Economic Myths: We’re in a Recession
Jim Lee’s economic analyses in the APICS on-line newsletter are a breath of fresh air. I’ve written about his thoughts before because he strips the discussion down to the facts of the matter. His latest demystifies today’s economy by attacking several myths. Here’s the first:
Myth #1: The consensus is that the world economy is in a recession and that U.S. government officials are either cooking the books or simply in a state of denial.
He explains that low consumer confidence is largely unfounded. Gross domestic product (GDP) indicates growth on par with same quarter last year. He suggests watching GDP, business cycles, and other data and then thinking for yourself. In other words, get educated and tell others what you think. Don’t follow the lemmings!
More on myths 2 and 3 coming up.
Are you doing enough of your own thinking about the economy? How do you figure out what is going on?
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