If this were so, then you must ask yourself how is that hurricanes, which wrecked greater Houston, the fifth most populated metro of over six million, and paralyzed Florida, the third most populated state with over twenty million, had no effect on Americans buying and selling things from each other.
Also, you must ask yourself, if the US economy is growing at 3.0% a year, why does Janet Yellen and her friends at the Federal Reserve have the effective Fed Funds Rate at 1.16%?
In True Dollar™ terms, which is the only way anyone can extract the effects of inflation in a fiduciary monetary system, GDP stood at T$1,239.29 billion, down six-tenths of a percent from the previous quarter. Considering the interruption of life from the hurricanes, this makes sense.
Many will point to the rosy unemployment reports. Yet, such reports make sense. During an economic depression, eventually, labor becomes so cheap that businessmen hire the cheap labor. Still there is a near record number of working-age Americans out of the workforce.
While the economy is poised to advance, the true numbers have yet to reveal such an advance. There simply has not been a massive uptake in commercial credit to date.
Gab It
