You're entirely missing the point. YES, the economy was slowing down.
No, it wasn't just "slowing down", it went into recession in March of
2001, five moths before 9/11.
But that was very possibly just a cyclical event destined to be short
lived.
No, it was a predicted reaction.
Predicted, 'eh? Clearly, with your magical powers of absolute economic
analysis, you should have succeeded Greenspan. Give me a break.
Add to that the costs of war and the far-reaching impacts of Katrina
(especially as it relates to employment), and I think we're doing
pretty well.
You are in a distinct minority of Americans, particulary given the dismal
economic conditions.
We're still here, didn't fall into a depression, and things are improving
(albeit slowly)...but you're right, I might be biased by the fact that I
recieved a double-digit raise last year. Economy be damned, competence still
wins.
With regard to the recession being declared in March of 2001, that
classification wasn't made until late November of 2001--after the
attacks.
It's always made well after the fact.
Yeah, because a slump doesn't always mean a true recession until
significantly more data is collected for subsequent time periods.
It is very possible that the small decline would have never qualified
as an actual recession had the attacks never occurred.
Wrong, and referring to the worst downturn since the Great Depression as a
"small decline" is rather revealing.
No, I'm sorry, it is you that is clearly wrong. According to a source that
YOU first cited, the NBER:
"Q: The NBER has dated the beginning of the recession in March 2001. Does
this mean that the attacks of September 11 did not have a role in causing
the recession?
A. No. Before the attacks, it is possible that the decline in the economy
would have been too mild to qualify as a recession. The attacks clearly
deepened the contraction and may have been an important factor in turning
the episode into a recession."
(from the recession announcement in November of 2001,
http://www.nber.org/cycles/november2001/)
The economy does not deal in absolutes. The source that YOU declared to be
an authoritative source even suggests that it quite possibly only deepened
into a recession due to the 9/11 attacks. Unless, of course, you no longer
consider them an authority?
