GDP declines 1 percent, better than expected: “The economy shrank at an annual rate of 1 percent in the spring, a better-than-expected showing and more evidence that the recession is drawing to a close.”
Maybe suggest your own versions such as: “Dresden bombing preserves more buildings than expected; GDP-boosting rebuild already underway.”
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As Robert H. Frank (for the rest an awful economist by the way) once mentioned in one of his papers; people adapt to their given circumstances pretty quickly. Add to that the contra-reporting of the MSM (in ‘good’ times everything is bad), and we have our explanation. In normal interventionist times of 2-3% growth per annum -1.0% would indeed be seen as the apocalypse. Not now though which can be wishful thinking, cluelessness and/or anticipation for the second leg of this recession.
It’s clear that the media is biassed towards the left and towards Obama. They somehow spin bad news into “good” news.
Suppose it was a republican in power instead of Obama and that the GDP would have grown 1 percent.
The left biassed media would then spin this into a bad news, saying the economy is sluggish and not recovering fast enough, pointing to republican’s “bad” policies.
But now that it’s Obama and the liberals in power, somehow the economy falling 1% is “good” and is “growth”.
Mainstream media leans left, this is the proof.
Education and Ethics
Thursday, August 27, 2009
What Do These Government Statistics Really Mean?
Headline: Even after fudging the numbers and despite all of the funny money given to the politically-connected and to pay for the lamebrain ‘Cash For Clunkers’ boondoggle the Gross Domestic Product declined by 1%.
This is a victory since, just think, what a bummer it would be if the government didn’t tweak the numbers!
Not only is the recession about over but Helicopter Ben Bernanke has been re-appointed and so very soon he will be dropping dollars willy-nilly everywhere.
And the aimless death of young men and women warriers are not in vain, it is to preserve the unConstitutional coup.
There, don’t you all feel better now? Wait until you see tomorrow’s headlines! You won’t believe them!
And you shouldn’t!
I always wonder how much inflation comes out of the computation for GDP? There is no way to tell how much their really is since the inflation has already taken place?
@Bogart -
I was under the impression they use the government CPI numbers, which as we know are lousy numbers to begin with…
These people don’t consider inflation to be an increase in the size of the money supply, but rather an increase in the prices of an ever-changing “mixed basket of goods.”
I would agree with you though, it would be quite hard to determine the GDP as related to inflation in the money supply since price effects of inflation lag the act of inflating.
If the Government borrows money and spends it, the money spent counts towards the “Government Expenditure” in the calculation of GDP. If this true perhaps Paul Krugman is right ? (Oops, I see an ambulance has pulled up outside and two men are approaching carrying a straight jacket!)
“Dresden bombing preserves more buildings than expected; GDP-boosting rebuild already underway.”
For this to be “good” news shouldn’t the headline read: “Dresden bombing DEMOLISHES more buildings than expected; GDP-boosting rebuild already underway.”? I mean, if you’re gonna break a window to boost the economy, why not break them ALL?
Dresden overnight bombing less destructive than expected; more evidence that Germany will soon resume the offensive and win the war.
Global Temperature Fell Less Than Expected; Global Warming Catastrophe Right Around the Corner
2A, spare us the irrelevant partisan silliness.
And also, please use fewer paragraphs (and try to avoid making multiple posts in a row as well). Having a new paragraph for virtually every sentence makes your posts hard to read, and take up more vertical space than necessary. Put related sentences together into a paragraph to enhance readability. Thank you.
“Earthquake a Providential opportunity to rebuild our glorious empire, people find.”
I can’t take credit for this, it was an actual headline today:
U.S. Economy: GDP contracts 1% as recovery approaches.
I wonder how much faster this “recovery” would appear if the GDP contracted by 10%?
If you want my suggestion how about…
Largest tidal wave in centuries leaves 3 million grains of sand untouched.
Katrina brings more wetlands for southern Louisiana. Economic boom for fisherman.
@2A Said:
Buddy the media doesn’t care about left or right, they think they must spin a bad news into good(especially about economy) because even the Media people do not like the recession. They think if they can print enough good news they can get Economy out of recession.
Consider Media to be leaning towards the Federal Reserve, they both are trying to use the power of Printing Press to get the economy out of recession.
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