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.