People who only read the headlines are apt to believe that the economy is finally recovering and that the Obama regime’s policies are therefore “working.”
As Peter Schiff argues here, however, the apparently good third quarter GDP numbers are only apparently good. Spending, especially on autos and housing was up, thanks to federal gimmicks, as was government spending. But we consumed more than we produced and that hardly indicates that the economy is recovering from the binge of cheap money and foolish government meddling that got us into the recession.
