The recession-deniers were crowing all day yesterday after the “better-than-expected!” GDP figures came out. Of course this “growth” was the product of three inputs that aren’t much to cheer about:
- government spending,
- inventory growth, and, most importantly,
- a 2.6% inflation assumption
Move that inflation assumption up to even 4%, says John Crudele, and GDP was down. For the second quarter in a row.
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