War is Peace, Growth is Recession

By May 1, 2008Economy

From an e-mail just sent out by the labor-backed Economic Policy Institute

When slightly positive is as bad as negative
EPI’s take on the latest GDP numbers, released Wednesday morning by the Commerce Department, was that the miniscule 0.6% growth reported is not nearly enough to prevent rising unemployment. Economist L. Josh Bivens noted in an early response that “There’s nothing magical about staying above zero. In fact, annual growth of less than 2.5% is a recipe for rising unemployment. We’re already seeing this in three consecutive months of job loss, and considering the GDP numbers released this morning, we’ll surely see more in the coming months.”

Very clever attempt at changing the terms of political debate. There has been so much screaming about slipping into recession, and then reality intruded. So now the screaming must be about, well, not slipping into recession.

And for the record, yes, 2.5 percent annual growth would be a lot better than 0.6 percent growth.

Join the discussion One Comment

  • Dog Couture says:

    As bad as the economy is, people are still spending money on their dogs when it comes to clothing and accessories. Sales are as high as in a good economy.

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