Cognitive Impairment
PoliPundit.com
Man, the trust-fund liberal bloc already is in high dudgeon mode over the preliminary estimate of real GDP growth for last quarter.
“Economy Grows at Slowest Pace in Two Years” and “Stocks Decline on Weak GDP Reading” raged the Associated Depressed.
{gasp}
It’s gloom. Doom. Vote Kerry!!!
From what pipe are these people smoking?
First of all, of course the economy is slowing down. How could it not? It grew at breakneck speed, for 18 consecutive months, and the Fed has been raising rates to stem inflation. And there’s the oil and gas price issue with which we’ve been saddled too. Do they not even teach basic economics in school anymore?
Second, today’s (preliminary) report indicated real GDP growth of 3.1 percent over the first 90 days of the year. I mean, come on. It’s not like 1931 revisited. Plus, to put things into perspective, what, pray tell, was real GDP growth in the first quarter of 1997, when the media used to swoon about the economy nearly every single day? Yep, you guessed it, the very same 3.1 percent. In fact, in between January 1, 1996 and December 31, 1997, and despite the brewing tech/telecom mania, there were three separate quarters in which real GDP growth (annualized) came in at or below last quarter’s 3.1 percent expansion. (See here bea.doc.gov )
But if you think the media trotted out even one gloom and doom headline about the economy, back then, please call me. And please be prepared to provide me with your credit card numbers and their respective PIN’s.
In any event, the “mainstream media” is suffering from an affliction. It’s called the GOP runs the country and will be doing so for quite some time. And those space cadets are nearly as happy about that development as Anheuser-Busch would be happy to see prohibition return.
Beam me up, Scotty.
-- Jayson
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