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Sunday, September 25, 2011

Let's Get Something Straight (and right for a change)

The idiot economists are running around blathering about a double dip recession.  Here are the facts (in case you don't already know them).  Recession is a technical term invented by economists.  The definition of a recession is two successive quarters of a failure to grow in the GDP (Gross Domestic Product), e.g., what the economy produced for all of us to share.  Here are the real numbers since the fall of 2008 when we bailed Goldman Sachs, et al, out of bankruptcy.

2008     Quarter 3          -3.7%
                          4          -8.9%
2009     Quarter 1          -6.7%
                          2          -0.7%
                          3           1.7%
                          4           3.8%
2010     Quarter 1           3.9%
                          2           3.8%
                          3           2.5%
                          4           2.3%
2011     Quarter 1           0.4%
                          2           1.0%

Now subtract 2% from each of these numbers to account for inflation using the screwing definition that omits the prices of food and gasoline.  (You know it is a lot higher.)

Then remember that the economy must grow by at least 2% to account for all the new citizens.

Now you understand the "recession" never ended and that the economists have lied to you once again.

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