posted on Sep, 6 2008 @ 12:12 AM
I think the point is, what does it matter whether we are technically in a recession or not? Relying on a formula, rather than what is going on in the
real world, to shape your view on how things are doing in the economy is a bit delusive.
And to that point, unless you know exactly what is accounted for and what isn't in these formulas, it's not really telling you the whole truth. For
example, take employment.... on NPR this morning, they were saying that if the unemployment rate accounted for those who had simply given up looking
for jobs, it would be around 7%, a full percentage point higher than the "official" unemployment rate.
Considering gas prices, food prices, retail sales, the housing situation, etc, it doesn't take an economist to tell me that we aren't living as
comfortably as we were 3 years ago.
For what it's worth, I consider myself to be very fiscally conservative. No liberal bias here.