Like most everybody, I was pleasantly surprised to see the GDP numbers this morning (+5.7% annual growth rate for the 4th quarter of 2009). Working at a private university whose income is largely tuition-driven, my career is heavily tied to the economy. Even though I know Obama will take undeserved credit for it, I still want what’s best for my country.
I think most people knew right away to be skeptical of the +5.7% number. The administration originally reported a +3.5% growth rate in the 3rd quarter of ’09, but later revised it down…then down again…and finally to +2.2%. Even still, a +5.7% would likely still be close to +4% even if revised down.
Then, I saw this story which shed a little more light on the report. Apparently, the government decided to try a new little accounting trick on inventories that dramatically overreported the true growth in the economy. For an administration that has been caught with its pants down on bogus stimulus job reporting (including further lies by Obama in the SOTU!), this is par for the course. (And you’ll notice, this report was on MSNBC.com, yes that MSNBC!)
I imagine Axelrod, Plouffe, et al are hard at work trying to figure out a way to cook the Department of Labor’s books to show that unemployment is dramatically decreasing. Geez, while they’re at it, wouldn’t it be easier to claim that millions of Americans have gone off the no-health-insurance list due to Obama’s tough negotiations with the insurance companies! Then they could abandon the health care bill and declare victory!! Hoo-rah!