Sunday, January 11, 2015

Truest statement of the week

As usual, just about everything we’ve heard about the economy is wrong. To start, the 5.0 percent growth number must be understood against a darker backdrop: The economy actually shrank at a 2.1 percent annual rate in the first quarter. If we take the first three quarters of the year together, the average growth rate was a more modest 2.5 percent.

-- Dean Baker, "Why You Shouldn’t Believe What You Hear About the US Economy" (CounterPunch).

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