More Fun With Numbers Bound to Changeposted by Bill Arnett @ 11:53 AM Permalink
I have commented in the past that whenever the bush maladministration releases any numbers of significance - here I refer to the GDP - the numbers always are revised, and revised downward at that.
From Raw Story:
The economy snapped out of a lethargic spell and grew at a 3.4 percent pace in the second quarter, the strongest showing in more than a year. A revival in business spending was a main force behind the energized performance.In the first quarter of 2007, GDP growth was 0.31% (revised downward from a reported 0.6% after projections of higher than a 3% growth in GDP).
The new reading on gross domestic product, released by the Commerce Department on Friday, marked a big improvement from the first three months of this year, when economic growth skidded to a near halt at just a 0.6 percent pace, the slowest in more than four years.
The projection for the year 2007 by Intelligent Guess [linked to above. Bill] predicts an annual growth rate of 2.05%, an anemic showing when compared to bush's former speeches regarding Social Security where he predicted steady growth of more than 3.5%, enabling people to increase the value of their retirement funds by opening new accounts with SSA. What a disaster that would have been had he succeeded in destroying SS.
My point is that you can never trust bush and cohorts to ever tell you the truth about economic numbers, and even when they do release their numbers a person has to wait for at least two months for the real numbers to be released after revision.
Watch for the "happy, happy" numbers to be revised downward, and when they are, expect them to be much, much worse than these initial reports.