Exploding the Myths Surrounding Today’s Economy
Real answers about the South’s economy in a post-truth, “alternative facts” age.
In a post-truth, alternative facts, fake news world, brought about almost exclusively by the far-left and far-right media, as well as political officials on the fringe, what are we supposed to believe? What we can trust is the data. So, let’s look at the data that busts some of the myths that are out there now in an effort to find the truth about the current economy.
“We are in the second-longest economic expansion in U.S. history.”
Source: Left-leaning media
Quarterly economic data from the federal government did not exist until after World War II. Therefore, it is difficult to trust sources prior to then when it comes to economic expansions or recessions.
Based on the data, an economic expansion is defined as a measure of economic growth from one quarter to another. It is essentially the rate of change in the nation’s gross domestic product. Some measure the growth or decline of an economy from one year to the next, but mostly, it is factored quarterly.
If GDP grows each quarter — the current economy has expanded for 31 consecutive quarters, or almost eight years — that is considered an expansion. A recession is defined by the federal government and economists as a decline in real GDP, income, employment, retail sales and manufacturing for at least two quarters,…Read More