Folks I Cant Make This Stuff Up: As expected, the US revised the most recent quarter’s GDP from barely positive to sharply negative today. But once again the true extent of the problem was hidden by some statistical sleight of hand, in this case wildly-optimistic inflation assumptions. If the Bureau of Economic Analysis (BEA) numbers were corrected for inflation using the BLS CPI-U, the economy would be reported to be contracting at a -1.52% annualized rate. If we were to use the BPP data to adjust for inflation, the first quarter’s contraction rate would have been a staggering -3.64%! Conclusion: The U.S. Is In A Recession Moving To A Depression.
Posted on: Tue, 03 Jun 2014 19:02:05 +0000
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