Friday, July 31, 2009

The right direction?

Today President Obama remarked about the latest GDP figures,
...today's GDP is an important sign that the economy is headed in the right direction...
(You can read a transcript here.)

For the second quarter of 2009, the GDP went down by 1.5 percent. I thought the right direction was "up."

Well, I guess losing by 1.5 percent is an improvement over losing by 6.3 percent, as it had in the last quarter of 2008; and better than losing by 6.4 percent as it had for the first quarter of 2009. So maybe the brakes are working and we can stop and turn around before driving off the cliff. That would be nice.



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