Political analysis
Economic Histrionics
- By NotYourDaddy
- March 03, 2008
Yesterday, I saw an article in the newspaper titled Bush Insists US Not in Recession. Why should he need to insist, I wondered. More to the point, why should his simple statement of an easily verifiable fact be characterized as insistence, which carries a connotation of defensiveness and denial?
A recession is defined as a decline in Gross Domestic Product for two or more successive quarters. According to the U.S. Department of Commerce, we haven’t had two successive quarters of decline in the GDP since 1991. The last time we had a decline for even one quarter was in 2001. Considering that we haven’t had a single quarter of decline in the GDP for the last six and a half years, it seems rather whimsical of the media to be declaring we’re in a recession, doesn’t it?
Earlier in the week, I read an article titled Survey Shows Economic Depression Likely. The article went on to say an opinion poll revealed that the majority of Americans think we’re headed for a depression. Oh, my. That certainly sounds scary. A depression is even worse than a recession! And, if the majority of Americans think it’s likely, then it must be, right? I mean, the majority of Americans can’t be wrong…
Then again, if you were to ask the majority of Americans what’s the definition of an economic depression, how many of them would know? Is asking a bunch of random people who don’t actually know what a depression means really the best way to determine if one is imminent? The definition of an economic depression is a decline of over 10% in the GDP. The fact is, over the last four years of Bush’s presidency, we’ve seen an 11.8% increase in the GDP.
What? How can that be? With all this talk of economic disaster, is it possible that we’ve actually had the opposite of an economic depression? Something must be wrong with the data. After all, why would a majority of Americans believe we’re headed for a depression if it has no basis in fact? — Well, perhaps they believe it because that’s what they’ve been told by the media, over and over, for the past year. And now the very fact that they believe it is being sold to them as evidence that it’s true!
So, how do you know whom to believe, the mainstream media or the data from the Department of Commerce? Is it conceivable that all this talk of dire economic straits is hyperbole? Well, look around you. How many bread lines have you seen recently? But, if it is just media hype, why would they want us to believe that? In whose interest might it be to stir up fear and uncertainty in the population? Whatever could be their motivation?
At the risk of sounding cynical, it is an election year. If the majority of Americans believe we’re headed for a depression, or that we’re in the middle of a recession and our president is lying to us about it, they might get pretty upset and worried and feel like we really need a change. (Seems I’ve been hearing that word a lot somewhere lately.) If Americans are living in fear of an imminent economic collapse, they’ll be all the more receptive to claims that it’s those evil capitalists, with their greed, warmongering, and tax breaks for the rich, that have gotten us into this mess. It only makes sense that we need to elect a Democrat to get us out of it.
Not only will the Democrats punish the large corporations for making too much profit, and end the war by heroically turning our backs on the terrorists and scurrying back home, they’ll raise the minimum wage and provide you with free healthcare, free lunches, and free whatever else they can convince you that you need (whether they can deliver it or not). Why would anybody believe that kind of unrealistic rhetoric? Because a lot of people want to believe it, and most people are more than ready to believe what they want to believe. The Democrats know that very well.
But first they have to convince the majority of Americans that times are bad. Times are very bad. — If the aforementioned survey is a reliable indicator, it looks like phase one is succeeding.
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If they say it enough times it certainly will become the public’s perceived reality. The media and every other major influence is chanting the recession mantra so I don’t really see any hope for a reality check.
171 days ago by Staley
Can’t wait for that $5.00 gallon gas!!!
Record profits for the oil companies!!!
Help the “economy.” Buy an SUV or the ter’rists win!!
I hope gas goes to $6.50 a Gallon.
171 days ago by scumby
I agree, Staley. The biggest problem with fearmongering is that it can create a self-fulfilling prophecy. When the public perception is that the economy is going down the pipes, it changes their economic behavior. So, if the media keeps telling people the economy is bad, the economy is likely to get worse…
Scumby, what are you talking about? — BTW, I haven’t seen you in Daddyland, lately. Did something scare you away?
171 days ago by NotYourDaddy
Why would you want high gas prices? you wish this economy to be run into the ground? Are you an American or one of those Canadians who hide behind our muscle? Better yet, i bet you’re one of those froggy bastards who turned their backs on us in 2003. suck it scumbag!
170 days ago by Eaten by the Wolves
Hey, Wolves –
Do a search for me right here or at Nacho Daddy’s place – Calling names and being a keyboard badass isn’t going to help, or scare anyone. I spent fifty bucks on gasoline last year.
When will you be willing to perform sex acts with Arabs for gas? At 10 bucks a gallon??
Bend over, sweetie, it’s coming down the pike…… ;~)
I hope the latest report that it’s going to 200 bucks a barrel is accurate. Then you can turn your one ton truck into a planter, and make it actually worth something other than a personality “enhancer”.
167 days ago by scumby
Oil at $110.00 per barrel
The Carlyle group ripped to pieces by wolves(!!)
The financial crash due to Derivatives could ultimately cost over 500 TRILLION dollars, 10x more than the world wide GDP
Go read “Derivatives Have Become the World’s Biggest Black Market” on Marketwatch.com – or google it.
Then whistle past the graveyard that is our economy. Buy Corn, beans and rice!! 500 lbs of each to start
161 days ago by scumby