Wednesday, April 30, 2008

We're Not in a Recession

The AP reported today on the latest economic news.

The bruised economy limped through the first quarter of this year at only 0.6% as housing and credit problems forced people and businesses alike to hunker down.

The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday.

The statistic did not meet what economists consider the classic definition of a recession, which is a retraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if modestly. (emphasis added)

It may not be pretty (and it's sure not), but it ain't a recession. The next time you read or watch the major news outlets reporting on the "recession" we're in, you'll know they're lying--because their lips are moving.

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