Important facts about today's GDP rate
The economy grew at just 2% from July through September after a dismal downward revision of the previous quarter to 1.3%. But the important thing to remember is that just one quarter GDP number does not tell the whole story of the true direction of our economy, and if the trend continues, this 2% rate will also be revised down as the real data is added to the calculation. (About 30% of the data used to come up with the original GDP rate comes from surveys)
The most telling information regarding our economic "recovery" is that the average rate of growth for 2012 of 1.74% is LOWER than last year's 1.8% rate. What this means for our economy is that it's actually slowing, not growing. And that's far from what you will hear from the MSM and team Obama regarding today's GDP number.
As for the average American family, the data used for today's number isn't very good at all, as reported by CNBC online:
"Personal income growth slowed considerably during the third quarter, increasing just 2.7 percent after growing 4 percent in the second quarter. The savings rate also slowed to 3.7 percent from 4 percent."
And today's rate increase was also helped quite a bit by "public sector" spending, not the average American family.
The MSM and team Obama can spin this increase in GDP any way they want, but the fact remains that average Americans are still making less, spending more and saving less since Obama took office in 2008.
Hopefully, the Romney/Ryan team will get the real message of today's GDP number out to the people who are yearning for a real recovery.