Alternative Visions – Brexit, Grexit, and Just ‘Bad’ Economics – 05.16.15

In the first half hour of the show, Jack Rasmus takes on the professional economics forecasting establishment and their continual missed prognostications about the condition and direction of the US economy. Reviewing the most recent US economic data for March and April, revisions of US first quarter 2015 GDP estimates in late May show the US economy performed worse in the January-March period than the 0.2% GDP initial estimated growth rate. Jack discusses how new data on business inventories, trade, and retail sales will show a -0.5% or even worse in first quarter US GDP. Data for March and April already show a continuing soft trend, with US retail sales flat, and sales of autos and big ticket items collapsing.