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Obama Administration to Revise Total GDP Growth Down 2%

Discussion in 'News & Current Events' started by Revmitchell, Jun 16, 2016.

  1. Revmitchell

    Revmitchell Well-Known Member
    Site Supporter

    Feb 18, 2006
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    The Department’s Bureau of Economic Statistics (BEA) regularly makes small revisions to its published statistics as more information becomes available over time. But in a massively large adjustment, the BEA just revised downward — by $346 billion — the real (after-inflation) GDP for 50 states and the District of Columbia, covering the 11-year period from 2005 through the end of 2015.

    According to BEA’s newest data, real GDP was overstated by about $125 billion from 2007 through 2008, during the period leading into the start of the Great Recession. But the overstatement shrank to about $70 billion in 2009.

    During 2012 and 2013, when the U.S. economy had what some have referred to as a micro-recession, the overstatement of real GDP growth ballooned to about $275 billion. Despite over $100 billion in revisions to real GDP growth in 2014 and 2015, the overstatement continued to grow to $324 billion, or 2 percent of GDP.

    The Obama Administration is already under fire for producing an average real GDP growth of just 1.55 percent for their its 7 years in office. That ranks the Obama presidency as the fourth from the bottom for the 43 Presidents of the United States, Obama’s performance ranks above only Herbert Hoover at -5.65 percent, Andrew Johnson at -0.70 percent and Theodore Roosevelt at 1.41 percent.

    From 1790 to 2000, U.S. real GDP growth averaged 3.79 percent. The much-criticized administration of President George W. Bush delivered average real GDP growth of 2.10 percent, with 2004 and 2005 coming in at over 3 percent growth.