Michael (![[info]](http://p-stat.livejournal.com/img/userinfo.gif){kind=small} ikilled007) wrote,@ 2008-05-02 22:29:00 |
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2.6% Inflation Rate
You know how the Feds claimed that the economy grew .6% in Q1, 2008? Well,whip_lash, that's based on a 2.6% inflation rate. Here's Peter Schiff (the guy you consider to be a douchebag) explaining reality to people who have no comprehension of real economics. Want to have some fun? Use the "Inflation Calculator" on the BLS' CPI page to see how little inflation there has been. Let's see what we get...
I plug in $1 in 2007 and it tells me that it "has the same buying power as" $1.03 in 2008. Even by the idiotic definition used to define a recession (a decline in a country's real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year),we're (oops, sorry, old habits die hard) you're in a recession. The other definition used is: "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
Unless, of course, it's not a recession. If it's not, what is it?
But you think things are improving already, right? Man, are you in for the shock of your life. Don't worry, I'll be here to hold your hand through the pain, all the way up until the time you drop your internet to cut costs.
You know how the Feds claimed that the economy grew .6% in Q1, 2008? Well,
whip_lash, that's based on a 2.6% inflation rate. Here's Peter Schiff (the guy you consider to be a douchebag) explaining reality to people who have no comprehension of real economics. Want to have some fun? Use the "Inflation Calculator" on the BLS' CPI page to see how little inflation there has been. Let's see what we get...I plug in $1 in 2007 and it tells me that it "has the same buying power as" $1.03 in 2008. Even by the idiotic definition used to define a recession (a decline in a country's real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year),
Unless, of course, it's not a recession. If it's not, what is it?
"Considered a rare but extreme form of recession, the start of a depression is characterized by unusual increases in unemployment, restriction of credit, shrinking output and investment, price deflation and/or hyperinflation, numerous bankruptcies, reduced amounts of trade and commerce, as well as violent currency devaluations."
But you think things are improving already, right? Man, are you in for the shock of your life. Don't worry, I'll be here to hold your hand through the pain, all the way up until the time you drop your internet to cut costs.
