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.
View Source | March 5, 2023 7:45 am
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- 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.
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