Government Overestimating Growth

Well who knew that the Bureau of Economic Analysis would not be dealing straight with the folks when they come out with their economic reporting? After month after month of the administration telling us we are in recovery mode, the folks are still asking ‘where are the jobs?’

Turns out, not only is this a jobless recovery, but a recovery-less recovery too! Looking around, you don’t need Ezra Klein writing in the Washington Post to tell you that. But he did . . .

The economy grew at an annual rate of just 1.3 percent in the second quarter of this year. What wasn’t expected is that the BEA would go back and admit it’s been overestimating growth for the past three years. “For 2007-2010, real GDP decreased at an average annual rate of 0.3 percent; in the previously published estimates, real GDP had increased at an average annual rate of less than 0.1 percent.” {emphasis added}

Keep a sharp eye out to see if the rest of the legacy media jumps on this story. But don’t hold your breath.

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