By Nick Hodge, Outsider Club:
In late May we learned that the U.S. economy shrank in the first quarter of this year by a full 1%, meaning we’re back in recession, by definition, if the second quarter number is also negative.
And, of course, this was the revised number from the U.S. Commerce Department. The initial number it put out — and the number reported on by media outlets — was that the economy grew 0.1% in the first quarter.
ABC News didn’t even report on the revised negative number. The outlets that did report the new number did their best to downplay it. The headline CNN used — and you can’t make this stuff up — was: “U.S. economy shrinks, but it’s not a big deal.”
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