Happy Wednesday all,
I woke up this morning to the headlines of “Economy Grows at 0.5%”
Well hell…isn’t that good news.
I’m not an economist, but with my Masters degree I had to take more econ than I would have prefered…I barely got through Econ 101 with some hippie-from-the-60’s econ professor who came to class drunk at 8:30 a.m. on more than one occasion, but I did get a few things out of him that made sense…and one of those things is that a “recession” is when we recess, or go backwards.
One of the things that REALLY annoys me are the “chicken little’s” in politics right now, running around screaming that “we’re in a recession! we’re in a recession!!!” Please…stop being so dramatic. Is there there cause for concern? Of course. But we’re NOT in a recession – and it is irresponsible for Democratic political candidates to keep alluding to the lie that we are. Shame on them…they know we’re not, but are just pandering. What a surprise.
So let’s take stock…in the 1st Quarter of this year, we’ve seen two domestic airlines go out of business, Bear Stearns tank, a good chunk of the housing market collapse, investment firms writing off billions in debt, massive devaluation of the dollar, and gas prices continue to soar as the Arabs keep screwing with us, and of course, the Chinese continuing to f*ck with our currency.
With all of that, we’re STILL not in a recession. The American people are strong and so is our economy. Let’s not forget that. Some choice quotes to prove my point…
“The economy is weak but not collapsing,” said Lynn Reaser, chief economist at Bank of America’s Investment Strategies Group.
The country’s economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly.
So take that, Barak & Hilllary…