Is there anything better than history revision? And, is there anything more pathetic than even after revision we still have a horrid economy?
As readers here know, the world has decided to change the way we consider GDP, again. As expected this reflects better towards the present than the past.
Supposedly, there’s a table out there with hard numbers to look at. I’m trying to find them now, but, this came from a ppt/pdf slide from the BEA.
In the mean time, with revisions, our GDP supposedly grew at another anemic pace of 1.7%. For those wondering. 1.7%, especially now that they include the revisions, is horrible for the US. Other nations could almost thrive on 1.7% increase, but, the US can not. This is preliminary, they’ll release the more official rate at the end of August, but, that too will be revised, later.
1.7% growth will not grow jobs nor income. It will retain the underlying weaknesses, and keep us vulnerable for another downturn, if we’re not in one already. Personally, I don’t believe we ever emerged from the last one. In spite of the tricks with the metrics, the numbers just aren’t there.
Any improvement of numbers was simply a product of the printing the fed has done, combined with the unrealistic 0% interest rate. In other words, it’s all smoke and mirrors.
Don’t believe your lying eyes with the increase of poverty and decrease in the annual income. This are better! The world powers told us so.