Here’s a novel solution to our economic woes. Let’s just redefine what makes for a "good" economy. From today’s Arizona Republic: [Thanks L!]
Arizona’s economy may seem ugly right now but when you look at it from a historical context, it looks pretty good, an Arizona State University economics expert said Tuesday.
Home building is back to normal, the weaker dollar is boosting exports, high gas prices encourage conservation, unemployment is fairly low, and medical and government jobs are growing more than 1,000 a month, said Lee McPheters, director of ASU’s JPMorgan Chase Economic Outlook Center.
"Let’s redefine good. Good means it could be worse," he said to members of the Economic Club of Phoenix at the Arizona Biltmore Resort & Spa.
McPheters, one of three economics experts speaking to the group, wore a white hat because he got to present the good news portion of the program.
It sounds like McPheters should have worn a dunce cap instead.
Then there is today’s inflation numbers. The Reality Fairy has obviously not just left Arizona, but her influence seems to have disappeared on a national level as well. Take for example last month’s "improvement" in gas prices:
