But Friday night, with a different President in office, Couric crowed a one percent decline in the 2009 second quarter GDP -- the first time since tracking began in 1947 that the economy has contracted for four straight quarters -- means the “glimmer of hope just got a whole lot brighter” with “the latest evidence the recession is easing.” ABC anchor Elizabeth Vargas saw “new optimism about an economic recovery” and declared of the new negative number: “That's actually good” since “economists had projected the number would be worse.”
George Stephanopoulos shared the White House's joy over “the best news the administration has had in weeks.” The gullible ex-Democratic operative maintained “they can point to these numbers today and say, look, there is real evidence right now that the stimulus package that we pushed for so hard is working. They cited economists who said it made a three percent difference in these numbers.”
Yes, a one percent decline when Obama is in office means happy days are here again.
Yet, when the Commerce Department announced a 0.4 percent decline on October 31, 2001, Aversa saw it as the end of the world as we know it:
The economy, battered by a yearlong slowdown and the jolt of the terror attacks, shrank at a 0.4 percent rate from July through September, a decline that could signal the end to the longest economic expansion in U.S. history.
The drop in the gross domestic product - the total output of goods and services produced in the country - was the biggest since the first quarter of 1991 when the country was in the depths of the last recession, the Commerce Department reported Wednesday.
The weak performance reflected a sharp pullback in spending by consumers, which slowed to the weakest pace in more than eight years, and a continued plunge in investment by businesses in new plants and equipment.