Going Down

On my 5/22 blog I did a piece on the hypocrisy of touting the "improving" economy in face of the fact that GDP growth in the first quarter was only 0.1%. It seems I was premature. In fact, revised figures have been released (which seems to be a fairly regular occurrence) and the economy went negative at an annual rate of -1.0%. One more quarter of a negative GDP and we have - drum roll please - a RECESSION as traditionally defined by economists. It will be interesting to see how they spin that as "new and improved" if that happens.

www.usatoday.com/story/money/business/2014/05/29/gdp-first-quarter-revised/9694823/