The U.S. economy is hardly functioning and revised GDP numbers out today prove it. In August, economists estimated GDP growth at 1.7 percent. Today, that percentage has been brought down to just 1.3. From the Bureau of Economic Analysis:
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
Is there a fear of falling back into recession? No, because we're already there. Depression is what we should be worried about. Keep in mind the $16 trillion the U.S. holds in debt is more than America produces.
|Katie Pavlich is the News Editor at Townhall.com. Follow her on Twitter @katiepavlich. She is also the author of Fast and Furious: Barack Obama's Bloodiest Scandal and the Shameless Cover-Up.
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Author Photo credit: Jensen Sutta Photography