27 March 2008
So the last quarter growth was down to 0.6% of GDP, which is much lower than the previous quarter's "sizzling" 4.9% growth.
The Commerce Department reported Thursday that the gross domestic product, or GDP, increased at a feeble 0.6 percent annual rate from October through December. The reading, unchanged from a previous estimate a month ago, provided stark evidence of just how much the economy has weakened. In the previous three months, the economy had a sizzling 4.9 percent growth rate.
The GDP measures the value of all goods and services produced in the United States and is the best barometer of economic health.
If last quarter's growth was so "sizzling", why were we getting the doom-and-gloom stories throughout the past year? Why should anyone doubt that the media has been spinning the economic news for the past 7 years? We still haven't had a single quarter of negative growth and the talk of a recession has been non-stop. It's disgusting how the media's hatred of the Bush administration has dominated the coverage. If this were a Democrat in office, this last quarter would have been the "blip" or "market" correction and seen as temporary. Since it's not, the media deciders inform us that it is just a portent of things to come.
That's not all however, down further in the article we get this:
In a second report, fewer people signed up for unemployment benefits last week, although that did not change the broader picture of a deteriorating job market. The Labor Department said jobless claims fell by 9,000 to 366,000, a better showing than many economists forecast. Still, unemployment is expected to rise this year given all the problems affecting the economy.
Unemployment goes down, so of course that means unemployment is going to go up. George Orwell ain't got nothing on the MSM.
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