More Proof Of Bush's Failed Economic Policies

The Commerce Department revised upward their forecast for first quarter GDP. Here's how the AP is reporting that:
The economy sprang out of a year-end rut and zipped ahead in the opening quarter of this year at a 5.6 percent pace, the fastest in 2 1/2 years and even stronger than previously thought.

The new snapshot of GDP for the January-to-March period exceeded the 5.3 percent growth rat estimated a month ago, the Commerce Department reported Thursday. The upgraded reading, based on more complete information, matched economists' forecasts.

The stronger GDP figure mostly reflected an improvement in the country's trade deficit, which was much less of a drag than previously estimated. Gross domestic product measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.
You'd think that that'd be pretty good news for Americans, a cause for celebrating. It is. Unfortunately, the AP couldn't resist throwing its obligatory bucket of cold water onto the good news:
Fresher barometers, however, suggest the economy is shifting into a lower gear in the current quarter.
There isn't a sane economist who's expect back-to-back quarters with 5+ percent growth rates. That it's "shifting into a lower gear" is a no-brainer. If it fell 2 points to 3.5 percent, that'd be the average quarter during economic recoveries.


Posted Thursday, June 29, 2006 9:49 AM

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