Classic case of horrific reporting here. The much ballyhooed "recession" we are in continues to be just one quarter away....it seems that GDP grew (again), doubling in April to June the relatively anemic January to March figure.
We are in a slowdown, there's no doubt about it. But it isn't time to go to the mattresses.
Thursday, July 31, 2008
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The author opens with "The country didn't get the energetic rebound in economic growth hoped for from the government's tax rebates in the second quarter...". Is it possible that was because the "rebate" had absolutely zero proportion to the rate at which the taxes being "rebated" were collected? Those who paid the most got the least proportion of their taxes back and those who paid the least, including nothing, got the greatest proportion back. I don't know, but the only reason that would inspire me to go out and spend a whole bunch more money is to help me drop my economic status to qualify for things like the "housing crisis bailout" and, if our dem friends get their way, the next round of feel good tax rebates.
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