It’s constantly in the news: some feature of widgets hit a new record today.
Vacuous former communications majors love this sort of headline for stock markets and government debt.
Here’s what you need to think about:
Just about any series that is trending upwards will set new records … constantly.
This includes, but is not limited to: GDP, GNP, income, personal income, disposable income, the number of unemployed and employed, the deficits, the debt, military spending, social spending, disability payments and recipients, nominal prices and price indices, all stock market indices, and most environmental measurements.
You need to put on your foil hat and recognize this for what it is: emotional button-pushing intended to get you to think less.
Cross-posted from SUU Macroblog, which is required reading for my macroeconomics classes.