Posted on 07/31/2013 9:03:43 AM PDT by Nachum
In a blog post published this morning, the White House explains why historic economic data has been updated. "The comprehensive revision to the national accounts, which is the first since July 2009, includes additional source data received by the Bureau of Economic Analysis, as well as methodological changes designed to better reflect the evolving nature of the U.S. economy," writes Alan B. Krueger, chairman of the Council of Economic Advisers.
"This morning the Bureau of Economic Analysis released a comprehensive revision to the National Income and Product Accounts, covering the full history of data since 1929. The revision showed that the recovery from the Great Recession has been slightly faster than previously reported, with real gross domestic product (GDP) expanding by a cumulative 8.5% from 2009:Q2 to 2013:Q1, compared to the previous estimate of 8.1% growth over that period. Including the advance estimate for 2013:Q2, real GDP has risen by 9.0% since the business-cycle trough in 2009:Q2 (see chart). In addition, real GDP surpassed its pre-recession peak in 2011:Q2, two quarters sooner than was reported prior to the revision, and is 4.4% higher than it was at the business-cycle peak in 2007:Q4," reads the blog post.
(Excerpt) Read more at weeklystandard.com ...
This happened a lot when Clinton was in the WH. They invented “hedonic multipliers” that allowed one to assume that a purchase of a $100 microwave was equivalent to a refrigerator, so the “durable goods” number wold not show any decline.
Plus lots of other things like that.
This in 2013 is what MiniTrue does.
“Now into the oven at 350 for an hour and those books should be just about done.”
Similar to the hockey stick graph devised by the global warming conspirators...hide the decline.
WH: Economic Data Revised to Include 'Methodological Changes Designed to Better Reflect the FANTASIES OF EMPORER OBAMA'
New yardstick without all those damn lines taking up space.
The fact that the post uses the term ‘great recession’ sets off the BS meter. Similar to the characterization of Sandy as a ‘superstorm’. Both modifiers are attempts to make the burden seem sui generis, thus excusing the responsible politicians’ failures to adequately respond. The left’s corruption of language never ends.
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