The full government report on gross domestic product (GDP) is here. The revision takes us back to the original estimate released in July.
The economy still isn’t back to where it was three years ago in the second quarter of 2008, which means that the infamous Investor’s Daily chart comparing the current not-yet recovery to previous achieved recoveries still holds (current figure is at Table 3 in today’s report):
The third quarter of 2008 marked the first full quarter impacted by the POR (Pelosi-Obama-Reid) economy aka the Fear-Based Economy. The related recession the three named parties and their political party primarily caused ran through the second quarter of 2009.
In the eight quarters since, the economy still hasn’t returned to its pre-recession size, whether you peg its beginning as following 2008′s second quarter (as normally defined) or 2007′s final quarter (as the National Bureau of Economic Research subjectively and in my view erroneously does). As seen above, every other post-World War II recovery required three or fewer quarters for the economy to get back to its pre-downturn level.
The POR economy is a living testimonial to Keynesianism’s collapse.
UPDATE: To get back to where we were at the end of the second quarter of 2008 by the end of the third quarter of 2011, third-quarter growth will have to come in at an annualized +0.3%. To get to the 4Q07 level, it will have to be 0.4%. You would think that third-quarter growth will be at least that high unless something “unexpectedly” bad occurs — and we all know how rare that is. (/sarc)