Thursday, August 30, 2007

Whistling Past the Graveyard

August 30, 2007

Strong Economic Growth Reported



WASHINGTON, Aug. 30 (AP) -- The economy grew at its strongest pace in more than a year during the spring as solid improvements in international trade and business investment helped offset weakness in housing, the government reported today.
The gross domestic product, the broadest measure of economic health, expanded at an annual rate of 4 percent in the April-June quarter, significantly higher than the 3.4 percent rate the government had initially estimated a month ago, the Commerce Department said.
But the growth spurt could be short-lived. There are concerns that the recent turmoil in financial markets, a result of a spreading credit crisis, could seriously dampen economic activity in the second half of this year.
GDP growth may have slowed to just above 2 percent in the current quarter and many analysts believe growth will slow even further in the final three months of this year as the full impact of the recent market turmoil is felt.
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Who reported that? The government? Whose government? Surely not ours.
Which dollar are they measuring 'growth' by? The international value of the American buck has dropped by half in the past six years (coincident with the Bush presidency).
An economy running at 4% as the dollar drops by an annual average of 8% gives us what?
As we say, "figures don't lie, but liars figure."

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