Consumer spending up, but recession still a threat
From Reuters:
WASHINGTON – U.S. consumer spending rose
at its fastest pace in five months in July, backing views the
economy was not falling back into recession, although pending
sales of previously owned homes fell.The Commerce Department said on Monday consumer spending
increased 0.8 percent on strong demand for motor vehicles,
after slipping 0.1 percent in June.Economists had expected spending, which accounts for about
70 percent of U.S. economic activity, to rise 0.5 percent.When adjusted for inflation, spending rose 0.5 percent last
month, the largest gain in 1-1/2 years and the first increase
since April.
While that’s good news, a double-dip recession is still a very real danger. The sovereign-debt crisis in Europe continue to play out, and seems destined to result in at least one and possibly more defaults. The recent brinksmanship in Washington has raised doubts both here and abroad about the sophistication and sense of responsibility among much of our elected leadership. And while corporate profits and corporate cash holdings remain at record highs, that’s dead money taken out of circulation.
As a story in today’s Wall Street Journal puts it:
Economists at JPMorgan, in their weekly reprise of economic developments, blamed the recent global stock selloff on “a sense of policy paralysis in the U.S. and Europe, which has driven home the point that there is no cavalry to ride to the rescue.”
“Fiscal policy has turned restrictive and an additional sharp tightening lies just ahead in the U.S., while monetary authorities have exhausted much of their ammunition,” they said.
Officials on both sides of the Atlantic who orchestrated the response to the global financial crisis insist the world economy would have been worse had they not acted as they did. But it’s clear that the remedies didn’t deliver the recovery for which they hoped.
Some economists, among them Harvard UniversiItty’s Kenneth Rogoff, say today’s painfully slow economic growth is the inevitable result of the massive head winds that follow a recession caused by a banking and financial crisis. Government policies, given already heavy burdens of debt on governments in the U.S., Europe and Japan, can’t overcome the relentless efforts of households and banks to reduce their debt loads.”
It would be fascinating to read how future historians and economists analyze this era and the decisions made by government and business leaders.
– Jay Bookman
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904 comments Add your comment
@@
August 29th, 2011
8:52 pm
On second thought…
But that doesn’t mean Huntsman thinks evolution is a purely scientific process. In fact, Monday morning he suggested it has divine underpinnings.
During a “Fox and Friends” appearance, Huntsman reiterated that he trusts evolutionary science, but explained: “I believe in evolution. I think it’s part of God’s plan.”
http://www.politico.com/news/stories/0811/62226.html
On that, we agree. On Cap & Trade, we don’t. Talk about a man-made disaster.
Fred
August 29th, 2011
8:56 pm
Soothsayer
August 29th, 2011
6:18 pm
That would explain why sea level is 15 inches higher now than at the start of the industrial revolution.
++++++++++++++++++++++++++++++
And what is it’s depth when compared to the ice age? Until you can tell me THAT, have a cup of this:
http://humour.200ok.com.au/image_nicebigcup.html
1811/0311
August 29th, 2011
8:57 pm
NEW STORM TRACK: NOT AGAIN?!
1811/0311
August 29th, 2011
8:58 pm
P.S.
http://www.nhc.noaa.gov/graphics_at2.shtml?5-daynl?large
1811/0311
August 29th, 2011
8:59 pm
Well, there you go !
“RATES of mental illnesses including depression and post-traumatic stress will increase as a result of climate change, a report to be released today says.”
Read more: http://www.smh.com.au/environment/mental-illness-rise-linked-to-climate-20110828-1jger.html#ixzz1WTAhiFjQ
Schrodingers cat
August 29th, 2011
9:00 pm
or better Fred…what’ the right temperature or conditions? let’s say we can change it?….when do we we know when cool enough is cool enough??
1811/0311
August 29th, 2011
9:01 pm
Headline: “Syracuse 15-year-old gets two to six years for 7-cent robbery”
Let’s see ……….. that comes out to about …………… Jay help me.
josef
August 29th, 2011
9:02 pm
Cat
I went back and reread that post. I can see how you would have thought it was directly to you. It was meant as a general (everybody) “suggestion”. My apologies…
getalife
August 29th, 2011
9:02 pm
He is not a nut.
He is trying to be a comedian.
He was called Political Foreskin.
That was his Sheen bit.
Have a conversation with him.
1811/0311
August 29th, 2011
9:02 pm
Oh, did I mention the headline conveniently left this part out:
“Stewart was convicted by a jury of first-degree robbery in July, two days before Ninham pleaded guilty. According to prosecutors, Stewart and Ninham ran up behind the victim Dec. 22 and knocked him to the ground. Ninham kicked the victim and Stewart punched him in the face, breaking his glasses, before the victim handed over the seven cents in his pocket, prosecutors said.”
Just Another Anonymous One
August 29th, 2011
9:03 pm
And what is it’s depth when compared to the ice age?
Are you planning on doing some time traveling and want to make sure you don’t land your open-air machine in a spot that is under water.
1811/0311
August 29th, 2011
9:03 pm
Headline: “NASA: Space station may be evacuated”
Wow ! That “Irene” was something else.
Kamchak
August 29th, 2011
9:04 pm
Headline: “Drudge rabbit holes mysteriously manifest at Jay Bookman’s blog. No one shocked or awed.”
Schrodingers cat
August 29th, 2011
9:05 pm
Josef…you worry too much…I have a habit of speaking mind before I can filter…we’re good
Just Another Anonymous One
August 29th, 2011
9:07 pm
when do we we know when cool enough is cool enough??
When you no longer have to worry about setting the AC on 72 degrees F and wonder if your unit will be able to handle it without causing a brownout. Then again, you guys might be those 68 degree F types that just have to screw it up for the rest of us.
Schrodingers cat
August 29th, 2011
9:10 pm
Think San Diego
Schrodingers cat
August 29th, 2011
9:13 pm
Kam – you used to annoy me…now you slay me..LOL, that’s some funny stuff….
“geta…” too a little
Fred
August 29th, 2011
9:13 pm
JAAO: The only point I want to make is that according to all the data I have seen based upon the theories and principals of the adherents to Evolution, the big bang theory, and the rest of that stuff, use the notion that climate changes and weather patterns change over centuries, millenium. How long have we had had empiracal data on this “global warming’ thing? We sure as HELL had some serious “global warming” after the ice age don’tcha know?
I guess to those whose idea of “science’ is jiggling the toilet handle to stop it from leaking the short term scare tactics are good. but not for me. I’m all for limiting CO2 as we ALL know it’s harmful. Maybe we could start by cutting down the jungles, I mean “rain forests.” let’s get rid of bovine flatulence. Unfortunately though, I’m not a Luddite nor do I subscribe to the pagan philosophy that ‘mankind” is a parasite on this earth and should be eradicated.
I think we should do all that is reasonably possible to limit CO2 emissions. But every step we here in America have taken is undermined by the rampant disregard by the Chinese and Mexicans………. and former Soviets……..
Uncle Jed
August 29th, 2011
9:16 pm
Irene Hype=Swine Flu Scare.
1811/0311
August 29th, 2011
9:16 pm
Rabbit hole = afraid to debate
Fred
August 29th, 2011
9:17 pm
“When you no longer have to worry about setting the AC on 72 degrees F and wonder if your unit will be able to handle it without causing a brownout.”
Really? I keep mine on 78. maybe you should invest in some insulation and lowE double paned windows. And I’m not even a tree hugger……….
Just Another Anonymous One
August 29th, 2011
9:22 pm
Fred,
Your hyperbole and $3.50 will probably buy you a good cup of Joe. As for the actual CO2 emissions, try this. Compare the data for China versus the US and look closely at the per person data as well. Of course, once China is up to the 2.7 cars per household or whatever it is standard of living of the US, then they will be putting out some global warming. Then there’s India and every other country that has yet to be brought up to our output level per person. Maybe it’s time for a change.
Kamchak
August 29th, 2011
9:28 pm
Rabbit hole = rabbit hole
Fred
August 29th, 2011
9:29 pm
Uh huh JAAO: Nice try. Try the industrial crap and stick that “per capita” stuff up your ass. Fudge data on someone else. Homey don’t play that crap. When you have to go up your elbow and around your back to get from your head to your ass, you have already “lost.” Whether it’s politics, horse racing or religion. Quantitative unmassaged data speaks for itself.
Get back to me when you aren’t shooting blanks you American hating twit.
Just Another Anonymous One
August 29th, 2011
9:32 pm
Right Fred. I think I’ve seen all the moon shadows I care to see from you. Enjoy your lame attempts at elevating yourself via your mud slinging.
1811/0311
August 29th, 2011
9:35 pm
Kammie = LOL !
Keep Up the Good Fight!
August 29th, 2011
9:39 pm
Rabbit hole = unattributed and unlinked questionable “headline” with some snark comment that twists the story to purportedly suggest the continued diatribe of a poster who’s has a stated purpose of using whatever it takes to oppose Obama by almost any means possible including innuendo, rumor, propaganda, fear, untruths and distortions. Nothing is too underhanded. There is no hole too low.
Birthers
1811/0311
August 29th, 2011
9:44 pm
Good Fight:
Spoken like a true liberal who can’t stand the light of day !
buck@gon
August 29th, 2011
9:45 pm
Jay,
“It would be fascinating to read how future historians and economists analyze this era and the decisions made by government and business leaders.”
It will be catalogued as a combined record of Jimmy Carter part deux and Nero’s fiddling.
Keep Up the Good Fight!
August 29th, 2011
9:46 pm
why Scout I was outside for a good portion of the day…. no problems here. You dispute your acknowledged effort to oppose Obama?
Fred
August 29th, 2011
9:49 pm
Mudslinging JAAO? I just speak clearly and truthfully. Rather brusque in my mannerisms if you will. those crappy little massaged data thing you attempted didn’t wash and doesn’t wash. “Per capita?” REALLY? Are f’ing SERIOUS? China has over ONE BILLION MORE people than the US. At 1.15 BILLION people for a population, India is just under America’s ENTIRE population coming in as number 2 on the most people per country list. And you want to use a “per capita” comparison for CO2 emissions? REALLY?
One of us is REALLY stupid, and I don’t think it’s me. You are comparing apples to apple. You aren’t even comparing apples to oranges. You are TRYING to compare apples you rotten dog crap and yet you think I’m supposed to take a bite of each and argue the merits of one over the other? That’s just insane. Try using a little truth. It would serve you better.
Fred
August 29th, 2011
9:51 pm
wow, and I had about 47,000 typo’s in that last post. It may be time for a new keyboard. I know I hit the right keys so it can’t be MY fault………….
Uncle Jed
August 29th, 2011
9:51 pm
I now understand why democrats/liberals/progressives are so darn interested in the Republican candidates for POTUS in 2012. It is inevitable that Barry is once and done. Yeah, it is early; and sure, the knuckleheads will play dirty; take comments out of context; and try to scare the seniors and all the rest; but today’s Gallup numbers must make even the diehard sycophants weak in the knees and heavy in the diapers…
Obama Job Approval:
Approve 38% (-3)
Disapprove 55% (+4)
U.S. Unemployment: 9.1% with Underemployment at 18.2%
Economic Conditions:
Excellent / Good: 7% (-1)
Poor: 56%
Economic Outlook:
Getting Better: 18%
Getting worse: 77%
If the democrat party doesn’t field a challenger to FOTUS they have no chance. It will be interesting to see how many democrat voters, where allowed, will vote in the Republican primaries in order to help pick BHO’s successor IF there is no democrat challenger to the Failure-In-Chief.
Mick
August 29th, 2011
9:54 pm
keep
The birthers were vanquished, the remnants of that crew are now after birthers.FYI
Uncle Jed
August 29th, 2011
9:55 pm
Watch out, the “birthers” may be born again. Smoke signals may spell heap big doo-doo.
Kamchak
August 29th, 2011
9:57 pm
It will be interesting to see how many democrat voters, where allowed, will vote in the Republican primaries…
Oh, puh-leeeeze.
My folks, die hard Republicans, have been voting in Democrat primaries for decades.
Mick
August 29th, 2011
9:58 pm
uncle jed
You conveniently leave out the poll that shows a majority of voters still think the previous president was the major cause of our economic stall, they actually get it, no matter how much you wail and moan…
http://www.nationalconfidential.com/20110825/poll-bush-still-to-blame-for-bad-economy/
Fred
August 29th, 2011
9:58 pm
Uncle Jed: That’s just silly. Right now the REAL “poll numbers” that are verifiable for the upcoming Presidentaial election are, 30% (ALL of mindless fanatical Republicans) for whomever the Republicans pick as their candidate and 30% (ALL of the mindless fanatical Democrats) for President Obama.
This election will be decided, as all of them are, by folks like me who have a brain and think for themselves, the independents. I can’t say I’m all that happy with President Obama, but I CAN say I like him (or at least dislike him less) than any of the clowns the Republicans keep trotting out.
Really? These folks are the best you can do?
Keep Up the Good Fight!
August 29th, 2011
10:00 pm
Afterbirthers battle cry: Remember the box 26!
Of course no matter that box 26 is as nonexistent as the basement in the Alamo.
Fred
August 29th, 2011
10:01 pm
Yo Mick: Florida song for you bro. Don’t know of you like these guys or not, but I think it’s one of the great tunes of all times:
http://www.youtube.com/watch?v=R82OM5tzcrk&list=PL7981219DC0966F35&index=27&feature=plpp
Mick
August 29th, 2011
10:04 pm
fred
Yes, great tune, one of the few I actually know how to play on mi guitar…
Kamchak
August 29th, 2011
10:06 pm
Afterbirthers battle cry: Remember the box 26!
Gimme box 26, or gimme death!
You have but one life to give for box 26!
The box 26 is coming! The box 26 is coming!
Fred
August 29th, 2011
10:07 pm
Yo Keep, waiting for the check to clear. I’m the cautious type sometimes lol. Drop you a line tomorrow.
1811/0311
August 29th, 2011
10:08 pm
Good Fight !
“You dispute your acknowledged effort to oppose Obama?”
Nope …………. you got that part right.
Fred
August 29th, 2011
10:10 pm
OK. I’m stupid. What is box 26? (unless you are referring to income tax but then i STILL don’t see the significance……)
1811/0311
August 29th, 2011
10:13 pm
“The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery.”
Winston Churchill
1811/0311
August 29th, 2011
10:14 pm
“I don’t make jokes. I just watch the government and report the facts.”
Will Rogers
Kamchak
August 29th, 2011
10:16 pm
“The inherent blessing of box 26 is the limitless possibilities of mocking.”
Keep Up the Good Fight!
August 29th, 2011
10:20 pm
Fred, Scout at times denies he is a “birther” but there is “something” in Box 26 of the long form that Obama wants to “hide”. Something so bad (innuendo) that he has to fight the disclosure of the long form.. Something so bad that Scout would never describe what it could be…. except when the long form came out….NO box 26. As if you had any reason to consider Scout credible at this point (
), that certainly nails that “inherent blessing”.
Paulo977
August 29th, 2011
10:21 pm
Doggone
“Heck, camels were once “mythical” creatures!”
Hmmmmm some of us still bbelieve OBL WAS /IS one!!
Kamchak
August 29th, 2011
10:22 pm
Keep
Box 26 = rabbit hole.
Keep Up the Good Fight!
August 29th, 2011
10:25 pm
kam, definite wabbit hole with a cloaking device!
1811/0311
August 29th, 2011
10:28 pm
To My Conservative Friends:
Notice how even when I’m gone or not directly responding to some of their nonsense they keep talking about me and bringing up prior posts?
It’s kind of like one of those commercials you can’t stand but you keep thinking about it …………… because it’s working !
Kamchak
August 29th, 2011
10:28 pm
Ooooh, a Klingon rabbit hole.
1811/0311
August 29th, 2011
10:28 pm
LOL !!!!
AmVet
August 29th, 2011
10:29 pm
buck ragging on Carter?
Hysterical.
He seems to have an EXTREMELY short memory regarding good old #39 George.
LOL.
1811/0311
August 29th, 2011
10:30 pm
Actually it’s block #23 “Reason for Delayed Filing or Alteration”.
You can look it up on the internet if you want ………….. or not.
getalife
August 29th, 2011
10:32 pm
Scout is a cartoon character.
Elmer Fudd going to get that rascally Obama.
1811/0311
August 29th, 2011
10:33 pm
It’s “rascawwy”.
1811/0311
August 29th, 2011
10:34 pm
Hey ……….. this looks interesting. What happened to transparency? Let’s see the stuff !
Headline: “Obama’s Justice Department refuses to release significant portions of Bush administration memos justifying program that allowed warrantless searches for national security after 9/11.”
Keep Up the Good Fight!
August 29th, 2011
10:34 pm
Scout: The “mock me” posts are working! Congrats! You and Charlie are WINNING!
______
Kam: Romulan rabbit hole I believe if you follow Star Trek history. But I am far from a certified trekkie.
getalife
August 29th, 2011
10:39 pm
Yeah Scout.
Obama voted for amnesty for spying.
Old news.
1811/0311
August 29th, 2011
10:44 pm
getalife:
Release it then.
getalife
August 29th, 2011
10:46 pm
Do you want him to release the torture stuff too?
Thulsa Doom
August 29th, 2011
10:50 pm
Scout,
You must be doing something right if the blog’s 2 cyber stalkers tweedledee and tweedledum are trying to razz you. I expect a post from tweeledum momentarily. Why? Cause he is sooooo predictable.
Thulsa Doom
August 29th, 2011
10:53 pm
Uh Oh,Now they are going after my write in candidate Elmer Fudd. Its when they get nervous and they really think a candidate is going to take down Obozo that they start with the mudslinging. Elmer watch out! They know you’re a better candidate than Obozo so watch yer back Elmer.
getalife
August 29th, 2011
10:55 pm
Gotcha Scout.
If you want to look back, I say go for it.
1811/0311
August 29th, 2011
11:05 pm
getalife:
“Do you want him to release the torture stuff too?”
Transparency ! Let ‘er rip !
1811/0311
August 29th, 2011
11:06 pm
Thulsa:
The main thing is (and they of course will never admit it) they hate me so much and what I stand for that they can’t let it go even when I’m not posting.
1811/0311
August 29th, 2011
11:10 pm
http://www.youtube.com/watch?v=lJ8zw_iuo_4&feature=related
Kamchak
August 29th, 2011
11:10 pm
Keep
Nah, it’s the Klingons
Klingon wabbit: I knew I should’ve turned left at Alpha Centauri.
Mick
August 29th, 2011
11:12 pm
1811
Actually, it’s good that you are here and showing your colors, what the hell would this world be like if we were all the same robotic thinkers? I also find it ironic the way you think of obama is exactly the way many of us thought of the previous president. This all culminated on sept of 08, when our fears were proven correct…
getalife
August 29th, 2011
11:13 pm
So Scout wants to look back at w’s crimes.
I guess they can arrest cheney promoting his book and charge him on torture.
Works for me.
Thulsa Doom
August 29th, 2011
11:13 pm
Scout,
I’ve kinda noticed that even when you’re not around the kooks still rant against your views. Its akin to the Bush or Palin derangement syndromes. We’ll call it scout syndrome. Stay strong brother Scout. All they got is dey science fiction books and world of warcraft video games. Ya gotta wonder what kind of a goober gets into that science fiction escapism. Bwahahahahahahaha!
Thulsa Doom
August 29th, 2011
11:15 pm
Mick,
What are you up to? I thought you mostly stayed on the day crew nowadays.
Thulsa Doom
August 29th, 2011
11:16 pm
getalife,
Do cons lie? And should we indict Bush and Cheney?
Mick
August 29th, 2011
11:22 pm
doom
I’ve cut back, too much of the same argument over and over again. There are many good people here with a sense of humor, that helps. Also, making as much money as possible even in this crummy economy. There’s opportunity behind every corner, who is president at any given time has never held me back…just sayin
1811/0311
August 29th, 2011
11:24 pm
getalife:
You miss the entire point.
Obama won’t do it because his administration is continuing the same thing ……………. it’s called the “real world”.
He doesn’t want “his” released later.
Mick
August 29th, 2011
11:28 pm
**He doesn’t want “his” released later**
Excellent point, meet the new boss, same as the….
Thulsa Doom
August 29th, 2011
11:43 pm
Mick,
Good point. Likewise I’ve chosen not to participate in the bad economy- its a frame of mind more than anything. Got a good week lined up and my busy season is coming up next month so I’m going to be balls to the wall 12-14 hours a day for 2 months or more. Gonna take a nice vacation before October hits and a nice one in December- I’m thinking somewhere warm. We are rehashing the same arguments over and over on here but like you said some folks sense of humor is what keeps it going. Personally I like getalife who is the ultimate political homer. No matter what he says I find humor in it.
Paul
August 29th, 2011
11:51 pm
Scout
“Obama won’t do it because his administration is continuing the same thing ……………. it’s called the “real world”.”
I’d imagine the principle has more to do with defending the power of the Executive branch. The records are just the items illustrating the principle.
getalife 11:13
Good one!
g’night
Fred
August 29th, 2011
11:53 pm
Mick
August 29th, 2011
11:28 pm
**He doesn’t want “his” released later**
Excellent point, meet the new boss, same as the….
+++++++++++++++++++++
Excellent choice Mick. Done:
http://www.youtube.com/watch?v=Rp6-wG5LLqE
Now off to watch episode 2 of ROME.
Keep: Thanks for the explanation.
getalife
August 30th, 2011
12:03 am
Thanks Paul.
Should we actually arrest our pols?
Of course silly.
Start the investigations.
Go for it.
Jm
August 30th, 2011
12:30 am
Aug. 29 (Bloomberg) — The Federal Deposit Insurance Corp. objected to Bank of America Corp.’s proposed $8.5 billion mortgage-bond settlement with investors, joining investors and states that are challenging the agreement.
The FDIC, the receiver for failed banks, owns securities covered by the settlement and said it doesn’t have enough information to evaluate the accord, according to a filing today in federal court in Manhattan.
Screw the FDIC
The government is crooked
oldguy
August 30th, 2011
12:48 am
Just dropped in to spread a bit of sunshine to the resident Libs…… Obama approval rating down to 38%!!
Obama does his Limbo routine…..”How low can you go!!”
http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx
USinUK
August 30th, 2011
5:22 am
http://www.telegraph.co.uk/news/newstopics/howaboutthat/8730133/US-man-impaled-through-eye-with-pruning-shears.html
ew..
ew.
ew
ew
ew
USinUK
August 30th, 2011
5:24 am
Col Gaddafi in hiding:
http://www.telegraph.co.uk/news/matt/
USinUK
August 30th, 2011
5:27 am
it would be interesting to see a similar study done in the US:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8729589/Banks-responsible-for-over-a-third-of-UK-economic-slump.html
Normal
August 30th, 2011
6:46 am
Good Morning everyone…I wondered about this too…
http://news.icanhascheezburger.com/2011/08/29/political-pictures-martin-luth-king-jr-irony/
and…of course, my day couldn’t start without my digs.
http://news.icanhascheezburger.com/2011/08/29/political-pictures-election-2012-so-many-choices/
Mark in mid-town
August 30th, 2011
6:46 am
Jay Bookman writes: ““recession” has a definitive meaning in economics — an actual decline in economic activity — and we’re not in a recession now by that definition and haven’t been since the second quarter of 2009.”
Jay, can you elaborate on the changes in how inflation is calculated today compared to how it was in the 1980s. If inflation was still calculated as it was in the 1980s, would the official inflation rate be higher than it is — and if so, under that higher inflation rate, would we then not be seeing a decline in GDP today, rather than a small trivial increase? And wouldn’t that decline mean we would still be in a recession?
USinUK
August 30th, 2011
6:52 am
Mark – 6:46 – of course inflation calculations have changed – just as the “basket of goods” is constantly updated. Our lives are different now than they were in the 1980s.
Normal
August 30th, 2011
6:54 am
http://icanhascheezburger.com/2011/08/30/funny-pictures-two-spooning-cats/
Normal
August 30th, 2011
6:55 am
http://icanhascheezburger.com/2011/08/29/funny-pictures-you-want-me-to-splain/
Normal
August 30th, 2011
6:57 am
Mornin’ USinUK…Love your “In Hiding” cartoon! It’s a keeper…
USinUK
August 30th, 2011
6:58 am
Normal – this was my favorite:
http://icanhascheezburger.com/2011/08/22/funny-pictures-hang-on/
USinUK
August 30th, 2011
7:15 am
okay, weather nerds – check out the storm that’s half-way between the horn of Africa and South America
http://hurricane.accuweather.com/hurricane/atlantic/basin.asp?partner=accuweather
that could turn into something nasty …
Jm
August 30th, 2011
7:19 am
Usinuk 6:52 why is usinuk, a self proclaimed expert in economics, so bad at this
The artificial deflator of the CPI is not the substitution effect, which is widely accepted. Rather it is hedonic quality adjustments that can be very dubious
This is another lesson in Econ 101 brought to usinuk by jm
USinUK
August 30th, 2011
7:30 am
jm – “The artificial deflator of the CPI is not the substitution effect”
aw, bless. you really do have reading comprehension problems don’t you. I didn’t say the basket was the only change – I said that the calculation was changed JUST AS the basket was changed.
why were the calculations changed? because our lives change and were significantly different in the late 70s/early 80s than they were in the 50s (when the previous adjustment was made). Accordingly, in the mid-90s, technology had radically changed our lives from what it was (and what costs were) in the late 70s/early 80s.
Lastly, calculations are updated because economists are able to find more stable ways to define and track certain expenses such as housing costs, which is why it went from a flat house prices to owner-equivalent rent.
next time, try reading what I actually said rather than what you wish-oh-wish-oh-wish I said.
Jay
August 30th, 2011
7:30 am
Fred, you’ve been banned for the rest of the week. Send me an email Friday for reinstatement if you wish.
Jay
August 30th, 2011
7:42 am
GLL, name a major metro area that has been able to prosper without transit.
I’ll wait.