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June 02, 2008

AP redefines the word “recession” (genghis)

It’s like Ace has said many times before…they’re not even trying to hide the bias anymore. It’s all about the narrative.

”The economy will perform a neat trick this year, experts predict: fall into recession without contracting. That hasn't happened since the government began tracking quarterly growth of gross domestic product (GDP) in 1947."

"While many believe a recession indicates a contraction in GDP, the National Bureau of Economic Research, known as the arbiter of recessions, merely looks for "a significant decline in economic activity" lasting more than a few months.”

A couple of charts related to the article indicate projected economic growth rates of roughly 2.5% next year. Not flaming skullish, but decent.

But wait! The Washington Post has more in a related commentary. We’re still doomed.

”Suddenly, it seems, we're getting hit from all directions. Energy and food prices are soaring. The housing market continues to collapse. Government revenue is falling, and taxes are rising. Airlines are jacking up fares and fees while reducing service. Banks are pulling credit lines. Auto companies are cutting production once again. Even investment bankers are losing their jobs.”
It’s a fairly long article, so I’ll just cherry-pick my favorites:
”…the story of the global economy purging itself of large and unsustainable imbalances that for a time allowed many Americans to think they were richer than they really were.”

"The same factors that were behind the housing bubble were also at work, to varying degrees, in the auto bubble, the commercial real-state bubble, the travel bubble, the college-tuition bubble, the retail bubble, the Web 2.0 bubble and most recently the commodities bubble.”

So many bubbles, so little time. Ooh…and a favorite of mine:

”Across the country, state and local governments are already hip-deep into budget crises in response to declining revenue from property assessments and real-estate transfers.”

Conclusions? (prepare to be shocked)

”One option is to raise taxes and leave less money for private spending, which is what many state and local governments have begun to do. The other is to accept lower levels of government service and subsidies, which inevitably will lower the incomes of some households while forcing others to go without services or pay for them privately. Either way, it amounts to a lower standard of living than we thought we had achieved.”

digg this
posted by xgenghisx at 05:11 AM

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