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« Obama: Indisputably Wrong on a Crucial Issue | Main | Where in the World Is Barack Obama? » May 31, 2008Doom and BoomJames Pethokoukis wonders where the recession is: What do you call a recession where the economy keeps going up and up, even if a bit sluggishly? Well, my friends, you call that an expansion. And that is what we seem to have right now, despite all the economic doomsaying about a recession or even a Great Depression 2.0. Today, the Commerce Department revised its first-quarter estimate of gross domestic product upward to 0.9 percent from 0.6 percent. That follows 0.6 percent GDP growth in the final quarter of 2007. The revision also makes it more likely that the second quarter will be positive, maybe 1.5 percent, maybe even higher.We'll have a recession someday, maybe even someday soon. But we're not having one right now. The economic expansion launched by the Bush tax cuts continues uninterrupted so far. Has the pace of economic growth slowed? Yes. But the economy is still growing. Remember that the next time you here some Democrat candidate whining about the "recession," and talking about how bad the economy is. Posted in Economy & Business
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