Obama FAIL! Q3 GDP revised down by 20 percent
What an abysmal failure Obama is. The third quarter GDP was revised downwards by a staggering 20% from 2.5% to 2.0%. Ok, I know that the Commerce Department revises it’s initial projections after nearly every report it issues, under all kinds of administrations and regimes. But to be off by a staggering $15 billion dollars, and 20% in it’s initial quarter three report? That’s a bit fishy to me.
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 2.0 percent in the third quarter of 2011 (that
is, from the second quarter to the third quarter) according to the “second” estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
The GDP estimates released today are based on more complete source data than were available
for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.5