Sunday, February 27, 2011

Q4 2010 GDP 2nd Estimate = 2.8 Percent, Down from Initial 3.2 Percent

According to the Bureau of Economic Analysis, here.

Q3 2010 GDP rises to 2.6 percent from previously estimated 2.0 percent.

Overall, despite TRILLIONS in loans, bailouts and other government guarantees, all we've got to show for it is a huge steaming pile of new debt, millions still out of work, housing values in the toilet, foreclosures reaching new heights, smaller banks failing and the biggest banks sailing, giant GSEs on government life support, record numbers on food stamps, the Federal Reserve punishing savers and livers on fixed incomes with artificially low interest rates . . .

and GDP? Basically treading water, so that the losses of 2009 were recouped in 2010 and we're back to where we were in December 2008, a lovely time as I recall:  

Real GDP increased 2.8 percent in 2010 (that is, from the 2009 annual level to the 2010 annual level), in contrast to a decrease of 2.6 percent in 2009.

Was it worth it? WELL WAS IT?