In response to:

Making Sense of Keynesian-Laced GDP Reports

Richard1805 Wrote: Feb 01, 2013 11:29 AM
Moscow on the Potomac. We now have more and more imbedded aparatchics and Pravda equivalents. I like the "five year plan" for biofuel production that has no relationship to reality. So Soviet! I can hardly wait for the May Day Parade!

Fighting against statism in Washington is a lot like trying to swim upstream. It seems that everything (how to measure spending cuts, how to estimate tax revenue, etc) is rigged to make your job harder.

A timely example is the way the way government puts together data on economic output and the way the media reports these numbers.

Just yesterday, for instance, the government released preliminary numbers for 4th quarter gross domestic product (GDP). The numbers were rather dismal, but that’s not the point.

I’m more concerned with the supposed reason why the numbers were bad. According to...