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Over at RealClearMarkets, the superb John Tamny says much the same thing I said in my column today to the effect that what some will portray as an economic recovery this fall won't be a real one. The advantage of Tamny's piece, unlike mine, is that Tamny actually explains the economic reasoning behind that assessment, whereas I merely asserted it in the course of moving toward another point about how conservatives should deal with it, tactically speaking. Tamny says that because of inflation (and other factors resulting from a devalued dollar), "what some deem recovery will be the kind of growth that shows up in government statistics, but that most won’t notice."

Well worth a read.