The growth rate for the American economy was revised this morning from 1.7% to 2.5%, mostly because the foreign trade figures came in better than had previously been estimated. Supposedly, this is cause for celebration.
Now don't get me wrong. It is much better to see the figures revised upwards to faster growth than the other way around. Nevertheless, the babbling idiots who report this "wonderful" even seem not to understand just how bad this GDP growth rate really is. The only proper way to describe our current slow growth economy is to say that it sucks.
For the last seventy years, there have been times when the growth rate in the economy has been less than 2.5%; essentially all of those times have been recessions. Our new "cause for celebration" is actually a period of historically low growth in the economy. In other words, there are too few new jobs, too little being earned by those who are employed, too little chance for advancement among America's workforce, and too few new companies being formed. And all this is happening despite president Obama's incredibly large stimulus which drove federal spending to new heights and despite a seemingly endless monetary stimulus being thrown into the economy by the Federal Reserve. When all the stimuli end (and they have to), we may see the economy fall into a deep recession or worse. After all, the ongoing torrent of money from the Fed is washing into the economy and creating bubbles the will cause havoc when they burst.
It is time for responsible fiscal and monetary policy to be restored to Washington. We all face the likelihood of hard times ahead. If nothing is done soon, we may all face worse things yet.
Now don't get me wrong. It is much better to see the figures revised upwards to faster growth than the other way around. Nevertheless, the babbling idiots who report this "wonderful" even seem not to understand just how bad this GDP growth rate really is. The only proper way to describe our current slow growth economy is to say that it sucks.
For the last seventy years, there have been times when the growth rate in the economy has been less than 2.5%; essentially all of those times have been recessions. Our new "cause for celebration" is actually a period of historically low growth in the economy. In other words, there are too few new jobs, too little being earned by those who are employed, too little chance for advancement among America's workforce, and too few new companies being formed. And all this is happening despite president Obama's incredibly large stimulus which drove federal spending to new heights and despite a seemingly endless monetary stimulus being thrown into the economy by the Federal Reserve. When all the stimuli end (and they have to), we may see the economy fall into a deep recession or worse. After all, the ongoing torrent of money from the Fed is washing into the economy and creating bubbles the will cause havoc when they burst.
It is time for responsible fiscal and monetary policy to be restored to Washington. We all face the likelihood of hard times ahead. If nothing is done soon, we may all face worse things yet.
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