Third Party & Independents Archives

Liar, Liar, Pants On Fire!

4th Quarter GDP Slashed 25%

25%! Wow! That’s quite a difference!

So, what is it. Are we being lied to again? Or, is the Commerce Department completely incompetent?

What's your guess? Your's is as good as theirs. That's what it looks like they're doing. Guessing.

Given the track record of this president I'd say we were lied to again. Economists expected a revision of 2.5% so I guess they were in on the lie. That sounds like collusion to me. Why wouldn't economists state their concerns when the original numbers came out?

Posted by Weary_Willie at February 28, 2014 2:26 PM
Comments
Comment #376962

You need to delete or fix this blog.

The forcast is GROWTH estimates were lowered by 25%, from 3.2 to 2.5%.
From the actual report (not breibarts spin):

The GDP estimate released today is 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 3.2 percent. With this second estimate for the fourth quarter, an increase in personal consumption expenditures (PCE) was smaller than previously estimated see “Revisions” on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from PCE, exports, nonresidential fixed investment, and private inventory investment that were partly offset by negative contributions from federal government spending, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the fourth quarter reflected a deceleration in private inventory investment, a larger decrease in federal government spending, and downturns in residential fixed investment and in state and local government spending that were partly offset by accelerations in exports, in PCE, and in nonresidential fixed investment and a deceleration in imports.

You will note that the decreases in Federal Expenditures are having a negative effect on the economy.

Posted by: Dave at February 28, 2014 4:09 PM
Comment #376963

Please explain. Why is it a good idea to lie with one number, and then tell the truth with another number?

According to the linked article, the downward revision was expected, and the actual number was very close to expectations. The downward revision was the result of a decline in consumer spending, partly due to bad weather at the height of the retail season last December.

I do not understand why anyone would lie about this. None of the financial markets are reacting to it. This was already expected.

Please explain. Perhaps you know something no one else in the world knows yet.

Posted by: phx8 at February 28, 2014 4:10 PM
Comment #376974

It seems to me that a number comes out and it’s all great and then later it gets revised worse and there isn’t a peep in the media about it.

Why don’t they come out and say how the lower numbers would have looked if they were accurate in the first place instead of just glossing it over?

It just seems to me they would wait until the numbers are accurate before they announce them to the world. What good do inaccurate statistics serve if not for propaganda? What other reason would they put out inaccurate numbers if not to make things appear different than what they actually are? Why do they lie about the numbers and then correct them later when they mean nothing?

Posted by: Weary Willie at February 28, 2014 11:07 PM
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Posted by: cai80 at April 27, 2014 9:47 PM
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Posted by: cai80 at April 27, 2014 9:50 PM
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