The Media wants to ensure there is a recession even if consumers and the economy will not cooperate:
For practical purposes, the positive growth numbers are just a technicality. It feels like a recession to American workers, consumers and businesses. A period of significant weakness could persist for months to come, perhaps well into 2009.
What’s equally notable, however, is that this downturn is unfurling slowly and in a muted fashion despite the shocks of soaring energy and food costs and a plunge in real-estate wealth.
Some economists even raise the possibility of something unprecedented in records since World War II: that economic officials will declare a recession even as gross domestic product continues to rise.
In the current economic cycle, much of the direct impact of a consumer slowdown is being felt overseas rather than in the domestic economy.
“In some sense the recession has been outsourced,” as people postpone purchases of BMW cars and South Korean flat-screen TVs while still paying for rent or child care, says Mark Vitner, an economist at Wachovia Corp., a banking firm in Charlotte, N.C. “If you look at the composition of these numbers . . . it really begs the question of whether we’re going to see a decline of GDP at all in 2008.”
For a couple of years now, America’s hunger for imported goods has been cooling, generally rising but at a decelerating pace. In some recent quarters, the pace of imports has actually fallen.
One rule-of-thumb definition of a recession is two quarters when growth turns negative.
All recessions since at least the 1940s, for example, have seen some period of decline in the production of goods and services.
Some economists believe that this year will see such a decline. But they also add that, even without negative growth, a recession may exist based on other criteria such as jobs and income.
“It’s possible,” says Peter Kretzmer, an economist at the Bank of America in New York.
Recessions are officially declared by a committee of economists at the National Bureau of Economic Research, a private organization in Cambridge, Mass.
Moral of the story-even if we are not in a recession, economists in Cambridge can make shit up and declare one anyway.
Consumer spending is not declining here at home, but imports are slowing. Why is that? It is because the American Dollar is weakening and imports are becoming more expensive.
This is more Clinton crap. “I feel your pain” even if there is only a little bit of pain. Dems and the media will create fake pain that does not exist.
How is this any different than Dems being vested in Global Warming to the point that they will ignore the fact that since 1998, the Earth has cooled? Call it Climate Change not global warming. How do they ignore the fact that they want a recession, but none exists? Change how they define a recession. How do they ignore the real and tangible progress being made in Iraq? Move the goal posts and talk about political progress and reconciliation.
Dems want a recession, the Earth to boil, and troops to die. It suits their political agenda and when there is cause for some optomism and when things are actually going well for the American people, they lie about what is going on.