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Introduction
When two or more storm cells come together and then form a larger and more violent storm, the event is often called a “Perfect Storm”. The reference is to the increased ferocity of the combined cells as drenching rain, high winds and rolling gray clouds cover the landscape. It is an event fit for neither man nor beast.
Introduction
If you have been reading my essays, you know I firmly believe the United States Department of Labor (DOL), Bureau Of Labor Statistics (BLS) understates the rate of inflation (see: CPI: Sophisticated Economic Theory, Terrible Ethics). You also know that a low Rate Of Inflation may be an indication that the Department of Commerce (DOC), Bureau Of Economic Analysis (BEA) has overstated “Real” Gross Domestic product (see: “American GDP: Can We Trust The BEA Data?” and: “Yes Virginia. This Is A Recession.”). In other words, both measures of our economy are in worse shape than the much quoted official data suggests.
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A preliminary report from the United States Department of Commerce, Bureau of Economic Analysis (BEA), claims American Current-dollar GDP — the market value of the nation’s output of goods and services – increased 3.15 percent or $111.0 billion in the first quarter of 2008 (versus the last quarter of 2007), to a level of $14,185.2 billion. That economic performance equates to an average annual year over year increase of 4.67% against Q1 2007.
