John Ransom

Just when you thought it couldn’t get more Orwellian, news came Thursday that government economists overstated 2nd quarter GDP numbers by whopping 31 percent. The BEA’s third revision to GDP for the quarter show that the economy actually grew at a pathetic annual rate of 1.3 percent rather than the previously-stated 1.7 percent.

According to a Bureau of Economic Analysis report issued last year, the mean revision of this estimate since 1983 is 0.12 in real dollars. That means that the current revision of 0.4 is more than three times the norm.  

And while the media will be busy blaming the GDP numbers on “peaceful Libyans outraged by American disrespect for the Prophet,” a closer look at the numbers say that it was an act of god, not the Prophet, that is responsible.

Not an act of the God, but rather an act of a god.



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Because the other reason put forth by the media for the poor GDP numbers are that an act of God- the drought- brought down farm inventory levels. And while no doubt it’s true that crop inventory levels have been affected by the drought, it’s also true that the only upward revision in GDP went to the only act of god that Obama and liberals recognize- government spending.

Contrary to Obama’s assertion that the private sector economy is doing “just fine” inventories for businesses are dropping, meaning businesses are holding on to cash.


John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.
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