Expanding on Michael’s previous diary about Steelman, it’s worth noting just how insane the idea of using construction crane counts as an economic indicator. To refresh your memory, here’s Steelman’s tweet:
Wow just landed in dc counted 13 construction cranes around the capitol. No recession here – wonder why?
I suppose the point she’s trying to make is that DC is sucking up your tax dollars so that they become recession proof while we all suffer, but that’s silly. For one, doesn’t she believe that the government cannot create growth? And further, the recovery package that just passed Congress is directing dollars all over the country, not just DC.
And finally, does a recession mean that all construction stops until it’s over? Confining the topic of construction only to really tall buildings, just here in Missouri five of Kansas City’s tallest buildings and two of St. Louis’ tallest buildings were completed in the years 1929-1932, a time period in which the economy contracted by double digits every year. And three of New York City’s five tallest buildings were completed in the same time period. Would Steelman argue that New York City, Kansas City, and St. Louis were all untouched by the Depression?