On Tuesday, we spoke with Steven M. Warshawsky, attorney and contributor to American Thinker. We spoke about the economy and a little politics:
"A "recession" means two or more consecutive quarters of declining real gross domestic product.
Far from being in a recession, through the third quarter of 2007, the United States has enjoyed 24 consecutive quarters of GDP growth.
Furthermore, the Bureau of Labor Statistics reported in January 2008 that unemployment was at 5.0 percent, which is low by any measure, and that real average weekly earnings were higher in December 2007 than in December 2006.
The economy, overall, is doing quite well.
Despite what the media tells us about gasoline prices or the housing market or job layoffs among Fortune 500 companies, the economy is not in ‘crisis."
There certainly is no rational, objective reason for Americans to be as concerned about the economy as they have become over the past few weeks." (Hypochondriasis Economicus By Steven M. Warshawsky)"
Speaking of the economy, our good friend Don Surber has a wonderful post today. (That darned economy is rebounding before Washington has a chance to save us)
1 comment:
Woo Hoo! Thanks for setting us straight on that count!
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