Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.7 percent (see "Revisions" on page 3).
The third estimate indicates that the economy was growing in the second quarter 24 percent less well than thought in the second estimate, and 35 percent less well than thought in the first quarter.
As an annualized rate of growth, today's report of 1.3 percent represents more slowing since 2011, which represented slowing from 2010 after the depression of 2008 and 2009. Clearly the trend continues down despite unleashing the full force of economic stimulus, all of it borrowed and running up the debt in the process while monetary policy of the Federal Reserve has robbed savers in broad daylight, savers who depend on a free market in interest rates which Ben Bernanke, the appointee of George Bush and Barack Obama, has done everything he can to subvert. He is as much the enemy of the people as Bush and Obama have been.
As an annualized rate of growth, today's report of 1.3 percent represents more slowing since 2011, which represented slowing from 2010 after the depression of 2008 and 2009. Clearly the trend continues down despite unleashing the full force of economic stimulus, all of it borrowed and running up the debt in the process while monetary policy of the Federal Reserve has robbed savers in broad daylight, savers who depend on a free market in interest rates which Ben Bernanke, the appointee of George Bush and Barack Obama, has done everything he can to subvert. He is as much the enemy of the people as Bush and Obama have been.
The Fed recently embarked on so-called QE To Infinity And Beyond because it knew what was coming in this report.
It is high time America shouted NO to this cabal. Mitt Romney is the most likely person to right this ship commanded by these pirates.
It is high time America shouted NO to this cabal. Mitt Romney is the most likely person to right this ship commanded by these pirates.
