We are in a very weak recovery that is far from widespread. Many don’t feel any recovery. The current administration has mismanaged their policies and deserves little or no credit- only the dynamism of the economy generates any growth at all.
That said, people need to look at reality and stop being so political about the stats. The market yawned at the report, but too many conservatives fear any growth for fear of political (novermer elections) implications. Don’t fear one quarter results. Sure the media will try to portray this as the recovery the admin has been touting for 5 years. But after cying wolf for 5 years, their credibilty is very low with most. The real numbers don’t matter to the media anyway. They twist the numbers to fit their narrative.
Great post. Dead on. Not to mention that GDP is perhaps the most worthless econ stat around. It’s backward looking. Industrial Production is a far better indicator of economic health.
GDP is a faulty measure, ever since it was manipulated by LBJ. GNP was always a better measure, but GDP is used for political reasons.