Did you know that the 2.9% contraction in our first quarter-2014 GDP is not bad news? That, actually, this was just a facet of bad weather and, in reality, the economic news is very good?
ABC and the New York Times? As I write this it is not on either “news” organization\’s web site at all. Unbelievable, but true.
Ironically, NBC News – those wonderful folks who give us MSNBC – wrote honestly about the drop in GDP.
Here\’s a hint for these folks: President Obama said that he took office during the worst economic situation since the Great Depression. Taking that as a fact (which mainstream media have been happy to treat as such by repeating that characterization over and over durin the past five years), when does the economy turn around?
Does it not stand to reason, is it not a historical fact, that the worse a recession or depression is, the more strongly the economy roars back afterwards. There would have to be a pretty robust upward movement just to get back to even, right?
Well we have been waiting for that roaring-back economy for 5 years. And no roar yet.
So when I see a -2.9% GDP, you\’ll pardon me if I don\’t give a rat\’s rear end about how much bad weather contributed to it.
To put this another way, let\’s assume that bad weather accounted for the entire 2.9% contraction. Let\’s even assume that it accounted for a 3.9% contraction and, with good weather, the economy would have gained 1.0%.
Would a 1.0% gain, five years after “the worst economy since the Great Depression”, impress you?
Show us an 8% quarter and we might be impressed; we might say the economy is coming back from where it was.
Heck, even a 5% quarter would be decent. Unfortunately, we have not seen even one such quarter since President Obama took office (we, did, however, see two of them under George “worst recession since the Great Depression” Bush. Imagine that).
But don\’t show us a -2.9% quarter and tell us a feel-good story about the economy. There are just so many times you guys can pee on our heads and tell us it\’s raining.
Even the low information crowd has got to have limits on unadulterated BS like this.