Downward GDP Revisions (2006-2009) -- "Great Recession" worse than reported.

As many here have believed all along, the economic decline was worse than initially reported, and the recovery has also been weaker than had been reported.

BEA: www.bea.gov...

Mike Shedlock's Analysis: seekingalpha.com... erproductive-policies?source=dashboard_macro-view

Revision Lowlights

For 2006-2009, real GDP decreased at an average annual rate of 0.2 percent; in the previously published estimates, the growth rate of real GDP was 0.0 percent. From the fourth quarter of 2006 to the first quarter of 2010, real GDP increased at an average annual rate of 0.2 percent; in the previously published estimates, real GDP had increased at an average annual rate of 0.4 percent.

For the revision period, the change in real GDP was revised down for all 3 years: 0.2 percentage point for 2007, 0.4 percentage point for 2008, and 0.2 percentage point for 2009.

For the revision period, national income was revised down for all 3 years: 0.4 percent for 2007, 0.6 percent for 2008, and 0.4 percent for 2009.

For the revision period, corporate profits was revised down for all 3 years: 2.0 percent for 2007, 7.2 percent for 2008, and 3.9 percent for 2009.

More at links.

[edit on 30-7-2010 by theWCH]

As soon as the tax cuts expire and the healthcare taxes start to kick in, it will only get worse.

But hopefully by then I will be off the grid

Don't Tax Me Bro!

We are at the start of a Depression, and they know it. This depression will last at least 10 to 20 years, because the govt. is afraid to do what it must in order to get themselves out of this mess.

We are at the start of a Depression, and they know it. This depression will last at least 10 to 20 years, because the govt. is afraid to do what it must in order to get themselves out of this mess.

funny and yet the government keeps on spending and losing money in the billions? Either they know something is coming to planet earth to destroy us or they are just Naive.

.......or maybe both.