About that recession...

This from Randall Hoven at The American Thinker:

The message blasted at us day after day by the Obama campaign and its public relations machine, otherwise known as mainstream media, is that we are in a recession, we have been for essentially the last eight years, and the US is unique in this because of the failed policies of George W. Bush.

We are not in recession.  The economy of the last eight years has been fine.  And we are doing better than our European know-it-alls who favor an Obama victory.  At least that's what the most recent economic data show.

A standard definition of recession is two consecutive quarters of negative real growth.  However, the last two quarters of data, January through June, were both positive and in fact the most recent quarter was fairly strong at +2.8%.  The preliminary estimate of GDP for the third quarter (July through September) is scheduled to come out this Thursday, October 30.  So far, we have had zero consecutive quarters of negative growth.  If Thursday's number indicates negative growth, that will still be only one quarter in a row.

....

And how does this compare with our better, wiser European counterparts?  Unlike the US, which showed positive growth of 2.8% in the second quarter of 2008, Europe's GDP declined 0.2% .  In particular, France's GDP declined 0.3%  and Germany's declined 0.5% .

Now tell me, if George W. Bush is the problem, why has Europe's economy declined while the US's hasn't?  Is Europe leading the world in laissez-faire economics and deregulation -- is that the problem?

....

If there was a failure to regulate hedge funds, Credit Deposit Swaps, etc., then that failure was worldwide and not something dreamed up by George W. Bush.  If you haven't noticed, banks are failing around the globe, virtually every stock market around the globe is in decline (usually more than US markets), and Iceland is essentially bankrupt.

Iceland.  Tell me again how George Bush destroyed Iceland's economy.

It is possible that this Thursday's real GDP growth estimate for the third quarter will be positive.  What will everyone say then?  If it is, that will mean a full year of recession talk coming from the media with absolutely zero real data to back it up.  Even if the number indicates negative growth, it would not necessarily mean recession, since that would be only one quarter so far.  And if we are in recession, then it started very recently, and after the recession in Europe.

Here's a tip: stop imitating Europe.  A government should not need to spend 40% of a country's GDP, for example.

Frankly, I'm surprised our economy has done as well as it has for as long as it has.  Virtually everything the government has done to "help", hurt.  Stock markets are down about 30% since the bailout was passed, for example.

Or is it since an Obama victory looks likely?