Friday, February 1, 2013

Honey, I Shrunk the Economy

Jonathan Chait, New York Magazine
After years of slowly crawling out of the cratered economy, economic growth suddenly shrank at a 0.1 percent annual rate. The good news (Joe Weisenthal offers a sunny take) is that the contraction is sort of a fluke — consumers and businesses are spending away, and a decline in government spending is entirely accountable for the contraction. (Defense spending dropped 22 percent over the quarter.)The bad news is that it’s not really a fluke. That is to say, the fundamentals of the economy are strong, and could be enjoying a strong recovery if not for easily corrected policy...

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