Just when you thought it couldn’t get more Orwellian, news came Thursday that government economists overstated 2nd quarter GDP numbers by whopping 31 percent. The BEA’s third revision to GDP for the quarter show that the economy actually grew at a pathetic annual rate of 1.3 percent rather than the previously-stated 1.7 percent.
According to a Bureau of Economic Analysis report issued last year, the mean revision of this estimate since 1983 is 0.12 in real dollars. That means that the current revision of 0.4 is more than three times the norm.
And while the media will be busy blaming the GDP numbers on “peaceful Libyans outraged by American disrespect for the Prophet,