The economy shrank by 1% last quarter. The Progressive Attack Machine is celebrating this as a good thing. They are claiming it is proof that things are improving. In reality, this is a disaster. New revised data shows the recession is worse than initially reported.
July 31 (Bloomberg) — The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed.
The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said today in Washington.
“The current downturn beginning in 2008 is more pronounced,” Steven Landefeld, director of the Commerce Department’s Bureau of Economic Analysis, said in a press briefing this week. The revisions were in line with past experience in which initial figures tended to underestimate the severity of contractions during their early stages, he said.
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As the economy struggles, the Progressives will spin it like a boom.
Tags: Politics, Progressives, Recession
