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Making Sense of Keynesian-Laced GDP Reports

jfoster Wrote: Feb 01, 2013 8:52 AM
If Paul Krugman is the "guru" then the country is in very dire straits! The man is a Keynesian dinosaur who hasn't had an original thought on economics since he was brainwashed by John Maynard Keynes. Between he and that other idiot Robert Reich, this country is now in deep yogurt! Heaven help us all!
Magna Wrote: Feb 01, 2013 9:45 AM
The local CBS affiliate has an " Economic Guru" they run to every time they need help on some issue that strains their thinking abilities -which is all the time -and of course this person just happens to be a Liberal Professor and he is the end all of all matters on all issues -and they eat from his hand like children eating Rock Candy -and the ignorant public watching eats from the trough also -this is the same station that feeds Quannel X and overloads of Obama and all Conservatives are the Devil .Now do you see why people are washed -it begins at the local level -please do not delete this.

Fighting against statism in Washington is a lot like trying to swim upstream. It seems that everything (how to measure spending cuts, how to estimate tax revenue, etc) is rigged to make your job harder.

A timely example is the way the way government puts together data on economic output and the way the media reports these numbers.

Just yesterday, for instance, the government released preliminary numbers for 4th quarter gross domestic product (GDP). The numbers were rather dismal, but that’s not the point.

I’m more concerned with the supposed reason why the numbers were bad. According to...