The Obama White House reacted to the horrible news today that the economy is shrinking by blaming the decline on Hurricane Sandy and the defense spending cuts.

According to the “advance” estimate released by the Bureau of Economic Analysis today, real GDP edged down 0.1 percent at an annual rate in the fourth quarter of 2012, amid signs that Hurricane Sandy disrupted economic activity and Federal defense spending declined precipitously, likely due to uncertainty stemming from the sequester.

Of course, the sequester idea came from inside the Obama White House.
The Politico reported, via GOP.com:

“In fact, the idea may have come in part from Obama’s current chief of staff, Jack Lew.” “In fact, the idea may have come in part from Obama’s current chief of staff, Jack Lew. The Washington Post’s Bob Woodward reported in his book ‘The Price of Politics’ that Lew, then-Office of Management and Budget director, and White House Legislative Affairs Director Rob Nabors broached the idea of a defense sequester as a threat to Republicans during negotiations over raising the debt ceiling.”

http://www.thegatewaypundit.com/2013/01/...s-team-os-idea/

His malignant narcissism is showing again. He will never accept responsibility for his utter failures or behavior.

Well, not to worry! We all know that they are always three "estimates" provided for each quarter. (And that is a point that is often overlooked -- all three are "estimates," none of them are anything close to a precise measure of anything!) This is the advanced estimate, I'm sure that the bureau will find a way to alter their algorithms for the middle estimate to show that there was no contraction, 4Q was merely "flat." And then by the third "estimate," lo and behold we will learn that we actually saw some small "growth" of 0.1 to 0.3%. If they would ever publish an honest GDP "estimate" without bogus inflators/deflators similar to what John Williams uses at ShadowStats, a clearer picture of this horror would emerge. (And always bear in mind, the distorted government view of "inflation" factors into these GDP estimates in a number of ways, it isn't just the bogus "cost side" factors, the value of the currency has been grossly overstated for decades.) But who wants to believe a crank like John Williams anyway?

Quote: FP123 wrote in post #3

---

Well, not to worry! We all know that they are always three "estimates" provided for each quarter. (And that is a point that is often overlooked -- all three are "estimates," none of them are anything close to a precise measure of anything!) This is the advanced estimate, I'm sure that the bureau will find a way to alter their algorithms for the middle estimate to show that there was no contraction, 4Q was merely "flat." And then by the third "estimate," lo and behold we will learn that we actually saw some small "growth" of 0.1 to 0.3%. If they would ever publish an honest GDP "estimate" without bogus inflators/deflators similar to what John Williams uses at ShadowStats, a clearer picture of this horror would emerge. (And always bear in mind, the distorted government view of "inflation" factors into these GDP estimates in a number of ways, it isn't just the bogus "cost side" factors, the value of the currency has been grossly overstated for decades.) But who wants to believe a crank like John Williams anyway?

---

Anyone remember how the MSM was giddy that the storm damage was going to be a boost to the economy because of all the spending that was needed to rebuild?

Hurricane Sandy: Ivy League deadlines; economic jolt from cleanup?

http://articles.latimes.com/2012/oct/29/...league-20121029

Now Get Ready For A Huge Economic Boost From Hurricane Sandy

http://www.businessinsider.com/economic-...e-sandy-2012-11

Post-Sandy rebuilding boost for US economy

http://www.ft.com/cms/s/0/0a6e74a6-26b2-...144feabdc0.html



Now the spin is that Sandy is the reason for the slow down. Swell.

Quote: Eglman wrote in post #1

---

The Obama White House reacted to the horrible news today that the economy is shrinking by blaming the decline on Hurricane Sandy and the defense spending cuts.

---