What Recession?

Try as they might, the mass media has simply not been able to push the U.S. economy into a recession this year. A new government report says the economy grew by 0.9 percent in the first quarter of this year, a fact that genuinely has to irk some of the editors and TV newsmen around the country who’ve been insisting for months that the United States is in a recession. (Quick fact: Economists define a recession as three straight quarters, or nine months, of NEGATIVE growth.) If we are going to enter a recession this year, it will have to start later than a lot of the “experts” predicted. (Of course, predicting the economy’s path is a lot like trying to predict the actual number of hurricanes in a given year: no matter how you pick it, you’re likely to be wrong and end up looking like an idiot.) A sub-1.0 percent growth isn’t much, but it’s definitely NOT negative growth!

The old gray lady herself, The New York Times, even ran a brief article on the economic growth. To say the article’s tone was muted is an understatement. I’m not saying that there’s a left-wing media conspiracy or anything, but it sure seems like the mass media would like nothing better than to send President Bush out of office amidst a recession. At this point, doesn’t look like it’s going to happen. (Interesting note: Back in 1992, all we heard about was how bad the economy was when, in fact, the economic recovery was actually 18 months, or six quarters, old when Bush-I left office. Yet Clinton-I got most of the credit for “restoring” the economy. Again, I’m just saying.) Not to mention the fact that in all honesty, the President of this country, like him/her or not, has about as much control over the economy as you or I do, which is not much. The economy is a force so large that no individual or individual entity could hope to do more than simply nudge it a bit here or there. Where it goes in the long run depends on the 300 million of us who call this nation home.

About National Oil & Lube News

National Oil & Lube News is the fast oil change industry's oldest and largest trade publication. Started in 1986 by Steve Hurt (a former fast lube owner) and David Arrington, NOLN has grown and evolved right alongside the fast lube industry. Here at NOLN, our aim is to help fast lube operators with every facet of their business, from operations to technical issues. Our monthly magazine and this regularly updated website contain everything from technical tips, recall announcements and service guides to articles on handling customer complaints, building your brand and making your business the best it can be. With tips and advice from experts both inside and outside the industry, you're sure to learn something that can help your fast lube business grow and prosper.
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