Baseball may be the national pastime, but the national obsession, at least among our media and political elite, is declaring that we’re either on the brink of a recession or in one. Never mind the evidence.
Politicians, pundits, and prognosticators galore have gotten into the act, some for several years:
- Democratic presidential candidate Barack “Talk and Tax the Economy Down” Obama declared that there was “little doubt we’ve moved into recession” in July. Obama is one of the three Democratic architects of our current tax-threatened, oil-starved POR (Pelosi-Obama-Reid) economy.
- After the first-quarter economy grew a bit, MarketWatch’s Rex Nutting, seemingly disappointed, told us that we could have a recession even if growth never goes negative.
- As if to trump Nutting, after adjusted second-quarter economic growth came in at an annualized 3.3%, David Wyss, chief economist with Standard & Poor’s, told a CNNMoney.com writer that the recession “started in the fourth quarter of 2007.” The CNN writer himself brazenly added that “several economists say they are certain the United States is in recession, and that no one should be fooled into thinking otherwise by a strong second-quarter GDP report.”
- Associated Press writers have penned dozens of economic articles with references to an imminent or already-existing recession during 2007 and 2008. Some “downturn” references go back to 2005 and 2006, years in which growth came in at 2.9% and 2.8%, respectively. The all-time topper was AP reporter Jeannine Aversa’s April 5 assertion that “it’s no longer a question of recession or not. Now it’s how deep and how long.”