A No-Growth GDP
9:04 AM, Apr 30, 2014 • By GEOFFREY NORMAN
The numbers on 1st quarter GDP are, in a word, dismal. An economy that had been limping along came nearly to a standstill. As Jeanna Smialek of Bloomberg reports:
Expect to hear a lot about how bad the weather was last winter. But it should be noted that “experts” who were, presumably, aware that it had been a bad winter, were predicting a better than 1 percents increase in GDP right up until the report came out, as the NYT informed its readers in a bulletin that announced the bad news.
Neither the Times nor the experts saw this one coming. Meanwhile, the rubes don’t believe that the economy is in recovery; that it is ailed by more than the weather.
Perhaps it is time to listen to them.
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