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Breaking News Home | All | Religion | Society | Tech | Choice | Fridays | SA Newsroom
FRONT PAGE  |  11/20/2017
WEDNESDAY, MAR 27, 2013  |  3 comments
Mortimer Zuckerman: The Great Recession Has Been Followed by the Grand Illusion

The Great Recession is an apt name for America's current stagnation, but the present phase might also be called the Grand Illusion—because the happy talk and statistics that go with it, especially regarding jobs, give a rosier picture than the facts justify.

The country isn't really advancing. By comparison with earlier recessions, it is going backward. Despite the most stimulative fiscal policy in American history and a trillion-dollar expansion to the money supply, the economy over the last three years has been declining. After 2.4% annual growth rates in gross domestic product in 2010 and 2011, the economy slowed to 1.5% growth in 2012. Cumulative growth for the past 12 quarters was just 6.3%, the slowest of all 11 recessions since World War II. ...


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· Page 1 ·  Found: 3 user comment(s)
News Item3/27/13 8:41 PM
Neil | Tucson  Find all comments by Neil
I don't believe *any* poverty or hunger statistics anymore, for this reason: They're published by self-interested organizations (gov't agencies, NGOs, church charities). They want YOUR money (either donated or taxed), so of course there's a crisis, & there always will be.

The prime directive of any bureaucracy is self-preservation. If you really want to help poor people, get to know some personally (like what one sees in Scripture), instead of giving it to professional guilt manipulators & assuming they'll do the right thing.

3

News Item3/27/13 1:52 PM
Baird  Find all comments by Baird
Scott McMahan wrote:
If the media did not constantly tell us we were in a "great" recession, would anyone be able to tell by looking? We're living in an age where poor people have cellphones and cable. Pro sports is spending record amounts on free agents, because they're making record revenues from TV. Since the recession started, not a single sporting event has been canceled because no one could afford it. If it wasn't for the media, I'd say we were in a golden age of crazy prosperity.
Anachronistic reasoning, cellphones did not exist in the earlier recessions. They are cheaper than landlines, and one or the other is essential for job hunting.

Further you neglect the significant cord-cutting that has occurred in the cable TV industry.
"New York, NY; June 6, 2011: According to new research by Knowledge Networks, the number of Americans now relying exclusively on over-the-air (OTA) television broadcasting in their home increased to almost 46 million, up from 42 million just a year ago.Âą The recently completed survey also found that.."
Partly due to poverty, but also due to the culture and technological alternatives changing with time.

In all recessions there has been great wealth held by some. Pro Sports is just a subset of that.

2

News Item3/27/13 10:09 AM
Scott McMahan | Internet  Find all comments by Scott McMahan
If the media did not constantly tell us we were in a "great" recession, would anyone be able to tell by looking? We're living in an age where poor people have cellphones and cable. Pro sports is spending record amounts on free agents, because they're making record revenues from TV. Since the recession started, not a single sporting event has been canceled because no one could afford it. If it wasn't for the media, I'd say we were in a golden age of crazy prosperity.
1
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