Obama Administration Tweaked the GDP Data [No, they wouldn't do that, would they?]

American Thinker ^ | Dec 25, 2014 | Howard Richman

[upchuck]

On December 23, the Bureau of Economic Analysis (BEA) of the Commerce Department issued its latest revision of U.S. economic growth for the third quarter period (July through September). According to the BEA, the U.S. economy grew at a 5.0% annual rate during that quarter.

Unfortunately, the once honorable Bureau of Economic Analysis of the Census Bureau tweaked the quarterly GDP numbers in order to achieve the 5% growth rate. This tweaking was predicted by Tyler Durden of zerohedge.com.

When Durden analyzed the final revision for the first quarter back on June 25 (Here's the reason for the total collapse in Q1 GDP), he discovered that Obamacare payments had been removed by the BEA from the already dismal results for the first quarter. He predicted that they would be added to later quarters in order to achieve 5% growth during a quarter. Specifically, he wrote:

Stated otherwise, some $40 billion in PCE that was supposed to boost Q1 GDP will now be added to Q2-Q4

And now, we all await as the US department of truth says, with a straight face, that in Q2 the US GDP "grew" by over 5% (no really: you'll see).

[upchuck]

Sick and tired of being lied to by my government.

[M Kehoe]

Bttt.

5.56mm

[Captain7seas]

The potato harvest this year is projected to be one of the best ever.

[Paladin2]

Your commune will have to work harder next year......

[LMAO]

So how long can they use the Obamacare numbers to tweak GDP?

[9thLife]

Interesting. He asserts that the GDP component of the healthcare sector, now nationalized and known as "obamacare", was purposely underreported in order to show it later.

Cui bono?

As far as I'm concerned, the real outrage is "nationalized healthcare" part.

[CyberAnt]

This has been going on since January 2008.

Everybody better wake up and realize what an evil group of people live in the WH.

And .. as an aside, I wish his wife would stop dressing like she is 15.

[TomGuy]

No shock or surprise here.

I posted when the data came out several days ago that the ‘revised’ figures wouldn't show up until after the start of the New Year.

They have been manipulating figure for 6 years. On the unemployment data, we used to try to guess who/what they would blame for the next week's weak numbers: snow, rain, hurricane, malfunctioning computer in California, Tuesday had too many hours in it, 3-day weekend, etc.

The only ones they ‘fool’ are the compliant media who parrot everything they say.

But, things could be improving as some of that big business reserved cash comes back into the economy in anticipation of only 2 years remaining for Obama. Of course, if a lefty wins in 2016, the economy may falter again.

[CyberAnt]

OOOOooops!!

That would be January 2009 (since the election was held in 2008. Sorry .. it’s early here in CA.

[3Fingas]

People don’t want to know the truth. All they want to do is watch football or “Dancing with the Stars”..... bread and circuses.

[ReaganGeneration2]

This, the inflated Unemployment numbers, the S&P500, the deficit, Sequester, low gold prices, fake ISIS wars, North Korean hacking, etc., are all distracting us from the real issues that are precipitating the greatest Depression this country will ever see:
* artificially low interest rates, manipulated that way due to $100-200 trillions of interest rate derivatives
* BRICS slowly pulling away from the dollar

[Iron Munro]

They probably counted all the money spent on Moochie’s vacations and her White House hip-hop parties.

That would pump the number up quite a bit.

[Tupelo]

Now they will probably have real numbers to brag about. Thanks to the falling price of crude oil, I would not be surprised to see a GDP growth of over 5$ in the last quarter of 2014.
Hell, even with out limited driving ( maybe 2 tanks of fuel a month), we have over $50.00 a month extra to spend. If gasoline dips to under $1.75 a gallon, that could double.
$1.99 a gallon in Phoenix last night.

[GoldenPup]

Obama Administration Tweaked the GDP Data

Usual and customary method of operation. Anyone who believes otherwise is a fool!!
These bastards lie about everything!!!

[lucky american]

This is all bs.

The SHTF when the fed raises the interest rate. Then watch out. Right now it’s all about making money as much as you can and as fast as you can.

[VRWC For Truth]

Grubered, aye.

[OneWingedShark]

But only because of the increased consumption due to the manufacture of Vodka, Comrade.

[OneWingedShark]

And… as an aside, I wish his wife would stop dressing like she is 15.

What an insult to the more mature, refined tastes of fifteen year olds.

;)

[OneWingedShark]

Of course, if a lefty wins in 2016, the economy may falter again.

Given the GOP[e] salivating over Romney and Jeb Bush, it may just come down to a lefty vs. lefty offering by the two parties.
(Heck, given `08 and `12, I fully expect it.)

[TomGuy]

I have been wondering how much longer they can keep interest rates down.

Across the aisle, inflation is rampant — in food, which they don’t count, of course.

Falling gas prices will help, but for how long? I consider the current drop temporary. I have seen other drops over the decades, only for gas to rebound and increase in price.

We retirees were anticipating that we would live off of the interest on savings. By the time I got there, my ‘accounts’ were paying in the range of 1% or less.

Years ago, I had to cash in some Savings Bonds. At the time, I considered them the lowest returns of my savings — they were 6% bonds. I wish I had that rate now. A decade ago I had some CDs that were paying only 4%. At each renewal, they dropped by about 1%. Eventually, my money market was paying a higher rate than CDs. Now, the money market pays about 0.08%.