Recent reports of significant declines in auto sales and home sales gave further evidence of an economy in serious trouble. Major department chains are scaling back plans for new store openings and increasing numbers of vacant stores are appearing in shopping malls and strip malls. But the government keeps issuing its own reports telling us that there is no recession. An article in the Wall Street Journal stated that, “Stronger gains in consumption and exports pushed U.S. gross domestic product higher in the first quarter, revised government figures showed, further evidence that the U.S. avoided recession in the early part of the year albeit with anemic growth.”
The economy is headed downward regardless of these statistics. Wealth is disappearing as housing prices decline and stock portfolios values decline. The signs are all around us but apparently these things don’t count as long as the government is able to produce statistics that say we aren’t in a recession. If your basement is flooding, but the government says there are no flood conditions, what are you to believe?
Posted by neilbco 
Posted by neilbco 