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.