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May 16, 2008

Rabbi Hillel Goldberg: Torah talk 'lost in translation'?

Diana West: Israel is not a freedom franchise, Mr. President

Caroline B. Glick: Understanding Hizbullah's power play

JWisdom: Real estate and real living by Rabbi Sroy Levitansky

May 15, 2008

Jonathan Tobin: Finding a Reason to Do Nothing

Oline H. Cogdill: Jesse Kellerman paints art world tale in brilliant strokes in 'The Genius'

JWisdom: Blake Nordstrom Speaking! by Sara Yoheved Rigler

May 14, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Snitching to the IRS

The Kosher Gourmet by Jill Wendholt Silva: Spring greens with fennel and herbs

JWisdom: A Righteous Gentile by Rabbi Mordechai Becher

May 13, 2008

Jonathan Mark: For pro-Israel voters, Obama's middle name should be the least of their concerns

Frank J. Gaffney, Jr.: The Leaker Shield Act

JWisdom: Why You & I Never Die: A Jewish View of Immortality, Part II by Rabbi David Aaron

May 12, 2008

Chosen Words: A newsletter for personal and spiritual growth gleaned from classic biblical and other sources that will help you enhance your day to day life. Likely the most constructive three minutes you will spend today

Mark Steyn: Israel's 'doom' could also be Europe's

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: When Faith Meets Fate, Part One

May 9, 2008

Rabbi Abraham J. Twerski: Reverence, Yes; Worship, No

Mona Charen: Did Israel Drive Out the Arabs 60 Years Ago?

JWisdom: Ultimate opportunities by Rabbi Sroy Levitansky

May 8, 2008

Rabbi Nathan Lopes Cardozo: Israel at 3,500+

Jonathan Tobin: Still Fighting the Same War

Steven Plaut: How ‘nakba’ proves the fiction of a Palestinian Nation

JWisdom: Taking Israel for Granted? by Rabbi Mordechai Becher

May 7, 2008

Rabbi Hillel Goldberg: Israel is irrelevant to the Israeli-Palestinian conflict

Dion Nissenbaum: Latest Olmert scandal could derail efforts to force Israel's compromises

JWisdom: My Inner Ventriloquist by Sara Yoheved Rigler

May 6, 2008

Caroline B. Glick: Anti-Zionism at 60

The Kosher Gourmet By Ethel G. Hofman: In honor of Israel's 60th anniversary, the former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with a smorgasbord featuring the taste and essence of the Jewish homeland

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Jewish Deer in Nazi Headlights

May 5, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Busy work

Jonathan Mark: Remarkable half-century old Mike Wallace interview with Abba Eban puts current anti-Israel sentiment into perspective

May 2, 2008

Rabbi Berel Wein: Rote religiosity

Caroline B. Glick: Whitewashing Hamas

JWisdom: Parent trap?

May 1, 2008

David Zwiebel: Faith communities can learn from Orthodox Jews in stimulating private philanthropy for religious education

George Friedman and Peter Zeihan of Stratfor: The Shift Toward an Israeli-Syrian Agreement

JWisdom: It's time to wake up by Rebbetzin Esther Jungreis

April 30, 2008

Jonathan Tobin: Pennsylvania's Democratic slugfest may leave some Jewish votes up for grabs

The Kosher Gourmet by Linda Gassenheimer: Fresh herbs, sauteed veal and tiny creamer potatoes makes a light spring dinner

JWisdom: How to Build a Mentch by Rabbi Mordechai Becher

April 29, 2008

Daniel Pipes: Barack Obama's Muslim Childhood

Joel Brinkley: On human rights, the U.N. once again strikes out

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: When The Truth is Unbelievable

April 28, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: I'm often stuck in the doctor's waiting room for hours! Doesn't he owe me something for my wasted time?

Steven Emerson: New U.S. government policy advises agencies to avoid using some of the very same words that make up terror groups' names

JWisdom: Why You & I Never Die: A Jewish View of Immortality, Part I by Rabbi David Aaron

April 25, 2008

Rabbi Mitchell Wohlberg: Schadenfreude isn't kosher for Passover --- or at any other time

Rabbi Berel Wein: The secret of how the data bank of memory is transferred from one generation to the next

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen, Part III

April 24, 2008

Rabbi Nathan Lopes Cardozo: The successful failure

Fred Burton and Scott Stewart of Stratfor: Placing the terrorist threat to the food supply in perspective

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen, Part II

April 23, 2008

Connie Ogle: An intricate game of a novel

Jonathan Tobin: Making Sense of the 'J Street' Jive

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen

April 22, 2008

Jonathan Rosenblum: Why Israel's 'Leaven law' matters

Caroline B. Glick: Obama the Savior

April 18, 2008

Rabbi Harvey Belovski: Multimedia tool of antiquity

Caroline B. Glick: Revealed Truths vs. revealed lies

JWisdom: More than miracles by Rabbi Sroy Levitansky

April 17, 2008

Rabbi Avi Shafran: Deconstructing Dayeinu

Rabbi Elazar Meisels: Is innovation at the Seder a slap at tradition?

JWisdom: Discovering Your Divine Mission, Part III by Rabbi David Aaron

April 16, 2008

Jonathan Tobin: A Prayer for Sderot's Children

Ethel G. Hofman: Sumptuous Seder

JWisdom: The Divine is in the details by Rabbi Mordechai Becher

April 15, 2008

Rabbi Dovid Zauderer: Let Charlton Heston Go!

Frank J. Gaffney, Jr.: Jimma, tyranny's enabler

JWisdom: Relationships: Beyond Mars & Venus, Part IV by Dr. Lisa Aiken

April 14, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: The Snitching Supervisor

Jonathan Tobin: Forget the Fun and Games!

JWisdom: Sincerity is Valued Most by Rabbi Abraham J. Twerski, M.D.

April 11, 2008

Rabbi David Gutterman: A Mystery in the Middle East

Caroline B. Glick: Why Ahmadinejad smiles

JWisdom: Elevated illness by Rabbi Sroy Levitansky

April 10, 2008

Stratfor Intelligence Briefing by George Friedman: A Mystery in the Middle East

The Kosher Gourmet By Steve Petusevsky: The spring elegance of asparagus

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: The Power of Rational Lies

April 9, 2008

Michael Feldberg: An all but forgotten Colonial doctor who put his Jewish values before his life

Jordan "Gorf" Gorfinkel's "Everything's Relative" gets philosophical

JWisdom: Four Rabbis in Bnei Brak by Rabbi Mordechai Becher

April 8, 2008

Caroline Glick: Covering for the enemy

Elliot B. Gertel: 'House' goes Hasidic

JWisdom: Relationships: Beyond Mars & Venus, Part III by Dr. Lisa Aiken

April 7, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: I have a translating business. Recently someone asked me to translate some financial documents that are clearly forged. Should I agree?

Jonathan Rosenblum : Israel is unwittingly helping to fuel the international campaign of delegitimization against it

JWisdom: Matzah and leaven as a life philosophy by Rabbi Abraham J. Twerski, M.D.

April 4, 2008

Rabbi Abraham J. Twerski: The Mystery of Suffering

Caroline B. Glick: Fear of democracy

JWisdom: Dirty Jews by Rabbi Sroy Levitansky

April 3, 2008

Rabbi Y. Y. Rubinstein: Parents --- and the children who would be them

The Kosher Gourmet by Kathy Manweiler: Tempted by restaurant dressings? Don't be. Here are recipes that can be made at home, healthier!

JWisdom: The importance of retaining a 'slave mentality' by Rabbi Mordechai Becher

April 2, 2008

Mitch Albom: Child abuse, disguised as faith

Jonathan Tobin: Unreasonable Accommodations

JWisdom: Holocaust in the Perspective of Faith with Rabbi Nosson Scherman: Eliminating Jewish Influence over Germans

March 22, 2007

J-Rhythms with Avraham Rosenblum: JWR's cutting-edge music program showcasing performers -- singers, song writers, musicians, and bands -- who learn and live the Torah lifestyle (OUR NEWEST IGODCAST !)

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review May 8, 2008 / 3 Iyar 5768

Recession, Recession, Where's the Recession?

By Larry Elder


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http://www.JewishWorldReview.com | "It's a recession," said former President Harry Truman, "when your neighbor loses his job; it's a depression when you lose yours."


For people facing home foreclosure, job loss or the struggle of paying high gas prices, the definition a recession seems immaterial and insignificant. True.


But during an election year, the media's constant use or expectation of "recession" does matter. Sen. Barack Obama, the Democratic Party's likely nominee, already considers the U.S. economy "in a recession."


So are we — at least as economists commonly define the term?


No — not even close.


But a recent typical news wire story, however, goes like this: "(George W.) Bush's news conference … appeared to be a pre-emptive measure of sorts, as it came a day before the release of statistics on the nation's gross domestic product for January through March. The common definition of a recession is two consecutive quarters of declining GDP and many expect Wednesday's report to provide the first official confirmation of a slide."


Well, case closed.


Yes, economists generally define a recession as two or more consecutive quarters of negative economic growth. The National Bureau of Economic Research (NBER), the nonpartisan organization the government uses to determine economic cycles, defines a recession as a period of sustained negative economic growth — with GDP its most important variable.


Have we had a period of "sustained negative economic growth" since the end of the 2001 recession? No.


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Last week, the government released two important figures: GDP growth (or lack thereof) for the first quarter of this year, and the number of jobs created (or lack thereof) for the month of April. Now, let's examine the reporting the day before and the day of the released figures.


The day before the released GDP report, a headline in USA Today read, "USA TODAY survey: We're in a recession, economists say." The first two sentences read as follows: "The U.S. economy is in recession, or soon to be in one. … Two-thirds of the 52 economists polled said the U.S. economy is in recession."


This USA Today we're-in-a-recession story showed a graph with the 52 economists' predictions. They (incorrectly) predicted 0.1 percent economic growth for the first quarter, 0.5 percent negative growth for the second, with positive growth for the next four quarters at 2.3, 2.0, 2.2 and 2.6 percent respectively. But they never bothered to show the growth in the last quarter of 2007, while anemic, was still a positive 0.6 percent. In other words, assuming the traditional definition of recession — back-to-back quarters of negative economic growth — even USA Today's economic experts were not truly predicting a recession .


The next day, the actual number for this year's first quarter came out.


Oops. USA Today's Web site headline for an Associated Press story read: "Weak 0.6 percent economic growth in Q1 is better than forecast." In English, this means that since the recovery began in Bush's first year in office, we have had zero quarters of negative economic growth, let alone consecutive ones.


Now, on to last week's jobs numbers.


The day before the Labor Department released the numbers, The Associated Press warily wrote: "Investors are predicting another gloomy reading on U.S. employment on Friday. The Labor Department's report is expected to show a 75,000 net loss in jobs for April … and a rise in unemployment to 5.2 percent from 5.1 percent in March." So, what happened?


Oops. In April, the economy lost 20,000 jobs. Nothing to throw a parade about, but far fewer than the economic "experts" predicted. And of unemployment? Well, the rate fell from 5.1 percent to 5.0 percent. This forced The Associated Press to grudgingly concede that, well, maybe things aren't quite as bad as we thought: "The latest snapshot of the nationwide employment conditions — while clearly still weak — was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2 percent. The unemployment rate … fell to 5 percent from 5.1 percent in March. That survey showed more people finding employment than those who didn't."


But now, here comes a knuckleball. Since the economic news failed to match the predicted gloominess, The Associated Press moved the goal post. "Under one rough rule," the AP wrote, "if the economy contracts for six straight months it is considered to be in a recession. That didn't happen in the last recession — in 2001 — though."


It didn't?


No, the 2001 recession, according to the NBER, did not show two consecutive quarters of negative economic growth — it had three.


By October of 1992, when President George Herbert Walker Bush ran for re-election against Bill Clinton, the economy was 18 months into a recovery . But as Investor's Business Daily noted, 90 percent of the newspaper stories on the economy were negative. Yet the following month, when Clinton defeated Bush-41, suddenly only 14 percent of economic news stories were negative!


But only a cynic would suggest a liberal media bias. And you know me better than that.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Larry Elder is the author of, most recently, "Stupid Black Men: How to Play the Race Card--and Lose." (Proceeds from sales help fund JWR)

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