8/03/2009

This Is Not What a Recovery Looks Like

From the increasingly indispensible Geoff over at Innocent Bystanders comes this simple chart that destroys all the "good news" being trumpeted by the Obama Administration of the GDP "only" decreasing by 1% in the second quarter. It's all fiction.



Unless you believe that the government can continue to spend hundreds of billions of dollars--borrowed dollars--without consequence, this is not a recovery. Keep your eye on the blue line. There's a reason tax revenues are falling faster than any time since 1932. And if that continues, the government must either cut back or borrow yet more trillions. Any guess which they'll choose?

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