It is so funny to see how desperate the press got with the news that we are not in a recession…
From Business Week:
“Is the U.S. in a recession? Probably so, although you wouldn’t know it from two key announcements on Apr. 30 by the Commerce Dept. and the Federal Reserve.
In a split decision, the Federal Reserve cut its key interest rate again. It said that “economic activity remains weak,” but added that its measures “should help to promote moderate growth over time.” The action came hours after the Commerce Dept. reported that gross domestic product grew in the first quarter. The increase was a meager 0.6%, the same as in the fourth quarter of 2007, but it was still above zero.”
Who cares if the definition of recession is a decline in a country’s real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year and we actually got increases for the last two? Bah, this is all propaganda. The Wise Press knows better.
In that regard, by the way, all the three candidates are idiots. All of them follow the populist line and also say that we are in a recession even though it is simply factual truth that we are not!
But who cares about the facts, right?