Why You Shouldn’t Worry Too Much About the GDP Drop
John Cassidy, on why the surprising fourth-quarter downturn in the economy is most likely a one-off. To back him up, rarely does the economy surprise. The last time it did was summer of ought-12, when weekly labor stats were picking up only to result in month after month of dismal monthly job reports. Every month economists predicted a strong labor report, every month the numbers disappointed, until it looked like nobody knew what they were talking about. Then the numbers were revised up, as they often are, and now it looks like a slow but steady increase toward our current unemployment rate. Moral of the story: rarely does the economy surprise.
Of course, none of this would have happened if we’d elected walking confidence chalkblock Mott Rimney, or whatever his name was.