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Q3: Ruh-Roh

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“GDP NOW” ESTIMATE IS LACKING IN YEAST …

|| By FITSNEWS || The Atlanta Federal Reserve just released its first live estimate of third quarter economic growth … and it’s not good.

According to the bank, gross domestic product (GDP) is currently expanding at only a one percent clip during the third quarter – which ends on September 30.

“The model projects that lower inventory investment will subtract 1.7 percentage points from third quarter real GDP growth,” a statement accompanying the reading noted.  “Real GDP grew 2.3 percent in the second quarter according to the advance estimate from the U.S. Bureau of Economic Analysis.”

Yeah … we saw that second quarter estimate.  And we saw how a bunch of “double seasonal adjustment” magically repaired the abysmal first quarter data.

Do we buy it?

No …

And even if the government estimates were valid, our economy isn’t moving at anywhere near its potential … to say nothing of the level it needs to move if all those entitlement calculations are going to hold up.

We’ve said it before and we’ll say it again: America needs to grow the economy, not government.  It needs to start letting consumers do the stimulating, instead of pumping trillions of dollars we don’t have into wealth redistributioncrony capitalism, welfare statismglobal interventionism and socialized medicine.

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