If We're In A Recession, Why Does GDP Keep Growing?

Posted on August 28, 2008 by LCT Magazine

BUT, BUT, BUT . . . CATASTROPHE IS IMMINENT? We're starting to think the search for a recession resembles the search for WMDs in Iraq. From global meltdowns, to credit crunches, to soaring gas prices, to housing plunges. . . GDP still managed to grow a stunning 3.3 percent in the second quarter, IN SPITE OF, all the oracles of doom. Story here. Where is the beckoning precipice to economic misery? Could everyone be cutting back on spending because, well, "everyone else is doing it?" One thing we can say for sure: No matter how much or how little the economy grows, economists will always predict it's precarious. So now, economically, we have made it through June 30, 2008 without a GDP contraction. A recession qualifies as TWO consecutive quarters of negative GDP growth. Although the chauffeured transportation industry has contracted by 4% of all operators, is that really because of economic reality on the ground, or clients cutting back because we all BELIEVE there is a recession? -- M.R.

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