Wednesday, December 23, 2009

Third Quarter GDP Growth Revised Downward (Again) to 2.2 Percent

This is the second time the number has been revised downward, now more then 1/3 less then originally reported. If we do not have accurate numbers it is going to be very difficult to tell how our economy is doing. It is also a bit worrisome considering the programs we had that promised a short term boost. That means either those programs were a lot less effective then originally thought or our economy is in worse shape then we feared.

"The third-quarter growth looks a lot more anemic than advertised by the Obama administration, especially when one considers the gimmicks that temporarily boosted its performance.  Most troubling is Commerce's poor performance in analyzing economic conditions.  If they're so incompetent as to miss this figure by 37% (1.3 from 3.5 is slightly over 37%), then clearly they need some fresh talent.  If they got pressured into stating overly cheerful numbers, it's something else entirely.  That would be something Congress should investigate … if we had an independent Congress at all."

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