Steve Williams-Opinion Page Editor,
Victorville Daily Press
The U.S. Commerce Department predicted that the Gross National Product for the first quarter of the year would grow by .6 percent, but it didn’t; it grew by .9 percent.
Why is that noteworthy? Because the department underestimated the strength of the American economic system, and because it also belies the assumption by a whole raft of economists that we’re either on the verge of a recession, or more commonly, that we’re already in one. Recessions are defined as beginning when, for two straight quarters, the economy shows negative growth.
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