Are You Ready For How Bad It Will Get?
Phoenix Capital Research
August 16, 2010
For months now I have averred that the US economy was not in recovery and that in point of fact all talk of “recovery” was a load of BS.
I realize this view is far from the consensus. Even those who are in the bear camp aver that the Stimulus did in fact bring us out of recession at least temporarily.
However, I would strongly contend that the recovery was in fact non-existent for the following reasons:
1.The Government data used to validate the recovery (GPD, unemployment, etc) is clearly massaged if not bordering on outright propaganda
2.We are in fact in a depression and the “recovery” was simply a bounce in economic activity taking place within the context of a larger economy contraction
Regarding #1, every Government data point used in promoting the “recovery” had some degree of fudging in it. Let’s consider GDP for instance.