Everyone Gets An Award. So What?
These days we live in a world where everyone gets an award for participation. Every now and then reality intrudes on our blissful paradise. We’ll talk about the 3rd quarter GDP numbers and what they mean in Economic-Boom-Smoke-And-Mirrors?-Bob Davis Podcast 872.
Ballyhoo and BS
We’ve been the victims of economic ballyhoo at least since 2016. Even more for years since the recession of 2008 we’ve been sold all kinds of snake oil. Green Shoots. The Light At The End Of The Tunnel. Priming The Pump. Economic Boom!
GDP Is The Yardstick
Gross Domestic Product is the yardstick by which we measure the economic performance of the world’s countries. This is especially relevant in the United States, where we will choose a new president and congress in 2020.
How Are We Doing?
Economy is one of the yard sticks by which we determine how our leaders ‘are doing’ at their jobs.
Therefore when the third quarter GDP numbers came out this week, we now have a third data point on which to judge US economic performance in 2019.
Smoke and Mirrors?
How are we doing? We’ll find out in Economic-Boom-Smoke-And-Mirrors?-Bob Davis Podcast 872.
What’s A Boom?
First of all exactly what does an economic ‘boom’ look like and are we really living through one?
What About All The Other Stats?
Second, what about other measurements like employment, government spending, consumer spending and productivity?
Concentrate On Outcomes
I have often described my mission with these podcasts as a quest to concentrate on outcomes and relatively objective analysis of those outcomes.
Above all I avoid predictions. I won’t use superlatives to describe how great or bad things are. I do not want tell listeners what they’re supposed to think or advocate for.
In conclusion, these new numbers raise more questions than answers.
In addition, what about inflation, business investment and growth in the future.
Moreover what about intervention by central banks?
I wonder, if there’s an economic boom why do we need so much government spending and interventions to keep it going? What about the enormous spending deficits and public debt?
Finally what are the biggest economic and therefore social challenges ahead. Are we on path to address those challenges?
I don’t hear too much talk about that on the campaign trail, in government and in the media.
Sponsored by John D. Scott Personal Injury Lawyer and Hoffman Hamer and Associates
Economic-Boom-Smoke-And-Mirrors?-Bob Davis Podcast 872
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