Tuesday, May 5, 2015
FEWER MILES DRIVEN FOR EACH AMERICAN. THE ECONOMY IS DRIVING IN THE SLOW LANE WITH ITS FLASHERS ON.
Workers at the Federal Reserve give you this chart every month. If you relied on
this chart, you would think it reveals something positive. After all, it shows that vehicle miles driven are near an all-time high.
However, the chart lacks context. As I teach always, without context, explanation is meaningless.
It is not the total miles that count, but the total miles each American 16 and older that counts.
Driving peaked between 2001 and 2005.