“The fundamentals of our economy are sound”

Easy, oh so easy, to make mock.
What ARE the fundamentals of our economy?
People doing productive work — creating the goods and services that others want and will pay for. America is the most productive society in world history — creating a GDP of FOURTEEN TRILLION dollars a year.
In the last quarter, it grew over 3% — healthy, by any measure, and certainly not recessionary. (The classic economists’ criterion for recession is 2 consecutive quarters of negative growth.)
Unemployment is only 6% — much lower than in Europe.
These are the fundamentals of our economy.

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One Response to ““The fundamentals of our economy are sound””

  1. Jesse Says:

    Nominal GDP growth was 3.0% in Q4 2007 and 3.2% in Q1 2008, yet the price index that measure the purchasing power of Americans, the gross domestic purchases deflator, rose 3.7% and 3.5% respectively, meaning that real GDP fell 0.7% in Q4 2007 and 0.3% in Q1 2008.

    http://stefanmikarlsson.blogspot.com/2008/08/gdp-terms-of-trade-issue.html

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