Drivel. Things are never as great as the optimists always say and things are neveras bad as people say they will get.
Funny how the article doesnt point out that demand for oil is still increasing...and it talks about T. Boone Pickens but It doesnt point out that he Is saying oil prices of $90-100 within 12 months. Probably too optimistic. Stupid articles like this help nothing.
Now do I beleive the 5% GDP number? No but do I believe our economy is growing? Yes. It is doing so because of all the great Americans getting up every day and going to work in spite of this governement.
The GDP is about as reliable as any other government statistic. Oil prices have been artificially high for a decade and if nothing else, the lower prices will free up some money for investment in other sectors. The pie-in-the-sky and the sky-is-falling crowds both assume too much stasis. There are many new opportunities and Americans are still in the forefront of developing them—despite our government.
+5% GDP growth is not something to believe or not. It's a fact. Which doesn't mean that US economy is doing so great. Q4 will very likely fall to 3.5-3.8%. You just need to put together a bunch of other indicators and components to see the whole picture. BEA stats don't lie just BLS doesn't lie with total unemployment rate but once the participation rate, involuntary part-time employment etc. are added, It is still far from really good.