red states rule
07-31-2011, 02:10 PM
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Perhaps there never was a recovery and we are enjoying the benefits of tax and spend liberalism?
GDP Report Shatters Illusion of Jobless, Productivity-Packed Recovery
By Derek Thompson
Jul 29 2011, 12:59 PM ET 72 (http://www.debatepolicy.com/#disqus_thread) It's hard to overstate how much today's GDP report blew up our understanding of the recovery. The recession was deeper than we knew, and the economy is weaker than we thought. We weren't making new jobs, because we weren't making new things, period. The economy grew less than 1% in the first half of 2011.
Yesterday, analysts thought the economy was expanding by 2.5% a year. This morning, they learned GDP grew by only 1.6% in the last four quarters. This is a remarkable discovery. It's the difference between thinking we're expanding at a decent, if disappointing, pace, and knowing we're growing around half our historical norm.
Analysts also thought, as recently as twelve hours ago, that the economy declined 6.8% and 4.9% in the quarters bisected by Obama's inauguration. It turns out the actual declines were much steeper: 8.9% and 6.7%.
To adopt the president's favorite metaphor of the ditch and the driver: The ditch was a 33% deeper than we thought. And we're driving 33% slower than we hoped.
http://www.theatlantic.com/business/archive/2011/07/gdp-report-shatters-illusion-of-jobless-productivity-packed-recovery/242761/
http://media.hotair.com/wp/wp-content/uploads/2010/09/ramirez-recsum.jpg
Perhaps there never was a recovery and we are enjoying the benefits of tax and spend liberalism?
GDP Report Shatters Illusion of Jobless, Productivity-Packed Recovery
By Derek Thompson
Jul 29 2011, 12:59 PM ET 72 (http://www.debatepolicy.com/#disqus_thread) It's hard to overstate how much today's GDP report blew up our understanding of the recovery. The recession was deeper than we knew, and the economy is weaker than we thought. We weren't making new jobs, because we weren't making new things, period. The economy grew less than 1% in the first half of 2011.
Yesterday, analysts thought the economy was expanding by 2.5% a year. This morning, they learned GDP grew by only 1.6% in the last four quarters. This is a remarkable discovery. It's the difference between thinking we're expanding at a decent, if disappointing, pace, and knowing we're growing around half our historical norm.
Analysts also thought, as recently as twelve hours ago, that the economy declined 6.8% and 4.9% in the quarters bisected by Obama's inauguration. It turns out the actual declines were much steeper: 8.9% and 6.7%.
To adopt the president's favorite metaphor of the ditch and the driver: The ditch was a 33% deeper than we thought. And we're driving 33% slower than we hoped.
http://www.theatlantic.com/business/archive/2011/07/gdp-report-shatters-illusion-of-jobless-productivity-packed-recovery/242761/