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...(Read Full Post)