State of the Economy: Good

By Ethan • August 28, 2008, 8:08 pm MDT

I have proof. First, this:

Summer box office sets new record

[This summer,] almost everything worked for the studios.

The school’s-out movie season concludes this weekend, and domestic ticket sales so far total $3.9 billion, up a little more than 1% from last year’s record summer, according to Media by Numbers…

Don’t you dare speak of that naughty R-word “recession.” How can you have a bad economy and at the same time break record-numbers in the entertainment business? If gas prices were really hurting families and “middle-class” Americans, they wouldn’t be piling into their SUVs to see The Dark Knight for the 4th time.

Gecko in '12 -- Greed is good.

Oh, what’s that? You want substative proof that the economy is strong? Ok, check this out:

Gross domestic product, or GDP, grew at a 3.3 percent annual rate in the April-June quarter, its fastest pace in nearly a year, the Commerce Department reported Thursday. The revised reading was much better than the government’s initial estimate of a 1.9 percent pace and exceeded economists’ expectations for a 2.7 percent growth rate.

Federal Reserve Chairman Ben Bernanke has warned the economy will be weak through the rest of 2008. Economists believe growth will slow in the July-September quarter to a pace of around 1.5 percent, and will turn even weaker in the fourth quarter.

3.3% eh? Not too bad for a country waging 2 wars and fighting record gas prices at the same time. So don’t believe the politicians telling you that the whole country is going to fall apart soon — it won’t. At least not until Social Security and Medicare blow up in our face.

Also, let’s look at Bernanke’s estimate: a third quarter growth of 1.5%. Well, the government predicted 1.9% last quarter and ended up with 3.3%, so a 1.5% estimate should give us around 3% growth. I’ll take that.

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