Comments about ‘Definition of an economic recession is clear — and this isn't it’

More mindless babble from Mr.Sowell. We are on the brink of economic collapse!

Go team, go. Walmart beats luxembourg!! The US has a phenomenal economy, but it's not invincible. Mid century it will slip from first to third in the world. This is not something to celebrate, nor do I want to use the word recession. What I do worry about is our absolute die hard opposition to taxation on one hand while allowing spending far beyond our means on the other. This can't continue.

Thomas Sowell is right about one thing- none of his article is rocket science. In fact, it is part of the one-sided biased editorials which the Deseret News prints without any balance. I dropped my suscription several years ago for this reason. And it is too bad, because technically (writing, photography, layout, etc), the Deseret News is the better paper. I guess it would rather be the conservative chuch news though.

So Mr. Sowell is justifying the fact that the average middle class income is now lower than it was in 2001, that the absolute savings rate is below 0%, that people are falling into the poverty category faster than ever before, that over the last 30 years as the national GDP has grown the middle class has received increasingly smaller shares of that rise which mostly went to the rich. Wealth distribution is more unequal now than during the age of the Robber Barons.

Things may be OK for the corporations which actually direct government policies, but they are not so satisfactory for the middle class.

When well the DN get articles with significant substance that stop apologizing with what has gone wrong in this country?

What does Sowell actually do at the Hoover Institution. His article is published on a day when the Dow drops 358 points, oil hits $140, dollar drops to 1.58 against the Euro. Yes, he is right that we are not technically in a two quarter growth slump. That doesn't make up for the U.S. being on the brink of a depression. Growth is about 1.4% a year, while inflation is well over 4.2% if you believe the CPI. Where does that put our "real" growth? People in the U.S. need to become educated about how dangerous a situation this really is for our economy.
The article from Warren Buffet should have replaced this mindless cheerleading of eat, drink and be merry. Buffet thinks the recovery won't take place for at least a year.

I thought it was Walter Williams who was supposed to be our maven on all things economic. Maybe Sowell is actually on vacation and Williams is writing in his place.

Figure it out yourself.
Nothing is manufactured in the U.S.
Jobs are being outsourced left and right.
Inflation is never going to just go away.
The graduating class that seemed so large this year will be even bigger next year.
The American dream as we know it is out of reach for most Americans.
Accept this and look for those best things in life that are free.

Right from their website

Hoover Institution is a think tank on the campus of Stanford University, dedicated to research in domestic policy and international affairs

A political think tank is hardly the place I would look for information on whether we are in a recession or not. Most economist agree we are and if you look back we are getting to the classic definition of depression. 10% or greater unemployment and stagnant or negative job growth.

FYI: Loosing $50K jobs overseas to be replaced by $25k jobs is considered negative job growth. Mr. Sowell, should stick to politics and leave economics to Mr williams and others who are more qualified.

Every country has its day in the sun.
All have fallen by the wayside sooner or later.
America has also had its day in the sun.
It appears China is the new emerging power.
Accept this truth and find happiness outside your investment portfolio.
The truth shall set you free.

To those struggling to feed their families and paying for gas to get to their jobs and stay out of debt- times are tough.
For the rest - its' a great time to be rich!