The stock market has fallen about 3000 points in a year. Corporate profits among the Fortune 500
are likely to decline a double-digit rates. Consumer spending is down. And the nation has lost more than 463,000 jobs
in seven months, with unemployment rising.
And yet, we're told 'the economy is growing.'
What's going on here? Or, investors and readers may justifiably exclaim, "If this is growth, I'd hate to see what a recession looks like."
On Friday,BloggingStocks asked economist Peter Dawson to give an accurate read on the economic situation in these United States.
"Don't you have an easier question for a summer Friday?," Dawson said. "Kidding aside, what we're experiencing now is a growth-recession. And at this point, and we'll need a few more data points to confirm it, it's looking close to a textbook case of one."
During a growth-recession, the economy continues to grow, barely, Dawson says, but almost all of the other indicators continue to move in a destructive direction.