This piece by Terrence Jeffrey in the Washington Times tries to cut through Obama's snow job regarding the depth of the trouble we are in: Do we really face the possibility of an irreversible crisis? Well, yes. Not the one Mr. Obama describes, but the one he may cause. Forget, for a moment, the economic weathermen forecasting the economic equivalent of global warming. Look instead at the historical data. Claims Mr. Obama, "We have inherited an economic crisis as deep and as dire as any since the Great Depression." But the historical figures for the gross domestic product (GDP), calculated by the U.S. Bureau Economic Analysis, say something else. After growing by 0.9 percent and 2.8 percent in the first two quarters of 2008, GDP declined by 0.5 percent and 3.5 percent in the third and fourth quarters of the year. Is that "an economic crisis as deep and as dire as any since the Great Depression"? Well, 1949 was far worse. GDP declined by 5.8 percent in the...(Read Full Post)