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Post by unlawflcombatnt on Nov 24, 2011 14:35:44 GMT -6
I can't remember when the last official "revision" of previous GDP estimates was. But using the previously published final number for 3rd quarter 2010 (published in Dec 22, 2010), our GDP has increased only +0.45% over those 12 months. The final 3rd quarter GDP reported for 2010 was $13.2785 trillion. The latest 3rd quarter GDP reported for 2011 is $13.3378 trillion. $13.3378 trillion ÷ $13.275 trillion = 1.00446, for an increase of +0.45%. It's noteworthy that this is for the entire 12 month period from October 2010 to October 2011. It is not the annualized quarterly number, which is what is usually reported (and then downwardly revised later to make subsequent quarters appear better.) The US population increases at ~0.9%/year. This indicates that US per-capita GDP has fallen -0.45% over the last 12 months. A falling per-capita GDP does not indicate economic growth, nor does it indicate economic "recovery." It indicates a continuing downward slide in the living standards and economic well-being of most Americans.
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Post by mdub on Nov 27, 2011 1:28:37 GMT -6
Thanks for the ususal spot-on analyis, ULC....
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