to me that if the inflation rate is roughly 4%, and the economy only grew .06%, then . . . hmmmm . . . in real (or inflation-adjusted) terms, the economy actually shrank. But then why the Bush administration's pronouncements are even covered as news anymore at all is a mystery - I mean, does anyone want to bet on whether or not that estimate will eventually be adjusted downward? And isn't there some sort of journalistic prohibition against repeating information from unreliable sources? (If not, there should be.)
Now back to our regularly scheduled programming . . .