Posted on 11/22/2011 3:01:17 PM PST by libertarian neocon
As I mentioned last month when the advance estimate for GDP came in at 2.5%, don't get too excited by the number. Well, lo and behold in today's Q3 GDP revision, the estimate went down from 2.5% to only 2% in the quarter. And in a year-over-year growth analysis (always my preference as it automatically adjusts for seasonality) the economy continues to deteriorate, only growing 1.5% over the third quarter last year:
Even more disturbing, real disposable personal income was flat compared to a year ago. This is a number that only turned negative in Q1 2009 and before that you had to go back to the 1974 recession to see it turn negative. Also, on a sequential basis, it's down two quarters in a row. No wonder people are so gloomy, their personal finances are officially in a recession. Anyway, here is real disposable personal income over the last 10 years:
Given this situation, it's really nice to see a President demanding tax increases, sabotaging shovel ready projects and focusing almost exclusively on campaigning.
We all knew that the 2.5% number was cooked and would be adjusted downward.
However, I’m glad you posted the corrected numbers to prove what liars zero and the Dems are!!
un-expected
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.