August 28, 2008

2nd Quarter GDP Revised Upward to 3.3%!

Filed under: Economy,MSM Biz/Other Ignorance,Taxes & Government — Tom @ 8:45 am

Would those who have been screaming “Recession, Recession!” please raise their white flags?

C’mon now, nice and high.

Raining on the economic gloom and doom parade in Denver, to be capped off by tonight’s Greco-Roman Oration from “The One,” there’s this from Uncle Sam’s Bureau of Economic Analysis (bold is mine):

Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 3.3 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to preliminary estimates released by the Bureau of Economic Analysis.  In the first quarter, real GDP increased 0.9 percent.

That’s revised from the advance estimate for the second quarter of 1.9% last month.

As noted in last night’s post about unchanged income inequality during the Bush 43 Administration’s seven years thus far, analysts and economists across the board were predicting that the revision would come in at 2.7%.

Reminder: The white-flag group would include “The One” I refer to as “Mr. BOOHOO-OUCH” (Barack O-bomba Overseas HusseinObambiObama – Objectively Unfit Coddler of Haters), who said in mid-July that “there’s little doubt we’ve moved into recession.”

Justified Gloater of the Day: Brian Wesbury, who predicted before the initial release in late July that second quarter GDP would come in at 3%, and surely caught a lot of grief, including a bit from me, after that first reading of 1.9%.

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1 Comment

  1. Think we will hear about this tonight in Obama’s speech?

    Comment by Ben Keeler — August 28, 2008 @ 1:53 pm

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