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November 24, 2009

Revision....Economy Grew at 2.8% In 3rd Quarter

Not the 3.5% as originally thought.

As per the norm when a Democrat is in charge, there's plenty of Hope in this Change!

The revised data are still consistent with the widespread view among economists that the recession ended over the summer, as the nation began producing more goods and services. But it also indicates that the burst of activity wasn't as great as first thought, which helps explain why the job market has been so painfully slow to turn around.

Economists believe the economy has continued growing in the fourth quarter, though still at a measured pace -- an annual rate in the 3 percent range. However, the unemployment rate rose to 10.2 percent in October and is widely forecast to continue rising. Employment frequently lags behind overall output at the end of a recession, as skittish employers ramp up production using existing workers rather than hiring new ones, unsure whether rising demand will last.

Keep in mind, according to the administration the stimulus effect is done. To celebrate, the guys get shirts! "I Spent Nearly A Trillion Dollars And All I Got Was 2.8% Growth!"

Sadly, that's a downright bargain compared to the ROI we got from the 3 BILLION dollar cash for clunkers program. Originally the administration claimed the program accounted for 1.7% of the growth, turns out it was a more, er, modest .81%.

These Democrats are some scary smart people. And by "scary smart", I mean idiots.


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posted by DrewM. at 02:11 PM

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