UPDATE: GDP SHRANK 2.9% REVISED CALCULATIONS SHOW --- JUNE 27, 2014
THIS SHRINKAGE IS BEING PROMOTED BY SOME, MOSTLY APOLOGISTS FOR THE ADMINISTRATION, AS A "NOT-UNEXPECTED" BLIP. BY OTHERS AS THE BEGINNING OF CATASTROPHIC DECLINE IN THE ECONOMY. I CHOOSE NOT TO BELIEVE EITHER, RATHER TO THINK THERE WILL BE A CONTINUED DECLINE AS CONSUMER CONFIDENCE DECLINES AND THE FED MORE AGGRESSIVELY REDUCES QE AND BEGINS RAISING INTEREST RATES. WE CAN EXPECT A STOCK MARKET DECLINE AS WELL, BUT NOT FOR THE REASONS ROBERT REICH WROTE....POSTED EARLIER AND REFERRED TO ON JUNE 1 BELOW.
EARLIER REPORT ON JUNE 1, 2014
GDP SHRINKS BY 1% IN 1ST QUARTER 2014
Another report that suggests Robert Reich's commentary, previously posted and written about, is inaccurate.
From The Wall Street Journal, May 27, 2014
The U.S. economy contracted in the first quarter of 2014, the latest stumble for a recovery that has struggled to find its footing since the recession ended almost five years ago.Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 1.0% in the first three months of the year, the Commerce Department said Thursday. It was the first time economic output contracted since the first quarter of 2011, when it declined at a 1.3% pace