BEA: News Release: Gross Domestic Product and Corporate Profits
As the Democrats and the MSM tell us, we are deep in the SECOND "Bush Recession". The old definition of "recession" was two or more consecutive quarters with negative GDP growth. We don't know the NEW definition yet (Republican President = Recession?), but apparently we can now be in a recession with a GDP growth rate of 3.3%!
I also love their assessment of why we achieved this growth:
As the Democrats and the MSM tell us, we are deep in the SECOND "Bush Recession". The old definition of "recession" was two or more consecutive quarters with negative GDP growth. We don't know the NEW definition yet (Republican President = Recession?), but apparently we can now be in a recession with a GDP growth rate of 3.3%!
I also love their assessment of why we achieved this growth:
The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in imports, an acceleration in exports, an acceleration in PCE, a smaller decrease in residential fixed investment, and an upturn in state and local government spending that were partly offset by a larger decrease in inventory investment.
<br />Gee, less imports and more exports--that must be "double secret", I'm not even sure that BO would be able to spin that as bad news!<br /><br />Clinton, from '93 - 2000 would have spent 14 quarters in "recession" if the "new definition" has anything at all to do with GDP. <br />
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