On the op-ed page of the December 1 edition of the WSJ, Michael Darda argues that the proper deflator when discussing real economic variables is the price of gold. I have great sympathy for his argument. And, as the chart below shows, if we use the price of gold as the deflator rather than the Commerce Department's deflator of chained 2000 dollars, it looks as though the U.S. economy still is in a recession despite the touted supply-side tax cuts we have had since 2001. Thanks for the tip, Mr. Darda!