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Are we in a recession or not?
The president's top economic advisor says all's well, and Wal-Mart reports decent April sales. But a closer look at the data shows that the economy has been steadily slowing since January.
Andrew Leonard [2008-05-08]

  • Jobs & Durable Goods

    Look at the jobs market and you'll see the story of a recession. Companies are cutting, few are hiring, salaries are stagnant.

    Durable goods are also in a heavy decline, no-one is buying. Toyota had its first annual decline in 7 years. Inflation is up, bankruptcies are up, jobless numbers are up, etc...

    The traditional economic numbers, especially GDP, don't accurately reflect how most people are doing in the economy. The reality is that the economy has been crap since 2000 except for the richest 1%. Their performance has skewed the numbers enough that Bush can claim things were going well for awhile, now even they are starting to feel the drag.

    -- Lynx
    [Read Lynx's other letters]
    Thursday, May 8, 2008 09:02 AM
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