Tuesday, December 25, 2007

The Business Report

So, the holiday season is over - at least the portion of the holiday shopping season that doesn't involve redemption of all those gift cards that enable the holder to buy stuff well into the new year.

The New York Times notes that holiday spending was disappointing this year. There was only a 3.6% increase in spending over last year, which is the lowest amount of growth in four years.

Ponder that a moment. At a time when these same media elites are busy complaining that the economy is about to go into the toilet; at a time when Alan Greenspan is claiming that stagflation is just around the corner; at a time when recession is a word uttered early and often about the current economy, we find out that there's 3.6% growth?

Just what exactly is bad about this modest rate of growth? That it wasn't as good as retailers want? Retailers are always looking to do better. They could have done much worse - they could have gotten exactly what those so-called experts were saying and gotten negative growth - a true sign of a recession.

This economy keeps chugging along, despite all the speed bumps thrown in its path. That includes the housing/subprime mess.

People are spending more money on gifts and items, despite the higher energy and food costs. That doesn't mean that everything is peachy, but the media simply can't let a good report go.

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