In yesterday's release of the 2nd quarter 2011 GDP numbers for the U.S., the BEA also revised some past numbers. This is not an unusual event. It's routine. But the news and revisions this year were disturbing and sobering. First, a little about how GDP numbers are reported. In this day and age of instant … Continue reading The Great Recession Was Even Worse Than Thought
Calculated Risk sums up recent oil and gas prices nicely a few days ago (bold emphasis mine): Oil and gasoline prices are probably the biggest downside risk to the economy right now. Oil prices are off slightly today, from the WSJ: Oil Prices Ease The front-month July Brent contract on London's ICE futures exchange was recently down 35 cents, or … Continue reading What’s Up With Oil and Gas?
The issue of tax cuts and economic growth, which I've discussed recently here and here, looks like it's going to be an important topic for some time now judging by this week's announcement from Paul Ryan, one of the Republicans in the U.S. House of Representatives. While all the attention in the media has been … Continue reading Tax Cuts and Economic Growth, Once More – the Corporate Tax Version