Media Underreports Revisions To Rosy Biden Economic Estimates

Recent revisions of government economic estimates – downward for GDP growth and upward for inflation – have gone largely underreported in the media.

A shopper pauses in the aisle while shopping for food items in Alhambra, California, on April 12, 2022. - Americans paid more for gasoline, food and other essentials last month amid an ongoing wave of record inflation made worse by Russia's invasion of Ukraine, according to government data released Tuesday. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)
  • America’s economic growth in the fourth quarter of 2022 was weaker than initial estimates and lagged behind third quarter numbers by 0.5%, according to statistics from the Bureau of Economic Analysis.
  • The revised Q4 estimate for GDP, which represents the sum of all goods and services produced within the United States, shows the economy grew at a rate of just 2.7%, 0.2% less than the initial estimate of 2.9%.
  • The Biden administration’s lengthening record of releasing overly sunny economic numbers only to backtrack later has raised growing questions about the credibility of government statistical reports.
  • “It’s concerning,” economic analyst Phillip Patrick says.  “These advanced estimates given out by the government should come with a warning label ‘For entertainment purposes only,’ because clearly we’re not dealing with reality.