Colin, one of the questions asked (on radio this week) has been how much of that "economic growth" was due to the longer term shift of the US dollar lower compared to other currencies? It creates a sort of hidden inflation where the cost of CERTAIN (imported) goods in US dollars is higher, while others (domestically produced) tend to stay the same.
Also, how much of this increase is directly or indirectly due to the massive increases in the price of gas? That is another source of hidden inflation, as over time, the increase in the cost of transportation slips into everything else that is sold.
Inquiring minds want to know! :-)
Alex
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