Retail Sales Up .5 Percent in May -- Another Indication of a Possible Economic Turnaround [8:36 a.m. ET] Ref. ABC News
Sales are up but I have a feeling that we are not turning around yet.
True or False: U.S. Economic Stats Lie
By Jack Hough
Surveyors collect the nation's data and statisticians compile and report it. Politicians naturally want the numbers to show improvement. Not being able to change the facts, they focus on the handling of facts, pressuring statisticians to change their measurements. It's not quite one grand conspiracy but decades of minor ones compiled. Today's reports are so perverted, the theory holds, that the numbers have detached from common experience. Ref. Source 1
Gross Domestic Product Contracted 1% in the Second Quarter, Beating Economists' Expectations [9:00 a.m. ET] Ref. ABC News
I am still going to say that I believe we are not through this yet. I like to see this rise but I have a feeling that we are not out of the slump yet.
I heard some good debate on this this morning. I think that we may not be facing a depression now but I am still not certain that we are done with the recession.
I am on record as being extremely opposed to the "stimulus" plans. I am firmly convinced that the stimulus was a very bad idea, and its implementation was even worse. Very little, if any, of the money was put into the foundations of our economy, farming, mining, and manufacturing. If those three areas are not strong, the economy will never be strong.
Yes, we have lots of "economists" saying that things are looking up. However, those are only opinions. When I start to see the unemployment figures start to slide, then I will believe things are getting better.
One of my favorite sayings is, "If you think the government's problems are bad, wait until you see their solutions." The more government gets involved in trying to improve the economy, the less likely it is to really improve. At least in my opinion.
International Level: International Guru / Political Participation: 854 85.4%
A pause from US Economy to share infobreak from yesteryear:
Today is: 3rd April (GMT), in history on the 3rd of April, 1977 AD the following event happened:
Boston Bruin Jean Ratelle scores his 1,000th NHL point