Posted on | January 30, 2013 | 23 Comments
Remember how, right before the election, we had about three weeks of media hype about declining unemployment and hopeful signs of economic recovery? Yeah. They lied through their teeth:
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — decreased at an annual rate of 0.1 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis.
Most economists predicted that the economy slowed in Q4, but I don’t know that anyone expected a negative number. Business Insider notes that the expectations were around 1.1% for Q4, which would have been a big drop in itself from Q3?s 3.1%.
It’s the old “hide the decline” trick. Only a fool could trust federal government economic reports during a Democrat president’s re-election campaign. The predictable headline:
Next question: How will the media blame this on Republicans?
The White House on Wednesday blamed the devastation from Superstorm Sandy and disruptions from deep scheduled spending cuts for the surprise 0.1 percent drop in gross domestic product (GDP) in the fourth quarter of 2012. It was the first such contraction since early 2009 when the country was in the grips of the Great Recession.
I’d say this is the equivalent of “the dog ate my homework” excuse, but let’s not talk about Obama and dogs and eating, eh?