Monday, April 28, 2008

Media Lies, Truth Dies

The Kenosha News is no fan of supply-side economics. They are much too lefty for that. But you'd think they'd want to stick to printing the truth, wouldn't you? Maybe not...
News flash for the News...the USA is NOT in a recession. There's an economic slowdown, to be sure. But recession? Well, we won't know for 4 more months. Q4 of 2007 was positive was only 0.6%, but that's growth. The GDP for Q1 will be released this Wednesday. IF -- and it's a big IF -- growth was negative, then we STILL won't be in recession until we see the Q2 numbers in July.

In case you missed it in Economics class, a recession is defined as 2 consecutive quarters of 'negative growth'. That negative growth means that the economy would CONTRACT during a recession. Hasn't happened yet, folks.

One more reason why there is declining interest in the least as the NEWS reports it.

UPDATE: Today (4/30/2008), the gummint announced that 1st Quarter GDP was up 0.6%. NO RECESSION. Told ya so.

Thanks to Citz and Dr. Frank G...and PETE.

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