"Limping" Economic Growth?
At the end of a story about Marines who dislike Kerry, the NY Post throws in this little comment:
In Harrisburg, Kerry noted that there was more bad news coming out of the financial markets yesterday, with oil prices reaching new highs and economic growth limping along at three percent.
"Limping" along at three percent? Yes, that was short of the 3.7 percent that was the consensus prediction by economists who make their living predicting stuff like this, but "limping"? Most countries in the world would kill for three percent annual growth, and that growth rate dwarfs the average annual growth rates throughout human history, even throughout the last 200 years. It is about dead average for US history. It's fine to say that three percent is "disappointing" compared to expectations, but it is still a robust rate of growth that, if continued over time, would significantly enrich any country who had it in fairly short order. Income and output would double in just under 25 years at that rate.
Now if "limping" was Kerry's word, then I suppose I could say that's just politics, but I'm not willing to let him off that easily. Again, disappointing and limping are two different things and some historical context is always useful. If the word was the Post's, well then, I'll just let that be.
comments powered by Disqus
Bill Woolsey - 8/1/2004
Doesn't it depend on where you start?
The poor employment numbers suggest that
there is a need to "catch up" from the
OF course, that approach requires that one
believe that recessions sometimes involve
production below capacity. And particularly,
that the last one did.
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Transcribed Document: Soviet Politburo Discussed CIA Billion Dollar Spy Adolf Tolkachev
- Pentagon withholds Iraq War photos showing detainee abuse
- These Rebels Have Amassed A Library From Syria’s Ruins
- Was 1916 fire at Canadian Parliament set by German saboteur?
- United Nations Calls On U.S. To Pay African Americans Reparations For Slavery
- Juan Cole says America’s inclination to turn to the military started with Manifest Destiny
- History Jobs Drop
- Paul Krugman gives credence to Robert J. Gordon's pessimism about American economic growth
- Harvard President Drew Faust Condemns Free Tuition Proposal from Outsider Overseers Ticket
- Andrew Roberts says Trump is the Mussolini of America with double the vulgarity