<$BlogRSDUrl$>

7/30/2004

 

The Bush Recession


According to revised GDP data released Friday by the Commerce Department, there wasn't one:
In the revised data, there aren't two consecutive quarters of negative GDP growth in 2001. Two negative quarters of growth is one rule of thumb on what makes a recession.
If you go this route, President Bush neither inherited a recession nor caused one.

What we had, according to David Littmann, chief economist at Comerica Bank in Detroit, was "a no-growth situation… [without] the full hallmarks of a traditional recession." {See story from the French wire, AFP.}

We would have had a recession but for what President Bush calls "some well-timed tax cuts."

The Democrats' issues are disappearing.


0 comments

0 Comments:

Post a Comment

This page is powered by Blogger. Isn't yours?